0000921895-18-002184.txt : 20180803 0000921895-18-002184.hdr.sgml : 20180803 20180803162051 ACCESSION NUMBER: 0000921895-18-002184 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 74 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180803 DATE AS OF CHANGE: 20180803 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Biglari Holdings Inc. CENTRAL INDEX KEY: 0001726173 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 823784946 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38477 FILM NUMBER: 18992080 BUSINESS ADDRESS: STREET 1: 17802 IH 10 WEST STREET 2: SUITE 400 CITY: SAN ANTONIO STATE: TX ZIP: 78257 BUSINESS PHONE: 210-344-3400 MAIL ADDRESS: STREET 1: 17802 IH 10 WEST STREET 2: SUITE 400 CITY: SAN ANTONIO STATE: TX ZIP: 78257 FORMER COMPANY: FORMER CONFORMED NAME: NBHSA Inc. DATE OF NAME CHANGE: 20171221 10-Q 1 form10q07428007_08032018.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2018

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___ to ___

Commission file number 001-38477

BIGLARI HOLDINGS INC.

(Exact name of registrant as specified in its charter)


INDIANA		82-3784946
(State or other jurisdiction of incorporation)		(I.R.S. Employer Identification No.)

17802 IH 10 West, Suite 400

San Antonio, Texas

78257

(Address of principal executive offices)

(Zip Code)

(210) 344-3400

Registrant’s telephone number, including area code

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yesx Noo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o

Emerging growth company o

Accelerated filer x

Non-accelerated filer o

Smaller reporting company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x

Number of shares of common stock outstanding as of July 31, 2018:

Class A common stock –	206,864
Class B common stock –	2,068,640

Index

BIGLARI HOLDINGS INC.
INDEX


		Page No.
Part I – Financial Information

Item 1.	Financial Statements
	Consolidated Balance Sheets — June 30, 2018 and December 31, 2017	1
	Consolidated Statements of Earnings — Second Quarter and First Six Months 2018 and 2017	2
	Consolidated Statements of Comprehensive Income — Second Quarter and First Six Months 2018 and 2017	2
	Consolidated Statements of Cash Flows — First Six Months 2018 and 2017	3
	Consolidated Statements of Changes in Shareholders’ Equity — First Six Months 2018 and 2017	4
	Notes to Consolidated Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	26
Item 4.	Controls and Procedures	26

Part II – Other Information

Item 1.	Legal Proceedings	27
Item 1A.	Risk Factors	27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3.	Defaults Upon Senior Securities	27
Item 4.	Mine Safety Disclosures	27
Item 5.	Other Information	27
Item 6.	Exhibits	27
Signatures		28

Index

PART 1 – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

BIGLARI HOLDINGS INC.

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

	June 30, 2018			December 31, 2017
		(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	48,411		$	58,577
Investments		24,348			23,289
Receivables		11,253			16,284
Inventories		6,999			7,268
Other current assets		9,166			7,221
Total current assets		100,177			112,639
Property and equipment		287,791			295,800
Goodwill and other intangible assets		68,524			66,645
Investment partnerships		534,794			566,021
Other assets		17,201			22,479
Total assets	$	1,008,487		$	1,063,584

Liabilities and shareholders’ equity
Liabilities
Current liabilities:
Accounts payable and accrued expenses	$	110,878		$	128,744
Current portion of notes payable and other borrowings		6,296			6,748
Total current liabilities		117,174			135,492
Long-term notes payable and other borrowings		252,026			256,994
Deferred taxes		86,048			88,401
Other liabilities		10,509			11,369
Total liabilities		465,757			492,256

Shareholders’ equity
Common stock		1,138			1,071
Additional paid-in capital		381,904			382,014
Retained earnings		535,415			565,504
Accumulated other comprehensive loss		(2,107	)		(1,404	)
Treasury stock, at cost		(373,620	)		(375,857	)
Biglari Holdings Inc. shareholders’ equity		542,730			571,328
Total liabilities and shareholders’ equity	$	1,008,487		$	1,063,584

See accompanying Notes to Consolidated Financial Statements.

Index

BIGLARI HOLDINGS INC.

CONSOLIDATED STATEMENTS OF EARNINGS

(dollars in thousands except per share amounts)

	Second Quarter						First Six Months
	2018			2017			2018			2017
	(Unaudited)						(Unaudited)
Revenues
Restaurant operations	$	200,594		$	204,867		$	394,528		$	400,561
Insurance premiums and other		6,745			6,183			13,292			12,263
Media advertising and other		1,400			1,904			3,144			3,523
		208,739			212,954			410,964			416,347
Cost and expenses
Restaurant cost of sales		160,559			166,478			318,909			323,776
Insurance losses and underwriting expenses		4,473			4,743			10,401			9,763
Media cost of sales		980			1,741			2,497			3,234
Selling, general and administrative		32,950			31,655			65,600			61,141
Depreciation and amortization		4,816			5,433			9,762			11,054
		203,778			210,050			407,169			408,968
Other income (expenses)
Interest expense		(2,898	)		(2,781	)		(5,652	)		(5,605	)
Interest on obligations under leases		(2,151	)		(2,318	)		(4,337	)		(4,598	)
Investment partnership gains (losses)		(8,341	)		37,238			(4,846	)		12,270
Total other income (expenses)		(13,390	)		32,139			(14,835	)		2,067
Earnings (loss) before income taxes		(8,429	)		35,043			(11,040	)		9,446
Income tax expense (benefit)		(890	)		13,917			(1,687	)		4,141
Net earnings (loss)	$	(7,539	)	$	21,126		$	(9,353	)	$	5,305
Earnings per share
Net earnings (loss) per equivalent Class A share *	$	(21.73	)	$	57.27		$	(26.76	)	$	14.35

* Net earnings (loss) per equivalent Class B share outstanding are one-fifth of the equivalent Class A share or $(4.35) and $(5.35) for the second quarter and first six months of 2018, respectively, and $11.45 and $2.87 for the second quarter and first six months of 2017, respectively.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(dollars in thousands)

	Second Quarter						First Six Months
	2018			2017			2018			2017
	(Unaudited)						(Unaudited)
Net earnings (loss)	$	(7,539	)	$	21,126		$	(9,353	)	$	5,305
Other comprehensive income:
Net change in unrealized
gains and losses on investments		—			(1	)		—			190
Applicable income taxes		—			—			—			(67	)
Reclassification to earnings		—			—			(73	)		—
Applicable income taxes		—			—			15			—
Foreign currency translation		(1,141	)		1,003			(645	)		1,188
Other comprehensive income, net		(1,141	)		1,002			(703	)		1,311
Total comprehensive loss	$	(8,680	)	$	22,128		$	(10,056	)	$	6,616

See accompanying Notes to Consolidated Financial Statements.

Index

BIGLARI HOLDINGS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in thousands)

	First Six Months
	2018			2017
	(Unaudited)
Operating activities
Net earnings (loss)	$	(9,353	)	$	5,305
Adjustments to reconcile net earnings (loss) to operating cash flows:
Depreciation and amortization		9,762			11,054
Provision for deferred income taxes		(2,858	)		2,908
Asset impairments and other non-cash expenses		714			1,465
Loss on disposal of assets		103			193
Investment partnership (gains) losses		4,846			(12,270	)
Distributions from investment partnerships		7,700			5,015
Changes in receivables and inventories		4,817			4,256
Changes in other assets		1,212			235
Changes in accounts payable and accrued expenses		(17,408	)		(1,785	)
Net cash provided by (used in) operating activities		(465	)		16,376
Investing activities
Capital expenditures		(7,218	)		(4,779	)
Proceeds from property and equipment disposals		2,476			520
Purchases of investments		(24,972	)		(23,140	)
Redemptions of fixed maturity securities		24,000			18,653
Net cash used in investing activities		(5,714	)		(8,746	)
Financing activities
Payments on revolving credit facility		(132	)		(73	)
Principal payments on long-term debt		(1,100	)		(16,100	)
Principal payments on direct financing lease obligations		(2,749	)		(2,726	)
Proceeds from exercise of stock options		49			30
Net cash used in financing activities		(3,932	)		(18,869	)
Effect of exchange rate changes on cash		(55	)		100
Decrease in cash, cash equivalents and restricted cash		(10,166	)		(11,139	)
Cash, cash equivalents and restricted cash at beginning of year		67,230			75,808
Cash, cash equivalents and restricted cash at end of second quarter	$	57,064		$	64,669

See accompanying Notes to Consolidated Financial Statements.

Index

BIGLARI HOLDINGS INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

(dollars in thousands)

	Common Stock		Additional Paid-In Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Total
Balance at December 31, 2017	$	1,071	$	382,014		$	565,504		$	(1,404	)	$	(375,857	)	$	571,328
Net earnings (loss)							(9,353	)								(9,353	)
Adoption of accounting standards							90									90
Other comprehensive income, net										(703	)					(703	)
Conversion of common stock		67		(67	)		(20,826	)					20,826			—
Adjustment to treasury stock for
holdings in investment partnerships													(18,681	)		(18,681	)
Exercise of stock options				(43	)								92			49
Balance at June 30, 2018	$	1,138	$	381,904		$	535,415		$	(2,107	)	$	(373,620	)	$	542,730


Balance at December 31, 2016	$	1,071	$	381,906		$	515,433		$	(3,584	)	$	(362,886	)	$	531,940
Net earnings (loss)							5,305									5,305
Other comprehensive income, net										1,311						1,311
Adjustment to treasury stock for
holdings in investment partnerships				116									(2,961	)		(2,845	)
Exercise of stock options				(8	)								38			30
Balance at June 30, 2017	$	1,071	$	382,014		$	520,738		$	(2,273	)	$	(365,809	)	$	535,741

See accompanying Notes to Consolidated Financial Statements.

Index

BIGLARI HOLDINGS INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2018

(dollars in thousands, except share and per share data)

Note 1. Summary of Significant Accounting Policies

Description of Business

The accompanying unaudited consolidated financial statements of Biglari Holdings Inc. (“Biglari Holdings” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In our opinion, all adjustments considered necessary to present fairly the results of the interim periods have been included and consist only of normal recurring adjustments. The results for the interim periods shown are not necessarily indicative of results for the entire fiscal year. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2017.

Biglari Holdings is a holding company owning subsidiaries engaged in a number of diverse business activities, including media, property and casualty insurance, and restaurants. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company. The Company’s long-term objective is to maximize per-share intrinsic value. All major operating, investment, and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.

On March 5, 2018, the Company entered into an agreement with its predecessor registrant, now known as OBH Inc. (the “Predecessor”), and BH Merger Company, a wholly owned subsidiary of the Company. Pursuant to the agreement, on April 30, 2018, BH Merger Company merged with and into the Predecessor, with the Predecessor continuing as the surviving corporation and a wholly owned subsidiary of the Company.

As a result of the April 30, 2018 transaction, the Company has two classes of common stock designated Class A common stock and Class B common stock. A share of Class B common stock has economic rights equivalent to 1/5^th of a share of Class A common stock; however, Class B common stock has no voting rights. Upon completion of the transaction, every ten (10) shares of common stock outstanding on April 30, 2018 converted into (i) ten (10) shares of Class B common stock and (ii) one (1) share of Class A common stock.

Since May 1, 2018, the shares of the Company’s Class A common stock have traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “BH.A,” whereas the Class B common stock trades on the NYSE under the ticker symbol “BH,” which is the former ticker symbol for the Predecessor’s common stock.

For accounting purposes, the April 30, 2018 transaction will be treated as a merger of entities under common control. Accordingly, the consolidated financial position and results of operations of the Predecessor will be included in the consolidated financial statements on the same basis as currently presented, except for earnings per share which is impacted by the issuance of the new common shares. The Company has applied the “two-class method” of computing earnings per share as prescribed in ASC 260, “Earnings Per Share.”

Pursuant to the requirements of the Incentive Agreement with the Chief Executive Officer, Mr. Biglari purchased 4,084 shares of Class A common stock from June 5, 2018 through June 19, 2018. As of June 30, 2018, Mr. Biglari’s beneficial ownership was approximately 56.3% of the Company’s outstanding Class A common stock and 54.3% of the Company’s outstanding Class B common stock.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries including Steak n Shake Inc. (“Steak n Shake”), Western Sizzlin Corporation (“Western”), Maxim Inc. (“Maxim”) and First Guard Insurance Company and its agency, 1st Guard Corporation (collectively “First Guard”). Intercompany accounts and transactions have been eliminated in consolidation.

Index

Note 2. New Accounting Standards

In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment. ASU 2017-04 provides for the elimination of Step 2 from the goodwill impairment test. If impairment charges are recognized, the amount recorded will be the amount by which the carrying amount exceeds the reporting unit’s fair value with certain limitations. The ASU is effective for public companies for annual periods, and interim periods within those annual periods, beginning after December 15, 2020. The Company has adopted ASU 2017-04 early and will apply the new guidance in the event of any potential goodwill impairment.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP; however ASU 2016-13 will require that credit losses be presented as an allowance rather than as a write-down. The amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements and related disclosures.

In February 2016, the FASB issued ASU 2016-02, Leases. ASU 2016-02 requires a lessee to recognize lease assets and lease liabilities on the balance sheet, along with additional qualitative and quantitative disclosures. ASU 2016-02 is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the effect this amended guidance will have on our consolidated balance sheet and results of operations. We anticipate the ASU will have a material impact on our balance sheet, but the ASU is non-cash in nature and will not affect our cash position.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The objective of the update is to reduce diversity in how certain transactions are classified in the statement of cash flows. The amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The adoption of ASU 2016-15 did not have a material effect on our consolidated financial statements.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). On January 1, 2018, we adopted FASB accounting standards codification Topic 606 (“ASC 606”). In accordance with ASC 606, we changed certain characteristics of our revenue recognition accounting policy as described below. ASC 606 was applied using the modified retrospective method, where the cumulative effect of the initial application is recognized as an adjustment to opening retained earnings at January 1, 2018. Comparative prior periods have not been adjusted.

The following table summarizes the impact of the adoption of ASC 606 on revenues, operating expenses and net earnings for the second quarter of 2018.

	As Reported			Adjustments for the Adoption of ASC 606			Amounts without Adoption of ASC 606
Statements of Earnings
Revenues
Restaurant operations
Net sales	$	191,797		$	—		$	191,797
Franchise royalties and fees		7,773			2,333			5,440
Other		1,024			15			1,009
Selling, general and administrative		32,950			2,441			30,509
Earnings (loss) before income taxes		(8,429	)		(93	)		(8,336	)
Income tax expense (benefit)		(890	)		(23	)		(867	)
Net earnings (loss)		(7,539	)		(70	)		(7,469	)

Index

The following table summarizes the impact of the adoption of ASC 606 on revenues, operating expenses and net earnings for the first six months of 2018.

	As Reported			Adjustments for the Adoption of ASC 606		Amounts without Adoption of ASC 606
Statements of Earnings
Revenues
Restaurant operations
Net sales	$	377,368		$	—	$	377,368
Franchise royalties and fees		14,875			4,702		10,173
Other		2,285			294		1,991
Selling, general and administrative		65,600			4,963		60,637
Earnings (loss) before income taxes		(11,040	)		33		(11,073	)
Income tax expense (benefit)		(1,687	)		8		(1,695	)
Net earnings (loss)		(9,353	)		25		(9,378	)

The impact of ASC 606 on the Company’s balance sheet as of June 30, 2018 was not material. The cumulative change in retained earnings as of January 1, 2018 was $90. Upon adoption of ASC 606, the Company changed its restaurant operations accounting policies for the recognition of franchise fees, recording of advertising arrangements, and recognition of gift card revenue. See additional revenue disclosures in Note 8 Restaurant Operations Revenues. The adoption of ASC 606 did not have any significant impact on our insurance or media businesses.

Note 3. Earnings Per Share

Earnings per share of common stock is based on the weighted average number of shares outstanding during the year. The shares of Company stock attributable to our limited partner interest in The Lion Fund, L.P. and The Lion Fund II, L.P. (collectively, the “investment partnerships”) — based on our proportional ownership during this period — are considered treasury stock on the consolidated balance sheet and thereby deemed not to be included in the calculation of weighted average common shares outstanding. However, these shares are legally outstanding.

On September 16, 2017, The Lion Fund II, L.P. entered into a Rule 10b5-1 trading plan to purchase Biglari Holdings common stock at prevailing market prices. During the first six months of 2018, 45,302 shares were purchased. All of the shares purchased under the trading plan remain legally outstanding. The trading plan was terminated on May 1, 2018.

As a result of the transaction on April 30, 2018, the Predecessor’s common stock converted into the right to receive shares of Class A common stock and Class B common stock. The treasury shares outstanding on April 30, 2018, were retired and not converted into Class A and Class B common stock. The following table presents shares authorized, issued and outstanding on June 30, 2018 and December 31, 2017.

	June 30, 2018				December 31,
	Class A		Class B		2017
Common stock authorized		500,000		10,000,000		2,500,000

Common stock issued		206,864		2,068,640		2,142,202
Treasury stock held by the Company		—		—		(74,589	)
Outstanding shares		206,864		2,068,640		2,067,613

The issuance of dual class common stock on April 30, 2018 is applied on a retrospective basis for the calculation of earnings per share. Accordingly, earnings per share for the first six months of 2018 and 2017 are impacted by the issuance of the new common shares. The Company has applied the “two-class method” of computing earnings per share as prescribed in ASC 260, “Earnings Per Share.”

On an equivalent Class A common stock basis, there were 620,592 shares outstanding as of June 30, 2018 and 620,284 shares outstanding as of December 31, 2017.

Index

Note 3. Earnings Per Share (continued)

For financial reporting purposes, the proportional ownership of the Company’s common stock owned by the investment partnerships is excluded in the earnings per share calculation. After giving effect for the investment partnerships’ proportional ownership of common stock, the equivalent Class A weighted average common shares during the second quarters of 2018 and 2017 were 346,988 and 368,880, respectively. The equivalent Class A weighted average common shares during the first six months of 2018 and 2017 were 349,575 and 369,608, respectively.

Each Class A common share is entitled to one vote. Class B common stock possesses economic rights equal to one-fifth (1/5^th) of such rights of Class A common stock; however, Class B common stock has no voting rights.

Note 4. Investments

Investments consisted of the following.

	June 30, 2018		December 31, 2017
Cost	$	24,222	$	23,216
Gross unrealized gains		126		73
Fair value	$	24,348	$	23,289

Investments in equity securities and a related put option of $4,463 are included in other current assets as of June 30, 2018 and in other assets as of December 31, 2017. The investments are recorded at fair value.

Note 5. Investment Partnerships

The Company reports on the limited partnership interests in investment partnerships under the equity method of accounting. We record our proportional share of equity in the investment partnerships but exclude Company common stock held by said partnerships. The Company’s pro-rata share of its common stock held by the investment partnerships is recorded as treasury stock even though they are legally outstanding. The Company records gains/losses from investment partnerships (inclusive of the investment partnerships’ unrealized gains and losses on their securities) in the consolidated statements of earnings based on our carrying value of these partnerships. The fair value is calculated net of the general partner’s accrued incentive fees. Gains and losses on Company common stock included in the earnings of these partnerships are eliminated because they are recorded as treasury stock.

Biglari Capital Corp. (“Biglari Capital”) is the general partner of the investment partnerships and is an entity solely owned by Mr. Biglari.

The fair value and adjustment for Company common stock held by the investment partnerships to determine the carrying value of our partnership interest is presented below.

	Fair Value			Company Common Stock			Carrying Value
Partnership interest at December 31, 2017	$	925,279		$	359,258		$	566,021
Investment partnership gains (losses)		(128,725	)		(123,879	)		(4,846	)
Contributions (net of distributions) to investment partnerships		(7,700	)					(7,700	)
Increase in proportionate share of Company stock held					18,681			(18,681	)
Partnership interest at June 30, 2018	$	788,854		$	254,060		$	534,794

		Fair Value			Company Common Stock			Carrying Value
Partnership interest at December 31, 2016	$	972,707		$	395,070		$	577,637
Investment partnership gains (losses)		(49,376	)		(61,646	)		12,270
Contributions (net of distributions) to investment partnerships		(1,308	)					(1,308	)
Increase in proportionate share of Company stock held					2,845			(2,845	)
Partnership interest at June 30, 2017	$	922,023		$	336,269		$	585,754

Index

Note 5. Investment Partnerships (continued)

The carrying value of the investment partnerships net of deferred taxes is presented below.

	June 30, 2018			December 31, 2017
Carrying value of investment partnerships	$	534,794		$	566,021
Deferred tax liability related to investment partnerships		(93,562	)		(95,309	)
Carrying value of investment partnerships net of deferred taxes	$	441,232		$	470,712

The Company’s proportionate share of Company stock held by investment partnerships at cost is $373,620 and $354,939 at June 30, 2018 and December 31, 2017, respectively, and is recorded as treasury stock.

The carrying value of the partnership interest approximates fair value adjusted by the value of held Company stock. Fair value is according to our proportional ownership interest of the fair value of investments held by the investment partnerships. The fair value measurement is classified as level 3 within the fair value hierarchy.

Gains (losses) from investment partnerships recorded in the Company’s consolidated statements of earnings are presented below.

	Second Quarter					First Six Months
	2018			2017		2018			2017
Gains (losses) on investment partnership	$	(8,341	)	$	37,238	$	(4,846	)	$	12,270
Tax expense (benefit)		(2,464	)		13,543		(2,044	)		3,782
Contribution to net earnings (loss)	$	(5,877	)	$	23,695	$	(2,802	)	$	8,488

On December 31 of each year, the general partner of the investment partnerships will earn an incentive reallocation fee for the Company’s investments equal to 25% of the net profits above a hurdle rate of 6% over the previous high-water mark. Our policy is to accrue an estimated incentive fee throughout the year. The Company did not accrue an incentive fee during the first six months of 2018 or 2017. Our investments in these partnerships are committed on a rolling 5-year basis.

Summarized financial information for The Lion Fund, L.P. and The Lion Fund II, L.P. is presented below.

		Equity in Investment Partnerships
		Lion Fund			Lion Fund II
Total assets as of June 30, 2018	$	150,550		$	952,134
Total liabilities as of June 30, 2018	$	109		$	200,861
Revenue for the first six months of 2018	$	(49,773	)	$	(99,751	)
Earnings (loss) for the first six months of 2018	$	(49,805	)	$	(104,290	)
Biglari Holdings’ ownership interest as of June 30, 2018		65.3	%		92.2	%

Total assets as of December 31, 2017	$	203,560		$	1,060,737
Total liabilities as of December 31, 2017	$	157		$	199,974
Revenue for the first six months of 2017	$	(22,919	)	$	(29,372	)
Earnings (loss) for the first six months of 2017	$	(22,949	)	$	(37,600	)
Biglari Holdings’ ownership interest as of June 30, 2017		63.9	%		92.9	%

Revenue in the above summarized financial information of the investment partnerships includes investment income and unrealized gains and losses on investments. The investments held by the investment partnerships are largely concentrated in the common stock of one investee, Cracker Barrel Old Country Store, Inc.

Index

Note 6. Property and Equipment

Property and equipment is composed of the following.

	June 30, 2018			December 31, 2017
Land	$	154,786		$	156,506
Buildings		150,370			152,610
Land and leasehold improvements		162,328			162,652
Equipment		200,209			203,145
Construction in progress		1,766			1,782
		669,459			676,695
Less accumulated depreciation and amortization		(381,668	)		(380,895	)
Property and equipment, net	$	287,791		$	295,800

Note 7. Goodwill and Other Intangible Assets

Goodwill

Goodwill consists of the excess of the purchase price over the fair value of the net assets acquired in connection with business acquisitions.

A reconciliation of the change in the carrying value of goodwill is as follows.

	Restaurants			Other		Total
Goodwill at December 31, 2017	$	28,168		$	11,913	$	40,081
Change in foreign exchange rates during the first six months 2018		(16	)		—		(16	)
Goodwill at June 30, 2018	$	28,152		$	11,913	$	40,065

We are required to assess goodwill and any indefinite-lived intangible assets for impairment annually, or more frequently if circumstances indicate impairment may have occurred. Goodwill impairment occurs when the estimated fair value of goodwill is less than its carrying value. The valuation methodology and underlying financial information included in our determination of fair value require significant management judgments. We use both market and income approaches to derive fair value. The judgments in these two approaches include, but are not limited to, comparable market multiples, long-term projections of future financial performance, and the selection of appropriate discount rates used to determine the present value of future cash flows. Changes in such estimates or the application of alternative assumptions could produce significantly different results. No impairment charges for goodwill were recorded in the first six months of 2018 or 2017.

Other Intangible Assets

Other intangible assets are composed of the following.

	June 30, 2018							December 31, 2017
	Gross carrying amount		Accumulated amortization			Total		Gross carrying amount		Accumulated amortization			Total
Franchise agreement	$	5,310	$	(4,381	)	$	929	$	5,310	$	(4,116	)	$	1,194
Other		810		(759	)		51		810		(743	)		67
Total		6,120		(5,140	)		980		6,120		(4,859	)		1,261
Intangible assets with indefinite lives:
Trade names		15,876		—			15,876		15,876		—			15,876
Other assets with indefinite lives		11,603		—			11,603		9,427		—			9,427
Total intangible assets	$	33,599	$	(5,140	)	$	28,459	$	31,423	$	(4,859	)	$	26,564

Intangible assets subject to amortization consist of franchise agreements connected with the purchase of Western as well as rights to favorable leases related to prior acquisitions. These intangible assets are being amortized over their estimated weighted average of useful lives ranging from eight to twelve years. Amortization expense for the first six months of 2018 and 2017 was $281 and $285, respectively. The Company’s intangible assets with definite lives will fully amortize in 2020. Total annual amortization expense for 2019 is expected to be approximately $500. Intangible assets with indefinite lives consist of trade names, franchise rights as well as lease rights. During the second quarter of 2018, the Company purchased lease rights totaling $2,556.

Index

Note 8. Restaurant Operations Revenues

Restaurant operations revenues were as follows.

	Second Quarter				First Six Months
	2018		2017		2018		2017
Net sales	$	191,797	$	198,501	$	377,368	$	387,552
Franchise royalties and fees		7,773		5,349		14,875		10,905
Other		1,024		1,017		2,285		2,104
	$	200,594	$	204,867	$	394,528	$	400,561

In accordance with ASC 606-10-50, the Company disaggregates revenue from contracts with customers. The only Company segment that was affected significantly by ASC 606 was restaurants. The Company’s accounting policies and practices related to restaurant operations revenues consist of the following under ASC 606.

Net sales

Net sales were composed of retail sales of food through Company-owned stores. Company-owned store revenues are recognized when control of the food items are transferred to our customers at the point of sale. Sales taxes related to these sales are collected from customers and remitted to the appropriate taxing authority and are not reflected in the Company’s consolidated statements of income as revenue.

Franchise royalties and fees

Franchise royalties and fees are composed of royalties and fees from Steak n Shake and Western Sizzlin franchisees. Royalty revenues are based on a percentage of franchise sales and are recognized when the retail food items are purchased by franchise customers. Initial franchise fees received are deferred when amounts are received and recognized as revenue on a straight-line basis over the term of each respective franchise agreement, which is typically 20 years. This represents a change in methodology under the adoption of ASC 606 for we have historically recognized initial franchise fees upon the opening of a franchise restaurant.

During the quarter ended June 30, 2018 and the first six months of 2018, restaurant operations recognized $718 and $1,087, respectively, in revenue related to initial franchise fees. As of June 30, 2018 and January 1, 2018, restaurant operations had deferred revenue related to franchise fees of $10,521 and $10,581, respectively. Restaurant operations expects to recognize approximately $253 of deferred revenue during the remainder of 2018, approximately $543 in 2019 and the balance in the years 2020 through 2038.

Our advertising arrangements with franchisees are reported in franchise royalties and fees. This represents a change in methodology under the adoption of ASC 606 as we have historically reported advertising funds from the franchisees as an offset to marketing expense in our consolidated statement of earnings.

During the quarter ended June 30, 2018 and the first six months of 2018, restaurant operations recognized $2,409 and $4,846, respectively, in revenue related to franchisee advertising fees. As of June 30, 2018 and January 1, 2018, restaurant operations had deferred revenue related to franchisee advertising fees of $2,245 and $2,064, respectively. Restaurant operations expects to recognize approximately $748 of deferred revenue during the remainder of 2018 and the balance in 2019.

Gift card revenue

Restaurant operations sells gift cards to customers which can be redeemed for retail food sales within our stores. Gift cards are recorded as deferred revenue when issued and are subsequently recorded as net sales upon redemption. Restaurant operations estimates breakage related to gift cards when the likelihood of redemption is remote. This estimate utilizes historical trends based on the vintage of the gift card. Breakage on gift cards is recorded as other revenue in proportion to the rate of gift card redemptions by vintage. This represents a change in the methodology under the adoption of ASC 606 used to estimate breakage as we have historically recognized breakage for the portion of the gift card balances that remained outstanding following 48 months of issuance.

For the quarter ended June 30, 2018 and the first six months of 2018, restaurant operations recognized $6,371 and $15,658, respectively, of revenue from gift card redemptions. As of June 30, 2018 and January 1, 2018, restaurant operations had deferred revenue related to unredeemed gift cards of $14,657 and $20,968, respectively. The Company expects to recognize approximately $5,784 of deferred revenue during the remainder of 2018, approximately $6,176 in 2019, and the balance in the years 2020 through 2022.

Index

Note 9. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses include the following.

	June 30, 2018		December 31, 2017
Accounts payable	$	35,671	$	40,616
Gift card liability		14,657		27,436
Salaries, wages, and vacation		15,307		22,875
Taxes payable		11,686		10,571
Workers' compensation and other self-insurance accruals		8,641		9,047
Deferred revenue		16,382		9,522
Other		8,534		8,677
Accounts payable and accrued expenses	$	110,878	$	128,744

Note 10. Notes Payable and Other Borrowings

Notes payable and other borrowings include the following.

Current portion of notes payable and other borrowings	June 30, 2018			December 31, 2017
Notes payable	$	2,200		$	2,200
Unamortized original issue discount		(328	)		(321	)
Unamortized debt issuance costs		(596	)		(585	)
Obligations under leases		4,977			5,279
Western revolver		43			175
Total current portion of notes payable and other borrowings	$	6,296		$	6,748

Long-term notes payable and other borrowings
Notes payable	$	182,598		$	183,698
Unamortized original issue discount		(606	)		(772	)
Unamortized debt issuance costs		(1,104	)		(1,405	)
Obligations under leases		71,138			75,473
Total long-term notes payable and other borrowings	$	252,026		$	256,994

Steak n Shake Credit Facility

On March 19, 2014, Steak n Shake and its subsidiaries entered into a credit agreement which provided for a senior secured term loan facility in an aggregate principal amount of $220,000 and a senior secured revolving credit facility in an aggregate principal amount of up to $30,000. On October 27, 2017, Steak n Shake determined to end the use of its senior secured revolving credit facility. In 2017, Steak n Shake deposited $8,628 to satisfy required collateral for casualty insurance previously collateralized by letters of credit issued through the revolving credit facility. The deposits are recorded in other assets as restricted cash in the consolidated balance sheets.

The term loan is scheduled to mature on March 19, 2021. It amortizes at an annual rate of 1.0% in equal quarterly installments, beginning June 30, 2014, at 0.25% of the original principal amount of the term loan, subject to mandatory prepayments from excess cash flow, asset sales and other events described in the credit agreement. The balance will be due at maturity.

Steak n Shake has the right to request an incremental term loan facility from participating lenders and/or eligible assignees at any time, up to an aggregate total principal amount not to exceed $70,000 if certain customary conditions within the credit agreement are met.

The interest rate on the term loan was 5.85% as of June 30, 2018.

The credit agreement includes customary affirmative and negative covenants and events of default. Steak n Shake’s credit facility contains restrictions on its ability to pay dividends to Biglari Holdings.

The term loan is secured by first priority security interests in substantially all the assets of Steak n Shake. Biglari Holdings is not a guarantor under the credit facility. As of June 30, 2018, $184,798 was outstanding under the term loan.

Index

Note 10. Notes Payable and Other Borrowings (continued)

Western Revolver

As of June 30, 2018, Western had $43 due June 13, 2019. The revolver balance was paid in full on July 18, 2018.

Fair Value of Debt

The fair value of long-term debt, excluding capitalized lease obligations, was approximately $160,000 at June 30, 2018. The fair value of our debt was estimated based on quoted market prices. The fair value was determined to be a Level 3 fair value measurement.

Note 11. Accumulated Other Comprehensive Income

During the first six months of 2018 and 2017, the changes in the balances of each component of accumulated other comprehensive income, net of tax, were as follows.

	Six months ended June 30, 2018									Six months ended June 30, 2017
		Foreign currency translation adjustments			Investment gain (loss)			Accumulated other comprehensive income (loss)			Foreign currency translation adjustments			Investment gain (loss)			Accumulated other comprehensive income (loss)
Beginning Balance	$	(1,462	)	$	58		$	(1,404	)	$	(3,447	)	$	(137	)	$	(3,584	)
Other comprehensive income
(loss) before reclassifications					—			—						123			123
Reclassification to
(earnings) loss					(58	)		(58	)					—			—
Foreign currency translation		(645	)					(645	)		1,188						1,188
Ending Balance	$	(2,107	)	$	—		$	(2,107	)	$	(2,259	)	$	(14	)	$	(2,273	)

During the second quarters of 2018 and 2017, the changes in the balances of each component of accumulated other comprehensive income, net of tax, were as follows.

	Second Quarter 2018								Second Quarter 2017
		Foreign currency translation adjustments			Investment gain (loss)		Accumulated other comprehensive income (loss)			Foreign currency translation adjustments			Investment gain (loss)			Accumulated other comprehensive income (loss)
Beginning Balance	$	(966	)	$	—	$	(966	)	$	(3,262	)	$	(13	)	$	(3,275	)
Other comprehensive income
(loss) before reclassifications					—		—						(1	)		(1	)
Reclassification to
(earnings) loss					—		—						—			—
Foreign currency translation		(1,141	)				(1,141	)		1,003						1,003
Ending Balance	$	(2,107	)	$	—	$	(2,107	)	$	(2,259	)	$	(14	)	$	(2,273	)

Reclassifications made from accumulated other comprehensive income to the consolidated statement of earnings during the first six months of 2018 was $58; there were no reclassifications from accumulated other comprehensive income to earnings during the second quarters of 2018 and 2017, and first six months of 2017.

Note 12. Income Taxes

In determining the quarterly provision for income taxes, the Company uses an estimated annual effective tax rate based on expected annual income, statutory tax rates, and available tax planning opportunities in the various jurisdictions in which the Company operates. Unusual or infrequently occurring items are separately recognized during the quarter in which they occur.

Income tax benefit for the second quarter of 2018 was $890 compared to an income tax expense of $13,917 for the second quarter of 2017. Income tax benefit for the first six months of 2018 was $1,687 compared to an income tax expense of $4,141 for the first six months of 2017. The Tax Cuts and Jobs Act was signed into law on December 22, 2017. The U.S. corporate federal statutory income tax rate was reduced from 35.0% to 21.0% for tax years beginning in 2018. The variance in income taxes between 2018 and 2017 is attributable to the reduced corporate tax rate and taxes on income and losses generated by the investment partnerships.

As of June 30, 2018 and December 31, 2017, we had approximately $365 and $357, respectively, of unrecognized tax benefits, which are included in other liabilities in the consolidated balance sheets.

Index

Note 13. Commitments and Contingencies

We are involved in various legal proceedings and have certain unresolved claims pending. We believe, based on examination of these matters and experiences to date, that the ultimate liability, if any, in excess of amounts already provided in our consolidated financial statements is not likely to have a material effect on our results of operations, financial position or cash flows.

On January 29, 2018, a shareholder of the Company filed a purported class action complaint against the Company and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. The shareholder generally alleges claims of breach of fiduciary duty by the members of our Board of Directors and unjust enrichment to Mr. Biglari as a result of the issuance of dual class common stock.

On March 26, 2018, a shareholder of the Company filed a purported class action complaint against the Company and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. This shareholder generally alleges claims of breach of fiduciary duty by the members of our Board of Directors. This shareholder sought to enjoin the shareholder vote on April 26, 2018 to approve the issuance of dual class common stock.

On April 16, 2018, the shareholders withdrew their motions to enjoin the shareholder vote on April 26, 2018.

On May 17, 2018, the shareholders who filed the January 29, 2018 complaint and the March 26, 2018 complaint filed a new, consolidated complaint against the Company and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. The shareholders generally allege claims of breach of fiduciary duty by the members of our Board of Directors and unjust enrichment to Mr. Biglari arising out of the recent recapitalization of Biglari Holdings Inc. and the related issuance of dual class common stock. The shareholders seek, for themselves and on behalf of all other shareholders as a class (other than the individual defendants and those related to or affiliated with them), to seek a declaration that the defendants breached their duty to the shareholders and the class, and to recover unspecified damages, pre-judgment and post-judgment interest, and an award of their attorneys’ fees and other costs.

The Company believes the claims in each case are without merit and intends to defend these cases vigorously.

Note 14. Fair Value of Financial Assets

The fair values of substantially all of our financial instruments were measured using market or income approaches. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, the fair values presented are not necessarily indicative of the amounts that could be realized in an actual current market exchange. The use of alternative market assumptions and/or estimation methodologies may have a material effect on the estimated fair value.

The hierarchy for measuring fair value consists of Levels 1 through 3, which are described below.

Level 1 – Inputs represent unadjusted quoted prices for identical assets or liabilities exchanged in active markets.

Level 2 – Inputs include directly or indirectly observable inputs (other than Level 1 inputs) such as quoted prices for similar assets or liabilities exchanged in active or inactive markets; quoted prices for identical assets or liabilities exchanged in inactive markets; other inputs that may be considered in fair value determinations of the assets or liabilities, such as interest rates and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Pricing evaluations generally reflect discounted expected future cash flows, which incorporate yield curves for instruments with similar characteristics, such as credit ratings, estimated durations and yields for other instruments of the issuer or entities in the same industry sector.

Level 3 – Inputs include unobservable inputs used in the measurement of assets and liabilities. Management is required to use its own assumptions regarding unobservable inputs because there is little, if any, market activity in the assets or liabilities and we may be unable to corroborate the related observable inputs. Unobservable inputs require management to make certain projections and assumptions about the information that would be used by market participants in pricing assets or liabilities.

Index

Note 14. Fair Value of Financial Assets (continued)

The following methods and assumptions were used to determine the fair value of each class of the following assets recorded at fair value in the consolidated balance sheet:

Cash equivalents: Cash equivalents primarily consist of money market funds which are classified within Level 1 of the fair value hierarchy.

Equity securities: The Company’s investments in equity securities are classified within Level 1 of the fair value hierarchy.

Bonds: The Company’s investments in bonds are classified within Level 2 of the fair value hierarchy.

Non-qualified deferred compensation plan investments: The assets of the non-qualified plan are set up in a rabbi trust. They represent mutual funds and are classified within Level 1 of the fair value hierarchy.

Derivative instruments: Options related to equity securities are marked to market each reporting period and are classified within Level 2 of the fair value hierarchy.

As of June 30, 2018 and December 31, 2017, the fair values of financial assets were as follows.

	June 30, 2018								December 31, 2017

		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	6,924	$	—	$	—	$	6,924	$	5,785	$	—	$	—	$	5,785
Equity securities:
Consumer goods		2,251		—		—		2,251		2,445		—		—		2,445
Bonds		—		26,958		—		26,958		—		25,901		—		25,901
Options on equity securities		—		2,212		—		2,212		—		2,018		—		2,018
Non-qualified deferred
compensation plan
investments		2,864		—		—		2,864		3,459		—		—		3,459
Total assets at fair value	$	12,039	$	29,170	$	—	$	41,209	$	11,689	$	27,919	$	—	$	39,608

There were no changes in our valuation techniques used to measure fair values on a recurring basis.

Note 15. Related Party Transactions

Services Agreement

On September 15, 2017, the Company entered into a services agreement with Biglari Enterprises LLC and Biglari Capital (collectively, the “Biglari Entities”). The Biglari Entities are owned by Mr. Biglari. The services agreement replaces the shared services agreement between the Company and Biglari Capital dated July 1, 2013. The services agreement was executed in connection with a review of the relationships and transactions between the Company and Biglari Capital. After careful consideration, including an assessment by a public accounting firm of administrative-related costs incurred by the Company in connection with its investments, the Company’s Governance, Compensation and Nominating Committee, comprised solely of independent board members, approved the services agreement. Under the terms of the services agreement, the Company will no longer provide business and administrative related services to Biglari Capital. Instead, the Biglari Entities will assume the responsibility to provide the services and the Company will pay a fixed fee to the Biglari Entities.

The services agreement has a five-year term, effective on October 1, 2017. The fixed fee is $700 per month for the first year with adjustments in years two through five. The services agreement does not alter the hurdle rate connected with the incentive reallocation paid to Biglari Capital by the Company.

Investments in The Lion Fund, L.P. and The Lion Fund II, L.P.
As of June 30, 2018, the Company’s investments in The Lion Fund, L.P. and The Lion Fund II, L.P. had a fair value of $788,854.

Index

Note 15. Related Party Transactions (continued)

Contributions to and distributions from The Lion Fund II, L.P. were as follows.

	Second Quarter					First Six Months
	2018			2017		2018			2017

Contributions of cash	$	—		$	3,707	$	—		$	3,707
Distributions of cash		(2,500	)		—		(7,700	)		(5,015	)
	$	(2,500	)	$	3,707	$	(7,700	)	$	(1,308	)

As the general partner of the investment partnerships, Biglari Capital on December 31 of each year will earn an incentive reallocation fee for the Company’s investments equal to 25% of the net profits above a hurdle rate of 6% over the previous high water mark. Our policy is to accrue an estimated incentive fee throughout the year. The Company did not accrue incentive fees for Biglari Capital during the first six months of 2018 and 2017.

Incentive Agreement Amendment

During 2013, Biglari Holdings and Mr. Biglari entered into an amendment to the Incentive Agreement to exclude earnings by the investment partnerships from the calculation of Mr. Biglari’s incentive bonus. Under the Amended and Restated Incentive Agreement Mr. Biglari would receive a payment of approximately $13,000 if an event occurred entitling him to a severance payment.

License Agreement

On January 11, 2013, the Company entered into a Trademark License Agreement (the “License Agreement”) with Mr. Biglari. The License Agreement was unanimously approved by the Governance, Nominating and Compensation Committee (comprised of independent members of the Company’s Board of Directors). In addition, the license under the License Agreement is provided on a royalty-free basis in the absence of specified extraordinary events described below. Accordingly, the Company and its subsidiaries have paid no royalties to Mr. Biglari under the License Agreement since its inception.

Under the License Agreement, Mr. Biglari granted to the Company an exclusive license to use the Biglari and Biglari Holdings names (the “Licensed Marks”) in association with various products and services (collectively the “Products and Services”). Upon (a) the expiration of twenty years from the date of the License Agreement (subject to extension as provided in the License Agreement), (b) Mr. Biglari’s death, (c) the termination of Mr. Biglari’s employment by the Company for Cause (as defined in the License Agreement), or (d) Mr. Biglari’s resignation from his employment with the Company absent an Involuntary Termination Event (as defined in the License Agreement), the Licensed Marks for the Products and Services will transfer from Mr. Biglari to the Company, without any compensation, if the Company is continuing to use the Licensed Marks in the ordinary course of its business. Otherwise, the rights will revert to Mr. Biglari.

If (i) a Change of Control (as defined in the License Agreement) of the Company; (ii) the termination of Mr. Biglari’s employment by the Company without Cause; or (iii) Mr. Biglari’s resignation from his employment with the Company due to an Involuntary Termination Event (each, a “Triggering Event”) were to occur, Mr. Biglari would be entitled to receive a 2.5% royalty on “Revenues” with respect to the “Royalty Period.” The royalty payment to Mr. Biglari would not apply to all revenues received by Biglari Holdings and its subsidiaries nor would it apply retrospectively (i.e., to revenues received with respect to the period prior to the Triggering Event). The royalty would apply to revenues recorded by the Company on an accrual basis under GAAP, solely with respect to the defined period of time after the Triggering Event equal to the Royalty Period, from a covered Product, Service or business that (1) has used the Biglari Holdings or Biglari name at any time during the term of the License Agreement, whether prior to or after a Triggering Event, or (2) the Company has specifically identified, prior to a Triggering Event, will use the name Biglari or Biglari Holdings.

“Revenues” means all revenues received, on an accrual basis under GAAP, by the Company, its subsidiaries and affiliates from the following: (1) all Products and Services covered by the License Agreement bearing or associated with the names Biglari and Biglari Holdings at any time (whether prior to or after a Triggering Event). This category would include, without limitation, the use of Biglari or Biglari Holdings in the public name of a business providing any covered Product or Service; and (2) all covered Products, Services and businesses that the Company has specifically identified, prior to a Triggering Event, will bear, use or be associated with the name Biglari or Biglari Holdings.

Index

Note 15. Related Party Transactions (continued)

The Governance, Nominating and Compensation Committee unanimously approved the association of the Biglari name and mark with all of Steak n Shake’s restaurants (including Company operated and franchised locations), products and brands. On May 14, 2013, the Company, Steak n Shake, LLC and Steak n Shake Enterprises, Inc. entered into a Trademark Sublicense Agreement in connection therewith. Accordingly, revenues received by the Company, its subsidiaries and affiliates from Steak n Shake’s restaurants, products and brands would come within the definition of Revenues for purposes of the License Agreement.

The “Royalty Period” is a defined period of time, after the Triggering Event, calculated as follows: (i) if, following three months after a Triggering Event, the Company or any of its subsidiaries or affiliates continues to use the Biglari or Biglari Holdings name in connection with any covered product or service, or continues to use Biglari as part of its corporate or public company name, then the Royalty Period will equal (a) the period of time during which the Company or any of its subsidiaries or affiliates continues any such use, plus (b) a period of time after the Company, its subsidiaries and affiliates have ceased all uses of the names Biglari and Biglari Holdings equal to the length of the term of the License Agreement prior to the Triggering Event, plus three years. As an example, if a Triggering Event occurs five years after the date of the License Agreement, and the Company ceases all uses of the Biglari and Biglari Holdings names two years after the Triggering Event, the Royalty Period will equal a total of ten years (the sum of two years after the Triggering Event during which the Biglari and Biglari Holdings names are being used, plus a period of time equal to the five years prior to the Triggering Event, plus three years); or (ii) if the Company, its subsidiaries and affiliates cease all uses of the Biglari and Biglari Holdings names within three months after a Triggering Event, then the Royalty Period will equal the length of the term of the License Agreement prior to the Triggering Event, plus three years. As an example, if a Triggering Event occurs five years after the date of the License Agreement, and the Company ceases all uses of the Biglari and Biglari Holdings names two months after the Triggering Event, the Royalty Period will equal a total of eight years (the sum of the period of time equal to the five years prior to the Triggering Event, plus three years). Notwithstanding the above methods of determining the Royalty Period, the minimum Royalty Period is five years after a Triggering Event.

The actual amount of royalties paid to Mr. Biglari following the occurrence of a Triggering Event (as defined in the License Agreement) would depend on the Company’s revenues during the applicable period following the Triggering Event, and, therefore, depends on material assumptions and estimates regarding future operations and revenues. Assuming for purposes of illustration a Triggering Event occurred on December 31, 2017, using revenue from 2017 as an estimate of future revenue and calculated according to terms of the License Agreement, Mr. Biglari would receive approximately $20,000 in royalty payments annually. At a minimum, the royalties would be earned on revenue generated from January 1, 2018 through December 21, 2024. Royalty payments beyond the minimum period would be subject to the licensee's continued use of the licensed marks.

Note 16. Business Segment Reporting

Our reportable business segments are organized in a manner that reflects how management views those business activities. Our restaurant operations includes Steak n Shake and Western. The Company also reports segment information for First Guard and Maxim. Other business activities not specifically identified with reportable business segments are presented in “other” within total operating businesses. We report our earnings from investment partnerships separate from our corporate expenses. We assess and measure segment operating results based on segment earnings as disclosed below. Segment earnings from operations are neither necessarily indicative of cash available to fund cash requirements, nor synonymous with cash flow from operations. The tabular information that follows shows data of our reportable segments reconciled to amounts reflected in the consolidated financial statements.

Revenue for the second quarters and first six months of 2018 and 2017 were as follows.

	Revenue
	Second Quarter				First Six Months
	2018		2017		2018		2017
Operating Businesses:
Restaurant Operations:
Steak n Shake	$	196,578	$	201,335	$	386,871	$	394,025
Western		4,016		3,532		7,657		6,536
Total Restaurant Operations		200,594		204,867		394,528		400,561
First Guard		6,745		6,183		13,292		12,263
Maxim		1,400		1,904		3,144		3,523
	$	208,739	$	212,954	$	410,964	$	416,347

Index

Note 16. Business Segment Reporting (continued)

Earnings (losses) before income taxes for the second quarters and first six months of 2018 and 2017 were as follows.

	Earnings (Losses) Before Income Taxes
	Second Quarter						First Six Months
	2018			2017			2018			2017
Operating Businesses:
Restaurant Operations:
Steak n Shake	$	2,659		$	969		$	1,667		$	4,321
Western		674			585			1,048			1,035
Total Restaurant Operations		3,333			1,554			2,715			5,356
First Guard		2,301			1,332			2,811			2,301
Maxim		16			(208	)		(201	)		(532	)
Other		164			193			303			341
Total Operating Businesses		5,814			2,871			5,628			7,466
Corporate and Investments:
Corporate		(3,004	)		(2,285	)		(6,170	)		(4,685	)
Investment partnership gains (losses)		(8,341	)		37,238			(4,846	)		12,270
Total Corporate and Investments		(11,345	)		34,953			(11,016	)		7,585
Interest expense on notes payable and other borrowings		(2,898	)		(2,781	)		(5,652	)		(5,605	)
	$	(8,429	)	$	35,043		$	(11,040	)	$	9,446

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

(dollars in thousands except per share data)

Overview

Net earnings (loss) attributable to Biglari Holdings shareholders are disaggregated in the table that follows. Amounts are recorded after deducting income taxes.

	Second Quarter						First Six Months
	2018			2017			2018			2017
Operating businesses:
Restaurant	$	1,640		$	694		$	1,184		$	3,191
Insurance		1,810			866			2,204			1,492
Media		13			(134	)		(155	)		(342	)
Other		122			119			224			209
Total operating businesses		3,585			1,545			3,457			4,550
Corporate		(3,450	)		(2,390	)		(6,145	)		(4,258	)
Investment partnership gains (losses)		(5,877	)		23,695			(2,802	)		8,488
Interest expense on notes payable and other borrowings		(1,797	)		(1,724	)		(3,863	)		(3,475	)
	$	(7,539	)	$	21,126		$	(9,353	)	$	5,305

Our restaurant businesses include Steak n Shake Inc. (“Steak n Shake”) and Western Sizzlin Corporation (“Western”). As of June 30, 2018, Steak n Shake comprised 415 company-operated restaurants and 203 franchised units. Western comprised 4 company-operated restaurants and 57 franchised units.

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Our insurance business is composed of First Guard Insurance Company and its agency, 1st Guard Corporation (collectively “First Guard”). First Guard is a direct underwriter of commercial trucking insurance, selling physical damage and nontrucking liability insurance to truckers.

Our media business is composed of Maxim Inc. (“Maxim”). Maxim’s business lies principally in media and licensing.

Restaurants

Steak n Shake and Western comprise 679 company-operated and franchised restaurants as of June 30, 2018.

	Steak n Shake					Western Sizzlin
	Company- operated			Franchised		Company-operated		Franchised			Total
Total stores as of December 31, 2017		415			200		4		58			677
Net restaurants opened (closed)		—			3		—		(1	)		2
Total stores as of June 30, 2018		415			203		4		57			679

Total stores as of December 31, 2016		417			173		3		64			657
Net restaurants opened (closed)		(1	)		13		1		(3	)		10
Total stores as of June 30, 2017		416			186		4		61			667

Earnings of our restaurant operations are summarized below.

	Second Quarter								First Six Months
	2018				2017				2018				2017
Revenue
Net sales	$	191,797			$	198,501			$	377,368			$	387,552
Franchise royalties and fees		7,773				5,349				14,875				10,905
Other revenue		1,024				1,017				2,285				2,104
Total revenue		200,594				204,867				394,528				400,561

Restaurant cost of sales
Cost of food		57,117	29.8	%		61,402	30.9	%		113,045	30.0	%		115,803	29.9	%
Restaurant operating costs		98,853	51.5	%		100,464	50.6	%		196,668	52.1	%		198,811	51.3	%
Rent		4,589	2.4	%		4,612	2.3	%		9,196	2.4	%		9,162	2.4	%
Total cost of sales		160,559				166,478				318,909				323,776

Selling, general and administrative
General and administrative		16,877	8.4	%		14,627	7.1	%		31,964	8.1	%		28,579	7.1	%
Marketing		12,086	6.0	%		13,276	6.5	%		25,679	6.5	%		25,711	6.4	%
Other expenses		871	0.4	%		1,407	0.7	%		1,423	0.4	%		2,085	0.5	%
Total selling, general and administrative		29,834	14.9	%		29,310	14.3	%		59,066	15.0	%		56,375	14.1	%

Depreciation and amortization		4,717	2.4	%		5,207	2.5	%		9,501	2.4	%		10,456	2.6	%

Interest on obligations under leases		2,151				2,318				4,337				4,598

Earnings before income taxes		3,333				1,554				2,715				5,356

Income tax expense		1,693				860				1,531				2,165

Contribution to net earnings	$	1,640			$	694			$	1,184			$	3,191

Cost of food, restaurant operating costs and rent expense are expressed as a percentage of net sales.

General and administrative, marketing, other expenses and depreciation and amortization are expressed as a percentage of total revenue.

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Net sales during the second quarter and first six months of 2018 were $191,797 and $377,368, respectively, representing a decrease of $6,704 over the second quarter and $10,184 over the first six months of 2017. The decreased performance of our restaurant operations was largely driven by Steak n Shake’s same-store sales, which decreased 3.4% whereas customer traffic decreased 6.4% during the second quarter. Steak n Shake’s same-store sales decreased 2.5% whereas customer traffic decreased 6.8% during the first six months. The term “same-store sales” refers to the sales of company-operated units open at least 18 months at the beginning of the current period and have remained open through the end of the period.

In the second quarter and first six months of 2018 franchise royalties and fees increased $2,424 or 45.3% and $3,970 or 36.4%, respectively, compared to those in 2017. The adoption of the new accounting guidance increased franchise fees and royalties by $2,333 and $4,702 for the second quarter and first six months, respectively. The second quarter and first six months of 2017 included $401 and $1,388, respectively, in international decommitment fees. Steak n Shake opened seven franchise units and closed five franchise units during the second quarter of 2018. Western closed one franchise unit during the second quarter of 2018. There were 203 Steak n Shake franchise units as of June 30, 2018 compared to 186 franchise units as of June 30, 2017.

Cost of food in the second quarter and first six months of 2018 was $57,117 or 29.8% of net sales and $113,045 or 30.0% of net sales, respectively, compared to the second quarter and first six months in 2017 of $61,402 or 30.9% of net sales and $115,803 or 29.9% of net sales, respectively. The decrease as a percentage of net sales during the second quarter of 2018 was attributable to decreased commodities costs.

Restaurant operating costs during the second quarter of 2018 were $98,853 or 51.5% of net sales compared to $100,464 or 50.6% of net sales in 2017. Restaurant operating costs during the first six months of 2018 were $196,668 or 52.1% of net sales compared to $198,811 or 51.3% of net sales in 2017. Costs as a percentage of net sales increased during the second quarter of 2018 by 0.9% compared to 2017. The increase as a percentage of net sales during the second quarter was principally due to higher repair expenses of 0.4% and higher wages and benefits of 0.3%.

General and administrative expenses during the second quarter and first six months of 2018 were $16,877 or 8.4% of total revenues and $31,964 or 8.1% of total revenues, respectively, compared to expenses in the second quarter and first six months of 2017, which were $14,627 or 7.1% of total revenues and $28,579 or 7.1% of total revenues, respectively. General and administrative expenses during the second quarter of 2018 compared to 2017 was primarily due to higher legal and professional fees.

Marketing expenses during the second quarter and first six months of 2018 were $12,086 or 6.0% of total revenues and $25,679 or 6.5% of total revenues, respectively, compared to expenses in the second quarter and first six months of 2017, which were $13,276 or 6.5% of total revenues and $25,711 or 6.4% of total revenues, respectively. Marketing expenses decreased principally by discontinued sponsorships. The decrease in marketing expenses was offset by the adoption of new accounting guidance. New ASC 606 accounting guidance requires the Company to recognize franchise fees as revenue instead of recording an offset to marketing expense. The new guidance increased marketing expenses by $2,441 and $4,963 for the second quarter and first six months of 2018, respectively.

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Insurance

First Guard is a direct underwriter of commercial trucking insurance, selling physical damage and nontrucking liability insurance to truckers. Earnings of our insurance business are summarized below.

	Second Quarter					First Six Months
	2018		2017			2018			2017
Premiums written	$	6,505	$	6,031		$	12,833		$	11,938

Insurance losses		2,826		3,531			7,414			7,293
Underwriting expenses		1,647		1,212			2,987			2,470
Pre-tax underwriting gain		2,032		1,288			2,432			2,175
Other income and expenses
Investment income and commissions		240		152			459			325
Other expense		29		(108	)		(80	)		(199	)
Total other income		269		44			379			126
Earnings before income taxes		2,301		1,332			2,811			2,301
Income tax expense		491		466			607			809
Contribution to net earnings	$	1,810	$	866		$	2,204		$	1,492

First Guard’s insurance products are marketed primarily through direct response methods via the Internet or by telephone. First Guard’s cost-efficient direct response marketing methods enable it to be a low-cost trucking insurer.

Premiums written during the second quarter of 2018 were $6,505, an increase of $474 or 7.9% compared to 2017. Premiums written during the first six months of 2018 were $12,833, an increase of $895 or 7.5% compared to 2017. Pre-tax underwriting gain was $2,032 and $2,432 in the second quarter and first six months of 2018, respectively, compared to $1,288 and $2,175 in the second quarter and first six months of 2017, respectively.

Insurance premiums and other on the statement of earnings includes premiums written, investment income and commissions. In the preceding table, investment income and commissions are included in other income.

Media

Maxim’s business lies principally in media and licensing. Earnings of our media operations are summarized below.

	Second Quarter					First Six Months
	2018		2017			2018			2017
Revenue	$	1,400	$	1,904		$	3,144		$	3,523

Media cost of sales		980		1,741			2,497			3,234
General and administrative expenses		398		358			834			795
Depreciation and amortization		6		13			14			26
Earnings (loss) before income taxes		16		(208	)		(201	)		(532	)
Income tax expense (benefit)		3		(74	)		(46	)		(190	)
Contribution to net earnings	$	13	$	(134	)	$	(155	)	$	(342	)

We acquired Maxim in 2014 with the idea of transforming its business model. The magazine developed the Maxim brand, a franchise we are utilizing to generate nonmagazine revenue, notably through licensing, a cash-generating business related to consumer products, services, and events.

We have taken the risk on the belief that the probability for gain in value more than justifies the risk of loss.

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Investment Partnership Gains (Losses)

Earnings (loss) from our investments in partnerships are summarized below.

	Second Quarter					First Six Months
	2018			2017		2018			2017
Investment partnership gains (losses)	$	(8,341	)	$	37,238	$	(4,846	)	$	12,270
Tax expense (benefit)		(2,464	)		13,543		(2,044	)		3,782
Contribution to net earnings	$	(5,877	)	$	23,695	$	(2,802	)	$	8,488

The volatility of the gains and losses during the various periods is attributable to changes in market values of investments held by the investment partnerships. The investments held by the investment partnerships are largely concentrated in the common stock of one investee, Cracker Barrel Old Country Store, Inc.

The investment partnerships hold the Company’s common stock as investments. The Company’s pro-rata share of its common stock held by the investment partnerships is recorded as treasury stock even though these shares are legally outstanding. Gains and losses on Company common stock included in the earnings of the partnerships are eliminated.

Interest Expense

The Company’s interest expense is summarized below.

	Second Quarter				First Six Months
	2018		2017		2018		2017
Interest expense on notes payable and other borrowings	$	2,898	$	2,781	$	5,652	$	5,605
Tax benefit		1,101		1,057		1,789		2,130
Interest expense net of tax	$	1,797	$	1,724	$	3,863	$	3,475

The outstanding balance on Steak n Shake’s credit facility on June 30, 2018 was $184,798 compared to $186,998 on June 30, 2017. The interest rate was 5.85% as of June 30, 2018 and 4.80% as of June 30, 2017.

Corporate

Corporate expenses exclude the activities in the restaurant, insurance, media and other companies. Corporate net losses during the second quarter and first six months of 2018 were $3,450 and $6,145 respectively, versus net losses of $2,390 and $4,258 during the second quarter and first six months of 2017, respectively. Legal and professional expenses associated with shareholder lawsuits and the implementation of dual class stock increased expenses during 2018 as compared to 2017.

Income Tax Expense

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Financial Condition

Our consolidated shareholders’ equity on June 30, 2018 was $542,730, a decrease of $28,598 compared to the December 31, 2017 balance. The decrease during the first six months of 2018 was primarily attributable to an increase in treasury stock for our proportionate interest in 45,302 shares of the Company’s stock purchased during 2018 by The Lion Fund II, L.P. under a Rule 10b5-1 trading plan. The shares purchased by the investment partnership are legally outstanding but under accounting convention the Company’s proportional ownership of the shares is reflected as treasury shares in the consolidated financial statements.

Consolidated cash and investments are summarized below.

	June 30, 2018			December 31, 2017
Cash and cash equivalents	$	48,411		$	58,577
Investments		28,811			27,752
Fair value of interest in investment partnerships		788,854			925,279
Total cash and investments		866,076			1,011,608
Less portion of Company stock held by investment partnerships		(254,060	)		(359,258	)
Carrying value of cash and investments on balance sheet	$	612,016		$	652,350

Liquidity

Our balance sheet continues to maintain significant liquidity. Consolidated cash flow activities are summarized below.

	First Six Months
	2018			2017
Net cash provided by (used in) operating activities	$	(465	)	$	16,376
Net cash used in investing activities		(5,714	)		(8,746	)
Net cash used in financing activities		(3,932	)		(18,869	)
Effect of exchange rate changes on cash		(55	)		100
Decrease in cash, cash equivalents and restricted cash	$	(10,166	)	$	(11,139	)

Cash used in operating activities was $465 during the first six months of 2018 compared to cash provided by operating activities of $16,376 during the first six months of 2017. Net earnings adjusted for non-cash items decreased by $5,441 because of lower revenues and earnings. Cash used in working capital accounts increased $14,085 primarily due to the timing of the 2017 incentive fee payment of $7,353.

Net cash used in investing activities during the first six months of 2018 of $5,714 was primarily due to capital expenditures of $7,218 offset by proceeds from property and equipment disposals of $2,476. Net cash used in investing activities during the first six months of 2017 of $8,746 was primarily due to capital expenditures of $4,779 and investments in investment partnerships of $3,707.

During the first six months of 2018 and 2017 we incurred debt payments of $3,981 and $18,899, respectively. Debt obligations were reduced during 2017 because of additional principal payments on long-term debt.

We intend to meet the working capital needs of our operating subsidiaries principally through anticipated cash flows generated from operations, cash on hand, existing credit facilities, and the sale of excess properties and investments. We continually review available financing alternatives.

Steak n Shake Credit Facility

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

The interest rate on the term loan was 5.85% as of June 30, 2018.

The credit agreement includes customary affirmative and negative covenants and events of default. As of June 30, 2018, we were in compliance with all covenants. Steak n Shake’s credit facility contains restrictions on its ability to pay dividends to Biglari Holdings.

Western Revolver

As of June 30, 2018, Western had $43 due June 13, 2019. The revolver balance was paid in full on July 18, 2018.

Critical Accounting Policies

Management’s discussion and analysis of financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. Certain accounting policies require management to make estimates and judgments concerning transactions that will be settled several years in the future. Amounts recognized in our consolidated financial statements from such estimates are necessarily based on numerous assumptions involving varying and potentially significant degrees of judgment and uncertainty. Accordingly, the amounts currently reflected in our consolidated financial statements will likely increase or decrease in the future as additional information becomes available. There have been no material changes to critical accounting policies previously disclosed in our annual report on Form 10-K for the year ended December 31, 2017.

Recently Issued Accounting Pronouncements

For detailed information regarding recently issued accounting pronouncements and the expected impact on our consolidated financial statements, see Note 2, “New Accounting Standards” in the accompanying notes to consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Cautionary Note Regarding Forward-Looking Statements

This report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In general, forward-looking statements include estimates of future revenues, cash flows, capital expenditures, or other financial items, and assumptions underlying any of the foregoing. Forward-looking statements reflect management’s current expectations regarding future events and use words such as “anticipate,” “believe,” “expect,” “may,” and other similar terminology. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. Investors should not place undue reliance on the forward-looking statements, which speak only as of the date of this report. These forward-looking statements are all based on currently available operating, financial, and competitive information and are subject to various risks and uncertainties. Our actual future results and trends may differ materially depending on a variety of factors, many beyond our control, including, but not limited to, the risks and uncertainties described in Item 1A, Risk Factors of our annual report on Form 10-K. We undertake no obligation to publicly update or revise them, except as may be required by law.

Index

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

The majority of our investments are conducted through investment partnerships which generally hold common stocks. We also hold marketable securities directly. Through investments in the investment partnerships we hold a concentrated position in the common stock of Cracker Barrel Old Country Store, Inc. A significant decline in the general stock market or in the prices of major investments may produce a large net loss and decrease in our consolidated shareholders’ equity. Decreases in values of equity investments can have a materially adverse effect on our earnings and on consolidated shareholders’ equity.

We prefer to hold equity investments for very long periods of time so we are not troubled by short-term price volatility with respect to our investments. Our interests in the investment partnerships are committed on a rolling 5-year basis, and any distributions upon our withdrawal of funds will be paid out over two years (and may be paid in kind rather than in cash). Market prices for equity securities are subject to fluctuation. Consequently the amount realized in the subsequent sale of an investment may significantly differ from the reported market value. A hypothetical 10% increase or decrease in the market price of our investments would result in a respective increase or decrease in the carrying value of our investments of $56,361 along with a corresponding change in shareholders’ equity of approximately 8%.

Borrowings on Steak n Shake’s credit facility bear interest at a rate per annum equal to a base rate or a Eurodollar rate (minimum of 1%) plus an applicable margin. Interest on the term loan is based on a Eurodollar rate plus an applicable margin of 3.75% or on the prime rate plus an applicable margin of 2.75%. Interest on loans under the revolver is based on a Eurodollar rate plus an applicable margin ranging from 2.75% to 4.25% or on the prime rate plus an applicable margin ranging from 1.75% to 3.25%. At June 30, 2018, a hypothetical 100 basis point increase in short-term interest rates would have an impact of approximately $1,400 on our net earnings.

We have had minimal exposure to foreign currency exchange rate fluctuations in the first six months of 2018 and 2017.

ITEM 4.

Controls and Procedures

Based on an evaluation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)), our Chief Executive Officer and Controller have concluded that our disclosure controls and procedures were effective as of June 30, 2018.

There have been no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2018 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

Index

Part II Other Information

Item 1.

lEGAL PROCEEDINGS

Information in response to this Item is included in Note 13 to the Consolidated Financial Statements included in Part 1 Item 1 of this Form 10-Q and is incorporated herein by reference.

Item 1A.

Risk Factors

There have been no material changes from the risk factors as previously disclosed in Item 1A to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 or otherwise subsequently disclosed in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Pursuant to the requirements of the Incentive Agreement with the Chief Executive Officer, Mr. Biglari purchased a total of 4,084 shares of Class A common stock from June 5, 2018 through June 19, 2018, including 1,084 shares under a rule 10b5-1 purchase plan. All of the purchases were made in the open market.

	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Number of Shares That May Yet Be Purchased Under Plans or Programs

April 1, 2018 – April 30, 2018		—				—		—
May 1, 2018 – May 31, 2018		—				—		—
June 1, 2018 – June 30, 2018		4,084	$	979.65		1,084		—
Total		4,084				1,084

Item 3.

Defaults Upon Senior Securities

None.

Item 4.

Mine Safety Disclosures

Not applicable.

Item 5.

Other Information

None.

Item 6.

Exhibits

Exhibit Number		Description

31.01		Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.02		Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.01*		Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101		Interactive Data Files.

_________________

*	Furnished herewith.

Index

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Date: August 3, 2018

	Biglari Holdings inc.

	By:	/s/ Bruce Lewis
		Bruce Lewis Controller

EX-31.01 2 ex3101to10q07428007_08032018.htm

EXHIBIT 31.01

CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Sardar Biglari, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 3, 2018
			/s/ Sardar Biglari
			Sardar Biglari
			Chairman and Chief Executive Officer

EX-31.02 3 ex3102to10q07428007_08032018.htm

EXHIBIT 31.02

CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Bruce Lewis, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 3, 2018
			/s/ Bruce Lewis
			Bruce Lewis
			Controller

EX-32.01 4 ex3201to10q07428007_08032018.htm

EXHIBIT 32.01

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Biglari Holdings Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certify, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ Sardar Biglari
Sardar Biglari
Chairman and Chief Executive Officer August 3, 2018


/s/ Bruce Lewis
Bruce Lewis
Controller August 3, 2018

EX-101.INS 5 bh-20180630.xml XBRL INSTANCE FILE 0001726173 2017-12-31 0001726173 us-gaap:CommonStockMember 2016-12-31 0001726173 us-gaap:CommonStockMember 2017-12-31 0001726173 us-gaap:AdditionalPaidInCapitalMember 2016-12-31 0001726173 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001726173 us-gaap:RetainedEarningsMember 2016-12-31 0001726173 us-gaap:RetainedEarningsMember 2017-12-31 0001726173 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-12-31 0001726173 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001726173 us-gaap:TreasuryStockMember 2016-12-31 0001726173 us-gaap:TreasuryStockMember 2017-12-31 0001726173 us-gaap:FranchiseRightsMember us-gaap:FiniteLivedIntangibleAssetsMember 2017-12-31 0001726173 us-gaap:FranchiseRightsMember us-gaap:FiniteLivedIntangibleAssetsMember 2018-06-30 0001726173 us-gaap:OtherIntangibleAssetsMember us-gaap:FiniteLivedIntangibleAssetsMember 2017-12-31 0001726173 us-gaap:OtherIntangibleAssetsMember us-gaap:IndefinitelivedIntangibleAssetsMember 2018-06-30 0001726173 us-gaap:TrademarksAndTradeNamesMember us-gaap:IndefinitelivedIntangibleAssetsMember 2017-12-31 0001726173 us-gaap:TrademarksAndTradeNamesMember us-gaap:IndefinitelivedIntangibleAssetsMember 2018-06-30 0001726173 us-gaap:FairValueInputsLevel1Member 2017-12-31 0001726173 us-gaap:FairValueInputsLevel1Member 2018-06-30 0001726173 us-gaap:FairValueInputsLevel2Member 2017-12-31 0001726173 us-gaap:FairValueInputsLevel2Member 2018-06-30 0001726173 us-gaap:FairValueInputsLevel3Member 2017-12-31 0001726173 us-gaap:FairValueInputsLevel3Member 2018-06-30 0001726173 us-gaap:CommonStockMember 2018-06-30 0001726173 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0001726173 us-gaap:RetainedEarningsMember 2018-06-30 0001726173 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0001726173 us-gaap:TreasuryStockMember 2018-06-30 0001726173 2018-06-30 0001726173 2018-01-01 2018-06-30 0001726173 2017-01-01 2017-06-30 0001726173 BH:RestaurantOperationsMember BH:SteaknShakeMember 2018-01-01 2018-06-30 0001726173 BH:RestaurantOperationsMember BH:SteaknShakeMember 2017-01-01 2017-06-30 0001726173 BH:RestaurantOperationsMember BH:WesternMember 2018-01-01 2018-06-30 0001726173 BH:RestaurantOperationsMember BH:WesternMember 2017-01-01 2017-06-30 0001726173 BH:RestaurantOperationsMember BH:TotalRestaurantOperationsMember 2018-01-01 2018-06-30 0001726173 BH:RestaurantOperationsMember BH:TotalRestaurantOperationsMember 2017-01-01 2017-06-30 0001726173 BH:ReconciliationOfSegmentsMember us-gaap:InterestExpenseMember 2018-01-01 2018-06-30 0001726173 BH:ReconciliationOfSegmentsMember us-gaap:InterestExpenseMember 2017-01-01 2017-06-30 0001726173 us-gaap:CommonStockMember 2018-01-01 2018-06-30 0001726173 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-06-30 0001726173 us-gaap:AdditionalPaidInCapitalMember 2017-01-01 2017-06-30 0001726173 us-gaap:RetainedEarningsMember 2018-01-01 2018-06-30 0001726173 us-gaap:RetainedEarningsMember 2017-01-01 2017-06-30 0001726173 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0001726173 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-01-01 2017-06-30 0001726173 us-gaap:TreasuryStockMember 2018-01-01 2018-06-30 0001726173 us-gaap:TreasuryStockMember 2017-01-01 2017-06-30 0001726173 BH:SteakNShakeRestaurantOperationsMember 2018-01-01 2018-06-30 0001726173 BH:SteakNShakeRestaurantOperationsMember 2017-01-01 2017-06-30 0001726173 BH:WesternMember 2018-01-01 2018-06-30 0001726173 BH:WesternMember 2017-01-01 2017-06-30 0001726173 BH:TotalRestaurantOperationsMember 2018-01-01 2018-06-30 0001726173 BH:TotalRestaurantOperationsMember 2017-01-01 2017-06-30 0001726173 BH:TotalRevenueMember 2018-01-01 2018-06-30 0001726173 BH:TotalRevenueMember 2017-01-01 2017-06-30 0001726173 2017-01-01 2017-12-31 0001726173 BH:LionFundMember 2018-06-30 0001726173 BH:LionFundIIMember 2018-06-30 0001726173 2016-12-31 0001726173 BH:LionFundMember 2018-01-01 2018-06-30 0001726173 BH:LionFundIIMember 2018-01-01 2018-06-30 0001726173 us-gaap:AccumulatedTranslationAdjustmentMember 2018-01-01 2018-06-30 0001726173 us-gaap:AccumulatedTranslationAdjustmentMember 2017-12-31 0001726173 us-gaap:AccumulatedTranslationAdjustmentMember 2018-06-30 0001726173 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-01-01 2018-06-30 0001726173 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2017-12-31 0001726173 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-06-30 0001726173 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-01-01 2018-06-30 0001726173 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2017-12-31 0001726173 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-06-30 0001726173 BH:FairValueOfCompanyCommonStockMember 2018-01-01 2018-06-30 0001726173 BH:FairValueOfCompanyCommonStockMember 2017-12-31 0001726173 BH:FairValueOfCompanyCommonStockMember 2018-06-30 0001726173 BH:CarryingValueMember 2018-01-01 2018-06-30 0001726173 BH:CarryingValueMember 2017-12-31 0001726173 BH:CarryingValueMember 2018-06-30 0001726173 us-gaap:FiniteLivedIntangibleAssetsMember 2018-06-30 0001726173 us-gaap:FiniteLivedIntangibleAssetsMember 2017-12-31 0001726173 us-gaap:InterestRateSwapMember 2018-06-30 0001726173 us-gaap:AccumulatedTranslationAdjustmentMember 2017-01-01 2017-06-30 0001726173 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2017-01-01 2017-06-30 0001726173 us-gaap:LoansPayableMember 2018-06-30 0001726173 us-gaap:OtherIntangibleAssetsMember us-gaap:FiniteLivedIntangibleAssetsMember 2018-06-30 0001726173 us-gaap:OtherIntangibleAssetsMember us-gaap:IndefinitelivedIntangibleAssetsMember 2017-12-31 0001726173 us-gaap:CommonStockMember 2017-06-30 0001726173 us-gaap:AdditionalPaidInCapitalMember 2017-06-30 0001726173 us-gaap:RetainedEarningsMember 2017-06-30 0001726173 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-06-30 0001726173 us-gaap:TreasuryStockMember 2017-06-30 0001726173 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2017-01-01 2017-06-30 0001726173 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2016-12-31 0001726173 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2017-06-30 0001726173 BH:FairValueOfCompanyCommonStockMember 2017-01-01 2017-06-30 0001726173 BH:FairValueOfCompanyCommonStockMember 2016-12-31 0001726173 BH:FairValueOfCompanyCommonStockMember 2017-06-30 0001726173 BH:CarryingValueMember 2017-01-01 2017-06-30 0001726173 BH:CarryingValueMember 2016-12-31 0001726173 BH:CarryingValueMember 2017-06-30 0001726173 BH:LionFundMember 2017-01-01 2017-06-30 0001726173 BH:LionFundMember 2017-06-30 0001726173 BH:LionFundIIMember 2017-01-01 2017-06-30 0001726173 BH:LionFundIIMember 2017-06-30 0001726173 BH:RestaurantOperationsMember 2018-01-01 2018-06-30 0001726173 BH:RestaurantOperationsMember 2017-12-31 0001726173 BH:OtherSegmentMember 2018-01-01 2018-06-30 0001726173 BH:OtherSegmentMember 2017-12-31 0001726173 BH:RestaurantOperationsMember 2018-06-30 0001726173 BH:OtherSegmentMember 2018-06-30 0001726173 us-gaap:AccumulatedTranslationAdjustmentMember 2016-12-31 0001726173 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2016-12-31 0001726173 BH:FirstGuardMember 2018-01-01 2018-06-30 0001726173 BH:FirstGuardMember 2017-01-01 2017-06-30 0001726173 BH:MaximMember 2018-01-01 2018-06-30 0001726173 BH:MaximMember 2017-01-01 2017-06-30 0001726173 BH:OperatingBusinessMember BH:FirstGuardMember 2018-01-01 2018-06-30 0001726173 BH:OperatingBusinessMember BH:FirstGuardMember 2017-01-01 2017-06-30 0001726173 BH:OperatingBusinessMember BH:MaximMember 2018-01-01 2018-06-30 0001726173 BH:OperatingBusinessMember BH:MaximMember 2017-01-01 2017-06-30 0001726173 BH:OperatingBusinessMember 2018-01-01 2018-06-30 0001726173 BH:OperatingBusinessMember 2017-01-01 2017-06-30 0001726173 us-gaap:CorporateMember BH:InvestmentPartnershipGainsLossesMember 2018-01-01 2018-06-30 0001726173 us-gaap:CorporateMember BH:InvestmentPartnershipGainsLossesMember 2017-01-01 2017-06-30 0001726173 BH:OperatingBusinessMember BH:OtherMember 2017-01-01 2017-06-30 0001726173 BH:OperatingBusinessMember BH:OtherMember 2018-01-01 2018-06-30 0001726173 us-gaap:CorporateMember BH:TotalCorporateAndInvestmentsMember 2018-01-01 2018-06-30 0001726173 us-gaap:CorporateMember BH:TotalCorporateAndInvestmentsMember 2017-01-01 2017-06-30 0001726173 us-gaap:CorporateMember BH:Corporate1Member 2018-01-01 2018-06-30 0001726173 us-gaap:CorporateMember BH:Corporate1Member 2017-01-01 2017-06-30 0001726173 BH:LionFundMember 2017-12-31 0001726173 BH:LionFundIIMember 2017-12-31 0001726173 us-gaap:AccumulatedTranslationAdjustmentMember 2017-06-30 0001726173 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2017-06-30 0001726173 2017-06-30 0001726173 srt:ScenarioPreviouslyReportedMember 2018-01-01 2018-06-30 0001726173 srt:RestatementAdjustmentMember 2018-01-01 2018-06-30 0001726173 BH:AmountsWithoutAdoptionMember 2018-01-01 2018-06-30 0001726173 2018-04-01 2018-06-30 0001726173 2017-04-01 2017-06-30 0001726173 srt:ScenarioPreviouslyReportedMember 2018-04-01 2018-06-30 0001726173 srt:RestatementAdjustmentMember 2018-04-01 2018-06-30 0001726173 BH:AmountsWithoutAdoptionMember 2018-04-01 2018-06-30 0001726173 us-gaap:AccumulatedTranslationAdjustmentMember 2018-04-01 2018-06-30 0001726173 us-gaap:AccumulatedTranslationAdjustmentMember 2017-04-01 2017-06-30 0001726173 us-gaap:AccumulatedTranslationAdjustmentMember 2018-03-31 0001726173 us-gaap:AccumulatedTranslationAdjustmentMember 2017-03-31 0001726173 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-04-01 2018-06-30 0001726173 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2017-04-01 2017-06-30 0001726173 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-03-31 0001726173 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2017-03-31 0001726173 2018-03-31 0001726173 2017-03-31 0001726173 BH:SteakNShakeRestaurantOperationsMember 2018-04-01 2018-06-30 0001726173 BH:SteakNShakeRestaurantOperationsMember 2017-04-01 2017-06-30 0001726173 BH:WesternMember 2018-04-01 2018-06-30 0001726173 BH:WesternMember 2017-04-01 2017-06-30 0001726173 BH:TotalRestaurantOperationsMember 2018-04-01 2018-06-30 0001726173 BH:TotalRestaurantOperationsMember 2017-04-01 2017-06-30 0001726173 BH:FirstGuardMember 2018-04-01 2018-06-30 0001726173 BH:FirstGuardMember 2017-04-01 2017-06-30 0001726173 BH:MaximMember 2018-04-01 2018-06-30 0001726173 BH:MaximMember 2017-04-01 2017-06-30 0001726173 BH:TotalRevenueMember 2018-04-01 2018-06-30 0001726173 BH:TotalRevenueMember 2017-04-01 2017-06-30 0001726173 BH:RestaurantOperationsMember BH:SteaknShakeMember 2018-04-01 2018-06-30 0001726173 BH:RestaurantOperationsMember BH:SteaknShakeMember 2017-04-01 2017-06-30 0001726173 BH:RestaurantOperationsMember BH:WesternMember 2018-04-01 2018-06-30 0001726173 BH:RestaurantOperationsMember BH:WesternMember 2017-04-01 2017-06-30 0001726173 BH:RestaurantOperationsMember BH:TotalRestaurantOperationsMember 2018-04-01 2018-06-30 0001726173 BH:RestaurantOperationsMember BH:TotalRestaurantOperationsMember 2017-04-01 2017-06-30 0001726173 BH:OperatingBusinessMember BH:FirstGuardMember 2018-04-01 2018-06-30 0001726173 BH:OperatingBusinessMember BH:FirstGuardMember 2017-04-01 2017-06-30 0001726173 BH:OperatingBusinessMember BH:MaximMember 2018-04-01 2018-06-30 0001726173 BH:OperatingBusinessMember BH:MaximMember 2017-04-01 2017-06-30 0001726173 BH:OperatingBusinessMember BH:OtherMember 2018-04-01 2018-06-30 0001726173 BH:OperatingBusinessMember BH:OtherMember 2017-04-01 2017-06-30 0001726173 BH:OperatingBusinessMember 2018-04-01 2018-06-30 0001726173 BH:OperatingBusinessMember 2017-04-01 2017-06-30 0001726173 us-gaap:CorporateMember BH:Corporate1Member 2018-04-01 2018-06-30 0001726173 us-gaap:CorporateMember BH:Corporate1Member 2017-04-01 2017-06-30 0001726173 us-gaap:CorporateMember BH:InvestmentPartnershipGainsLossesMember 2018-04-01 2018-06-30 0001726173 us-gaap:CorporateMember BH:InvestmentPartnershipGainsLossesMember 2017-04-01 2017-06-30 0001726173 us-gaap:CorporateMember BH:TotalCorporateAndInvestmentsMember 2018-04-01 2018-06-30 0001726173 us-gaap:CorporateMember BH:TotalCorporateAndInvestmentsMember 2017-04-01 2017-06-30 0001726173 BH:ReconciliationOfSegmentsMember us-gaap:InterestExpenseMember 2018-04-01 2018-06-30 0001726173 BH:ReconciliationOfSegmentsMember us-gaap:InterestExpenseMember 2017-04-01 2017-06-30 0001726173 us-gaap:CommonClassAMember 2018-07-31 0001726173 us-gaap:CommonClassBMember 2018-07-31 0001726173 us-gaap:CommonClassAMember 2018-06-30 0001726173 us-gaap:CommonClassBMember 2018-06-30 0001726173 BH:LionFundIIMember 2018-04-01 2018-06-30 0001726173 BH:LionFundIIMember 2017-04-01 2017-06-30 0001726173 BH:InitialFranchiseFeesMember 2018-04-01 2018-06-30 0001726173 BH:InitialFranchiseFeesMember 2018-01-01 2018-06-30 0001726173 BH:InitialFranchiseFeesMember 2018-06-30 0001726173 BH:FranchiseAdvertisingFeesMember 2018-04-01 2018-06-30 0001726173 BH:FranchiseAdvertisingFeesMember 2018-01-01 2018-06-30 0001726173 BH:FranchiseAdvertisingFeesMember 2018-06-30 0001726173 BH:GiftCardRedemptionsMember 2018-04-01 2018-06-30 0001726173 BH:GiftCardRedemptionsMember 2018-01-01 2018-06-30 0001726173 BH:GiftCardRedemptionsMember 2018-06-30 0001726173 BH:InitialFranchiseFeesMember 2017-12-31 0001726173 BH:FranchiseAdvertisingFeesMember 2017-12-31 0001726173 BH:GiftCardRedemptionsMember 2017-12-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure BIGLARI HOLDINGS INC. 0001726173 10-Q 2018-06-30 false --12-31 No No Yes Accelerated Filer Q2 2018

1063584000

1008487000

22479000

17201000

66645000

68524000

295800000

287791000

112639000

100177000

7221000

9166000

7268000

6999000

16284000

11253000

23289000

24348000

58577000

48411000

492256000

465757000

11369000

10509000

88401000

86048000

256994000

252026000

135492000

117174000

6748000

6296000

128744000

110878000

1063584000

1008487000

375857000

373620000

565504000

535415000

382014000

381904000

1071000

1138000

2067613

206864

2068640

2500000

500000

10000000

2142202

206864

2068640

74589

23216000

24222000

126000

73000

23289000 24348000 566021000 534794000 -95309000 -93562000 470712000 441232000

109000

200861000

157000

199974000

150550000

952134000

203560000

1060737000

354939000 373620000

380895000

381668000

676695000

669459000

1782000

1766000

203145000

200209000

162652000 162328000

152610000

150370000

156506000

154786000

26564000

1194000

929000

67000

11603000

15876000

28459000

980000

1261000

51000

9427000

-4859000

-4116000

-4381000

-743000

-5140000

-4859000

-759000

31423000

5310000

810000

11603000

15876000

33599000

6120000

810000

9427000

8677000

8534000

9522000

16382000

10521000

2245000

14657000

10581000

2064000

20968000

9047000

8641000

10571000

11686000

22875000

15307000

27436000 14657000

40616000

35671000

6748000

6296000

175000

43000

5279000

4977000

-585000 -596000 -321000 -328000

2200000

75473000

71138000

772000

606000

183698000

182598000

357000

365000

5785000

6924000

2018000

2212000

25901000

26958000

39608000

11689000

12039000

27919000

29170000

41209000

3459000

2864000

1405000

1104000

566021000

534794000

359258000

254060000

566021000

534794000

395070000

336269000

577637000

585754000

-1404000

-2107000

-3584000

-1462000

-2107000

58000

-3447000

-137000

-2259000

-14000

-2273000

-966000

-3262000

-13000

-966000

-3275000

571328000

1071000

381906000

382014000

515433000

565504000

-3584000

-1404000

-362886000

-375857000

1138000

381904000

535415000

-2107000

-373620000

542730000

531940000

1071000

382014000

520738000

-2273000

-365809000

535741000

2445000

2251000

206864 2068640

410964000

416347000

386871000

394025000

7657000

6536000

394528000

400561000

410964000

416347000

13292000

12263000

3144000

3523000

208739000

212954000

196578000

201335000

4016000

3532000

200594000

204867000

6745000

6183000

1400000

1904000

208739000

212954000

3144000 3523000 1400000 1904000

13292000

12263000

6745000

6183000

394528000 400561000 200594000 204867000 718000 1087000 2409000 4846000 6371000 15658000

407169000

408968000

203778000

210050000

9762000

11054000

4816000

5433000

65600000

61141000

65600000

4963000

60637000

32950000

31655000

32950000

2441000

30509000

2497000 3234000 980000 1741000

10401000

9763000

4473000

4743000

318909000

323776000

160559000

166478000

-9353000

5305000

-7539000

21126000

-1687000

4141000

-1687000

8000

-1695000

-890000

13917000

-890000

-23000

-867000

-11040000

9446000

-8429000

35043000

-14835000

2067000

-13390000

32139000

-4846000 12270000 -8341000 37238000 4337000 4598000 2151000 2318000

5652000

5605000

2898000

2781000

-26.76

14.35

-21.73

57.27

-9353000

5305000

-9353000

5305000

-9353000

25000

-9378000

-7539000

21126000

-7539000

-70000

-7469000

190000

-1000

67000

73000 0 0 0 -15000 0 0 0

-645000

1188000

-1141000

1003000

-703000

1311000

-703000

1311000

-1141000

1002000

-10056000

6616000

-8680000

22128000

-103000

-193000

714000

1465000

-2858000

2908000

-465000

16376000

-17408000

-1785000

-1212000

-235000

-4817000

-4256000

7700000

5015000

-5714000

-8746000

24000000

18653000

24972000

23140000

2476000

520000

7218000

4779000

-3932000

-18869000

49000

30000

2749000 2726000

1100000

16100000

132000

73000

67230000

57064000

75808000

64669000

-10166000

-11139000

-55000

100000

-18681000 -2845000 116000 -18681000 -2961000

49000

30000

-43000

-8000

92000

38000

90000

67000

-67000

-20826000

20826000

Description of Business The accompanying unaudited consolidated financial statements of Biglari Holdings Inc. (“Biglari Holdings” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In our opinion, all adjustments considered necessary to present fairly the results of the interim periods have been included and consist only of normal recurring adjustments. The results for the interim periods shown are not necessarily indicative of results for the entire fiscal year. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2017.   Biglari Holdings is a holding company owning subsidiaries engaged in a number of diverse business activities, including media, property and casualty insurance, and restaurants. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company. The Company’s long-term objective is to maximize per-share intrinsic value. All major operating, investment, and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.   On March 5, 2018, the Company entered into an agreement with its predecessor registrant, now known as OBH Inc. (the “Predecessor”), and BH Merger Company, a wholly owned subsidiary of the Company. Pursuant to the agreement, on April 30, 2018, BH Merger Company merged with and into the Predecessor, with the Predecessor continuing as the surviving corporation and a wholly owned subsidiary of the Company.   As a result of the April 30, 2018 transaction, the Company has two classes of common stock designated Class A common stock and Class B common stock. A share of Class B common stock has economic rights equivalent to 1/5th of a share of Class A common stock; however, Class B common stock has no voting rights. Upon completion of the transaction, every ten (10) shares of common stock outstanding on April 30, 2018 converted into (i) ten (10) shares of Class B common stock and (ii) one (1) share of Class A common stock.   Since May 1, 2018, the shares of the Company’s Class A common stock have traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “BH.A,” whereas the Class B common stock trades on the NYSE under the ticker symbol “BH,” which is the former ticker symbol for the Predecessor’s common stock.   For accounting purposes, the April 30, 2018 transaction will be treated as a merger of entities under common control. Accordingly, the consolidated financial position and results of operations of the Predecessor will be included in the consolidated financial statements on the same basis as currently presented, except for earnings per share which is impacted by the issuance of the new common shares. The Company has applied the “two-class method” of computing earnings per share as prescribed in ASC 260, “Earnings Per Share.”    Pursuant to the requirements of the Incentive Agreement with the Chief Executive Officer, Mr. Biglari purchased 4,084 shares of Class A common stock from June 5, 2018 through June 19, 2018. As of June 30, 2018, Mr. Biglari’s beneficial ownership was approximately 56.3% of the Company’s outstanding Class A common stock and 54.3% of the Company’s outstanding Class B common stock.   Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries including Steak n Shake Inc. (“Steak n Shake”), Western Sizzlin Corporation (“Western”), Maxim Inc. (“Maxim”) and First Guard Insurance Company and its agency, 1st Guard Corporation (collectively “First Guard”).  Intercompany accounts and transactions have been eliminated in consolidation.

In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment. ASU 2017-04 provides for the elimination of Step 2 from the goodwill impairment test. If impairment charges are recognized, the amount recorded will be the amount by which the carrying amount exceeds the reporting unit’s fair value with certain limitations. The ASU is effective for public companies for annual periods, and interim periods within those annual periods, beginning after December 15, 2020. The Company has adopted ASU 2017-04 early and will apply the new guidance in the event of any potential goodwill impairment.   In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP; however ASU 2016-13 will require that credit losses be presented as an allowance rather than as a write-down. The amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements and related disclosures.   In February 2016, the FASB issued ASU 2016-02, Leases. ASU 2016-02 requires a lessee to recognize lease assets and lease liabilities on the balance sheet, along with additional qualitative and quantitative disclosures. ASU 2016-02 is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the effect this amended guidance will have on our consolidated balance sheet and results of operations. We anticipate the ASU will have a material impact on our balance sheet, but the ASU is non-cash in nature and will not affect our cash position.   In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The objective of the update is to reduce diversity in how certain transactions are classified in the statement of cash flows. The amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The adoption of ASU 2016-15 did not have a material effect on our consolidated financial statements.   In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). On January 1, 2018, we adopted FASB accounting standards codification Topic 606 (“ASC 606”). In accordance with ASC 606, we changed certain characteristics of our revenue recognition accounting policy as described below. ASC 606 was applied using the modified retrospective method, where the cumulative effect of the initial application is recognized as an adjustment to opening retained earnings at January 1, 2018. Comparative prior periods have not been adjusted.   The following table summarizes the impact of the adoption of ASC 606 on revenues, operating expenses and net earnings for the second quarter of 2018.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As Reported</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Adjustments for the Adoption of ASC 606</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amounts without Adoption of ASC 606</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Statements of Earnings</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Revenues</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 18px">Restaurant operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 46%; text-align: left; padding-left: 27px">Net sales</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">191,797</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">191,797</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 27px">Franchise royalties and fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,773</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,333</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,440</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 27px">Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,024</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,009</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Selling, general and administrative</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,950</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,441</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30,509</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Earnings (loss) before income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,429</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(93</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,336</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Income tax expense (benefit)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(890</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(23</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(867</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Net earnings (loss)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,539</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(70</td><td style="text-align: left">) </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,469</td><td style="text-align: left">)</td></tr> </table>    The following table summarizes the impact of the adoption of ASC 606 on revenues, operating expenses and net earnings for the first six months of 2018.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As Reported</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Adjustments for the Adoption of ASC 606</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amounts without Adoption of ASC 606</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Statements of Earnings</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Revenues</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 18px">Restaurant operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 46%; text-align: left; padding-left: 27px">Net sales</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">377,368</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">377,368</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 27px">Franchise royalties and fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,875</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,702</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,173</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 27px">Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,285</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">294</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,991</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Selling, general and administrative</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65,600</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,963</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60,637</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Earnings (loss) before income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,040</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,073</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Income tax expense (benefit)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,687</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,695</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Net earnings (loss)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9,353</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9,378</td><td style="text-align: left">)</td></tr> </table>    The impact of ASC 606 on the Company’s balance sheet as of June 30, 2018 was not material. The cumulative change in retained earnings as of January 1, 2018 was $90. Upon adoption of ASC 606, the Company changed its restaurant operations accounting policies for the recognition of franchise fees, recording of advertising arrangements, and recognition of gift card revenue. See additional revenue disclosures in Note 8 Restaurant Operations Revenues. The adoption of ASC 606 did not have any significant impact on our insurance or media businesses.

Earnings per share of common stock is based on the weighted average number of shares outstanding during the year. The shares of Company stock attributable to our limited partner interest in The Lion Fund, L.P. and The Lion Fund II, L.P. (collectively, the “investment partnerships”) — based on our proportional ownership during this period — are considered treasury stock on the consolidated balance sheet and thereby deemed not to be included in the calculation of weighted average common shares outstanding. However, these shares are legally outstanding.   On September 16, 2017, The Lion Fund II, L.P. entered into a Rule 10b5-1 trading plan to purchase Biglari Holdings common stock at prevailing market prices. During the first six months of 2018, 45,302 shares were purchased. All of the shares purchased under the trading plan remain legally outstanding. The trading plan was terminated on May 1, 2018.   As a result of the transaction on April 30, 2018, the Predecessor’s common stock converted into the right to receive shares of Class A common stock and Class B common stock. The treasury shares outstanding on April 30, 2018, were retired and not converted into Class A and Class B common stock. The following table presents shares authorized, issued and outstanding on June 30, 2018 and December 31, 2017.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="7" style="font-weight: bold; text-align: center">June 30, 2018</td><td> </td> <td colspan="3" style="text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Class A</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Class B</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom"> <td style="width: 46%; text-align: left; padding-bottom: 2.5pt">Common stock authorized</td><td style="width: 5%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="width: 11%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">500,000</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="width: 5%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="width: 11%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">10,000,000</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="width: 5%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"> </td><td style="width: 11%; border-bottom: Black 2.5pt double; text-align: right">2,500,000</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Common stock issued</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">206,864</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,068,640</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,142,202</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Treasury stock held by the Company</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(74,589</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2.5pt">Outstanding shares</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">206,864</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,068,640</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,067,613</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The issuance of dual class common stock on April 30, 2018 is applied on a retrospective basis for the calculation of earnings per share. Accordingly, earnings per share for the first six months of 2018 and 2017 are impacted by the issuance of the new common shares. The Company has applied the “two-class method” of computing earnings per share as prescribed in ASC 260, “Earnings Per Share.”    On an equivalent Class A common stock basis, there were 620,592 shares outstanding as of June 30, 2018 and 620,284 shares outstanding as of December 31, 2017.   For financial reporting purposes, the proportional ownership of the Company’s common stock owned by the investment partnerships is excluded in the earnings per share calculation. After giving effect for the investment partnerships’ proportional ownership of common stock, the equivalent Class A weighted average common shares during the second quarters of 2018 and 2017 were 346,988 and 368,880, respectively. The equivalent Class A weighted average common shares during the first six months of 2018 and 2017 were 349,575 and 369,608, respectively.   Each Class A common share is entitled to one vote. Class B common stock possesses economic rights equal to one-fifth (1/5th) of such rights of Class A common stock; however, Class B common stock has no voting rights.

Investments consisted of the following.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%">Cost</td><td style="width: 8%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">24,222</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">23,216</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Gross unrealized gains</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">126</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">73</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2.5pt">Fair value</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">24,348</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">23,289</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   Investments in equity securities and a related put option of $4,463 are included in other current assets as of June 30, 2018 and in other assets as of December 31, 2017. The investments are recorded at fair value.

The Company reports on the limited partnership interests in investment partnerships under the equity method of accounting. We record our proportional share of equity in the investment partnerships but exclude Company common stock held by said partnerships. The Company’s pro-rata share of its common stock held by the investment partnerships is recorded as treasury stock even though they are legally outstanding. The Company records gains/losses from investment partnerships (inclusive of the investment partnerships’ unrealized gains and losses on their securities) in the consolidated statements of earnings based on our carrying value of these partnerships. The fair value is calculated net of the general partner’s accrued incentive fees. Gains and losses on Company common stock included in the earnings of these partnerships are eliminated because they are recorded as treasury stock.    Biglari Capital Corp. (“Biglari Capital”) is the general partner of the investment partnerships and is an entity solely owned by Mr. Biglari.   The fair value and adjustment for Company common stock held by the investment partnerships to determine the carrying value of our partnership interest is presented below.     <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Company Common Stock</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Carrying Value</td></tr> <tr style="vertical-align: bottom"> <td style="width: 46%">Partnership interest at December 31, 2017</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">925,279</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">359,258</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">566,021</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Investment partnership gains (losses)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(128,725</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(123,879</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(4,846</td><td style="font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Contributions (net of distributions) to investment partnerships </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(7,700</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(7,700</td><td style="font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Increase in proportionate share of Company stock held</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">18,681</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(18,681</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 2.5pt">Partnership interest at June 30, 2018</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">788,854</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">254,060</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">534,794</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Calibri, Helvetica, Sans-Serif"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Company Common Stock</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Carrying Value</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Partnership interest at December 31, 2016</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">972,707</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">395,070</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">577,637</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Investment partnership gains (losses)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(49,376</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(61,646</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,270</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Contributions (net of distributions) to investment partnerships</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,308</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,308</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Increase in proportionate share of Company stock held</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,845</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,845</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2.5pt">Partnership interest at June 30, 2017</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">922,023</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">336,269</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">585,754</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>    The carrying value of the investment partnerships net of deferred taxes is presented below.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%">Carrying value of investment partnerships</td><td style="width: 8%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">534,794</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">566,021</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Deferred tax liability related to investment partnerships</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(93,562</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(95,309</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Carrying value of investment partnerships net of deferred taxes</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">441,232</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">470,712</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The Company’s proportionate share of Company stock held by investment partnerships at cost is $373,620 and $354,939 at June 30, 2018 and December 31, 2017, respectively, and is recorded as treasury stock.   The carrying value of the partnership interest approximates fair value adjusted by the value of held Company stock. Fair value is according to our proportional ownership interest of the fair value of investments held by the investment partnerships. The fair value measurement is classified as level 3 within the fair value hierarchy.   Gains (losses) from investment partnerships recorded in the Company’s consolidated statements of earnings are presented below.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second Quarter</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Six Months</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left">Gains (losses) on investment partnership</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">(8,341</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">37,238</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">(4,846</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">12,270</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Tax expense (benefit)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,464</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">13,543</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,044</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,782</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Contribution to net earnings (loss)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(5,877</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">23,695</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,802</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,488</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   On December 31 of each year, the general partner of the investment partnerships will earn an incentive reallocation fee for the Company’s investments equal to 25% of the net profits above a hurdle rate of 6% over the previous high-water mark. Our policy is to accrue an estimated incentive fee throughout the year. The Company did not accrue an incentive fee during the first six months of 2018 or 2017. Our investments in these partnerships are committed on a rolling 5-year basis.    Summarized financial information for The Lion Fund, L.P. and The Lion Fund II, L.P. is presented below.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td colspan="5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Equity in Investment Partnerships</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Lion Fund</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Lion Fund II</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; font-weight: bold">Total assets as of June 30, 2018</td><td style="width: 8%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">150,550</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 8%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">952,134</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Total liabilities as of June 30, 2018</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">109</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">200,861</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Revenue for the first six months of 2018</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">(49,773</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">(99,751</td><td style="font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Earnings (loss) for the first six months of 2018</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">(49,805</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">(104,290</td><td style="font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Biglari Holdings’ ownership interest as of June 30, 2018</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">65.3</td><td style="font-weight: bold; text-align: left">%</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">92.2</td><td style="font-weight: bold; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Total assets as of December 31, 2017</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">203,560</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,060,737</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Total liabilities as of December 31, 2017</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">157</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">199,974</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Revenue for the first six months of 2017</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(22,919</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(29,372</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Earnings (loss) for the first six months of 2017</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(22,949</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(37,600</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td>Biglari Holdings’ ownership interest as of June 30, 2017</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">63.9</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">92.9</td><td style="text-align: left">%</td></tr> </table>   Revenue in the above summarized financial information of the investment partnerships includes investment income and unrealized gains and losses on investments. The investments held by the investment partnerships are largely concentrated in the common stock of one investee, Cracker Barrel Old Country Store, Inc.

Property and equipment is composed of the following.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td></tr> <tr style="vertical-align: bottom"> <td style="width: 46%">Land</td><td style="width: 8%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 17%; font-weight: bold; text-align: right">154,786</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 17%; text-align: right">156,506</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Buildings</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">150,370</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">152,610</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Land and leasehold improvements</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">162,328</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">162,652</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Equipment</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">200,209</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">203,145</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Construction in progress</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,766</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,782</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">669,459</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">676,695</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Less accumulated depreciation and amortization</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(381,668</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(380,895</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Property and equipment, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">287,791</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">295,800</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Goodwill Goodwill consists of the excess of the purchase price over the fair value of the net assets acquired in connection with business acquisitions.   A reconciliation of the change in the carrying value of goodwill is as follows.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Restaurants</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom"> <td style="width: 46%; text-align: left">Goodwill at December 31, 2017</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">28,168</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">11,913</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">40,081</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Change in foreign exchange rates during the first six months 2018 </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(16</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(16</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Goodwill at June 30, 2018</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">28,152</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11,913</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">40,065</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>   We are required to assess goodwill and any indefinite-lived intangible assets for impairment annually, or more frequently if circumstances indicate impairment may have occurred. Goodwill impairment occurs when the estimated fair value of goodwill is less than its carrying value. The valuation methodology and underlying financial information included in our determination of fair value require significant management judgments. We use both market and income approaches to derive fair value. The judgments in these two approaches include, but are not limited to, comparable market multiples, long-term projections of future financial performance, and the selection of appropriate discount rates used to determine the present value of future cash flows. Changes in such estimates or the application of alternative assumptions could produce significantly different results. No impairment charges for goodwill were recorded in the first six months of 2018 or 2017. Other Intangible Assets Other intangible assets are composed of the following.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross carrying amount</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated amortization</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Gross carrying amount</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left">Franchise agreement</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">5,310</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">(4,381</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">929</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">5,310</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(4,116</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">1,194</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt">Other</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">810</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(759</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">51</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">810</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(743</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">67</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Total</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,120</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(5,140</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">980</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,120</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,859</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,261</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Intangible assets with indefinite lives:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Trade names</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">15,876</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">15,876</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,876</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,876</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Other assets with indefinite lives</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">11,603</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">11,603</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,427</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,427</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total intangible assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">33,599</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(5,140</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">28,459</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">31,423</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(4,859</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,564</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   Intangible assets subject to amortization consist of franchise agreements connected with the purchase of Western as well as rights to favorable leases related to prior acquisitions. These intangible assets are being amortized over their estimated weighted average of useful lives ranging from eight to twelve years. Amortization expense for the first six months of 2018 and 2017 was $281 and $285, respectively. The Company’s intangible assets with definite lives will fully amortize in 2020. Total annual amortization expense for 2019 is expected to be approximately $500. Intangible assets with indefinite lives consist of trade names, franchise rights as well as lease rights. During the second quarter of 2018, the Company purchased lease rights totaling $2,556.

Restaurant operations revenues were as follows.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second Quarter</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Six Months</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left">Net sales</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">191,797</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">198,501</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">377,368</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">387,552</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Franchise royalties and fees</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">7,773</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,349</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">14,875</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,905</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt">Other</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,024</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,017</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,285</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,104</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right; padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">200,594</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">204,867</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">394,528</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">400,561</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   In accordance with ASC 606-10-50, the Company disaggregates revenue from contracts with customers. The only Company segment that was affected significantly by ASC 606 was restaurants. The Company’s accounting policies and practices related to restaurant operations revenues consist of the following under ASC 606.   Net sales Net sales were composed of retail sales of food through Company-owned stores. Company-owned store revenues are recognized when control of the food items are transferred to our customers at the point of sale. Sales taxes related to these sales are collected from customers and remitted to the appropriate taxing authority and are not reflected in the Company’s consolidated statements of income as revenue.   Franchise royalties and fees Franchise royalties and fees are composed of royalties and fees from Steak n Shake and Western Sizzlin franchisees. Royalty revenues are based on a percentage of franchise sales and are recognized when the retail food items are purchased by franchise customers. Initial franchise fees received are deferred when amounts are received and recognized as revenue on a straight-line basis over the term of each respective franchise agreement, which is typically 20 years. This represents a change in methodology under the adoption of ASC 606 for we have historically recognized initial franchise fees upon the opening of a franchise restaurant.   During the quarter ended June 30, 2018 and the first six months of 2018, restaurant operations recognized $718 and $1,087, respectively, in revenue related to initial franchise fees. As of June 30, 2018 and January 1, 2018, restaurant operations had deferred revenue related to franchise fees of $10,521 and $10,581, respectively. Restaurant operations expects to recognize approximately $253 of deferred revenue during the remainder of 2018, approximately $543 in 2019 and the balance in the years 2020 through 2038.   Our advertising arrangements with franchisees are reported in franchise royalties and fees. This represents a change in methodology under the adoption of ASC 606 as we have historically reported advertising funds from the franchisees as an offset to marketing expense in our consolidated statement of earnings.   During the quarter ended June 30, 2018 and the first six months of 2018, restaurant operations recognized $2,409 and $4,846, respectively, in revenue related to franchisee advertising fees. As of June 30, 2018 and January 1, 2018, restaurant operations had deferred revenue related to franchisee advertising fees of $2,245 and $2,064, respectively. Restaurant operations expects to recognize approximately $748 of deferred revenue during the remainder of 2018 and the balance in 2019.   Gift card revenue Restaurant operations sells gift cards to customers which can be redeemed for retail food sales within our stores. Gift cards are recorded as deferred revenue when issued and are subsequently recorded as net sales upon redemption. Restaurant operations estimates breakage related to gift cards when the likelihood of redemption is remote. This estimate utilizes historical trends based on the vintage of the gift card. Breakage on gift cards is recorded as other revenue in proportion to the rate of gift card redemptions by vintage. This represents a change in the methodology under the adoption of ASC 606 used to estimate breakage as we have historically recognized breakage for the portion of the gift card balances that remained outstanding following 48 months of issuance.   For the quarter ended June 30, 2018 and the first six months of 2018, restaurant operations recognized $6,371 and $15,658, respectively, of revenue from gift card redemptions. As of June 30, 2018 and January 1, 2018, restaurant operations had deferred revenue related to unredeemed gift cards of $14,657 and $20,968, respectively. The Company expects to recognize approximately $5,784 of deferred revenue during the remainder of 2018, approximately $6,176 in 2019, and the balance in the years 2020 through 2022.

Accounts payable and accrued expenses include the following.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td></tr> <tr style="vertical-align: bottom"> <td style="width: 46%; text-align: left">Accounts payable</td><td style="width: 8%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 17%; font-weight: bold; text-align: right">35,671</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 17%; text-align: right">40,616</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Gift card liability</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">14,657</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,436</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Salaries, wages, and vacation</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">15,307</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,875</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Taxes payable</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">11,686</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,571</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Workers' compensation and other self-insurance accruals </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">8,641</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,047</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Deferred revenue</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">16,382</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,522</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt">Other</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">8,534</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,677</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Accounts payable and accrued expenses</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">110,878</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">128,744</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Notes payable and other borrowings include the following.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Current portion of notes payable and other borrowings</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td></tr> <tr style="vertical-align: bottom"> <td style="width: 46%; text-align: left">Notes payable</td><td style="width: 8%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 17%; font-weight: bold; text-align: right">2,200</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 17%; text-align: right">2,200</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Unamortized original issue discount</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(328</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(321</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Unamortized debt issuance costs</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(596</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(585</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Obligations under leases</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,977</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,279</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Western revolver</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">43</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">175</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total current portion of notes payable and other borrowings</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,296</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,748</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Long-term notes payable and other borrowings</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Notes payable</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">182,598</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">183,698</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Unamortized original issue discount</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(606</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(772</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Unamortized debt issuance costs</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(1,104</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,405</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Obligations under leases</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">71,138</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">75,473</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total long-term notes payable and other borrowings</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">252,026</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">256,994</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   Steak n Shake Credit Facility On March 19, 2014, Steak n Shake and its subsidiaries entered into a credit agreement which provided for a senior secured term loan facility in an aggregate principal amount of $220,000 and a senior secured revolving credit facility in an aggregate principal amount of up to $30,000. On October 27, 2017, Steak n Shake determined to end the use of its senior secured revolving credit facility. In 2017, Steak n Shake deposited $8,628 to satisfy required collateral for casualty insurance previously collateralized by letters of credit issued through the revolving credit facility. The deposits are recorded in other assets as restricted cash in the consolidated balance sheets.   The term loan is scheduled to mature on March 19, 2021. It amortizes at an annual rate of 1.0% in equal quarterly installments, beginning June 30, 2014, at 0.25% of the original principal amount of the term loan, subject to mandatory prepayments from excess cash flow, asset sales and other events described in the credit agreement. The balance will be due at maturity.   Steak n Shake has the right to request an incremental term loan facility from participating lenders and/or eligible assignees at any time, up to an aggregate total principal amount not to exceed $70,000 if certain customary conditions within the credit agreement are met.   The interest rate on the term loan was 5.85% as of June 30, 2018.   The credit agreement includes customary affirmative and negative covenants and events of default. Steak n Shake’s credit facility contains restrictions on its ability to pay dividends to Biglari Holdings.   The term loan is secured by first priority security interests in substantially all the assets of Steak n Shake. Biglari Holdings is not a guarantor under the credit facility. As of June 30, 2018, $184,798 was outstanding under the term loan.   Western Revolver As of June 30, 2018, Western had $43 due June 13, 2019. The revolver balance was paid in full on July 18, 2018.   Fair Value of Debt The fair value of long-term debt, excluding capitalized lease obligations, was approximately $160,000 at June 30, 2018. The fair value of our debt was estimated based on quoted market prices. The fair value was determined to be a Level 3 fair value measurement.

During the first six months of 2018 and 2017, the changes in the balances of each component of accumulated other comprehensive income, net of tax, were as follows.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six months ended June 30, 2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="text-align: center; border-bottom: Black 1pt solid">Six months ended June 30, 2017</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> Investment gain (loss)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Accumulated other comprehensive income (loss)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center"> Investment gain (loss)</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Accumulated other comprehensive income (loss)</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left">Beginning Balance  </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">(1,462</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">58</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">(1,404</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(3,447</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(137</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(3,584</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Other comprehensive income</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">(loss) before reclassifications</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">123</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">123</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Reclassification to</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">(earnings) loss</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(58</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(58</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Foreign currency translation</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(645</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(645</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,188</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,188</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Ending Balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,107</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,107</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,259</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(14</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,273</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>   During the second quarters of 2018 and 2017, the changes in the balances of each component of accumulated other comprehensive income, net of tax, were as follows.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second Quarter 2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="text-align: center; border-bottom: Black 1pt solid">Second Quarter 2017</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> Investment gain (loss)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Accumulated other comprehensive income (loss)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center"> Investment gain (loss)</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Accumulated other comprehensive income (loss)</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left">Beginning Balance  </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">(966</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">—  </td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">(966</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(3,262</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(13</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(3,275</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Other comprehensive income</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">(loss) before reclassifications</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Reclassification to</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">(earnings) loss</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Foreign currency translation</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,141</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,141</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,003</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,003</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Ending Balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,107</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,107</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,259</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(14</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,273</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>   Reclassifications made from accumulated other comprehensive income to the consolidated statement of earnings during the first six months of 2018 was $58; there were no reclassifications from accumulated other comprehensive income to earnings during the second quarters of 2018 and 2017, and first six months of 2017.

In determining the quarterly provision for income taxes, the Company uses an estimated annual effective tax rate based on expected annual income, statutory tax rates, and available tax planning opportunities in the various jurisdictions in which the Company operates. Unusual or infrequently occurring items are separately recognized during the quarter in which they occur.   Income tax benefit for the second quarter of 2018 was $890 compared to an income tax expense of $13,917 for the second quarter of 2017. Income tax benefit for the first six months of 2018 was $1,687 compared to an income tax expense of $4,141 for the first six months of 2017. The Tax Cuts and Jobs Act was signed into law on December 22, 2017. The U.S. corporate federal statutory income tax rate was reduced from 35.0% to 21.0% for tax years beginning in 2018. The variance in income taxes between 2018 and 2017 is attributable to the reduced corporate tax rate and taxes on income and losses generated by the investment partnerships.   As of June 30, 2018 and December 31, 2017, we had approximately $365 and $357, respectively, of unrecognized tax benefits, which are included in other liabilities in the consolidated balance sheets.

We are involved in various legal proceedings and have certain unresolved claims pending. We believe, based on examination of these matters and experiences to date, that the ultimate liability, if any, in excess of amounts already provided in our consolidated financial statements is not likely to have a material effect on our results of operations, financial position or cash flows.   On January 29, 2018, a shareholder of the Company filed a purported class action complaint against the Company and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. The shareholder generally alleges claims of breach of fiduciary duty by the members of our Board of Directors and unjust enrichment to Mr. Biglari as a result of the issuance of dual class common stock.   On March 26, 2018, a shareholder of the Company filed a purported class action complaint against the Company, and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. This shareholder generally alleges claims of breach of fiduciary duty by the members of our Board of Directors. This shareholder sought to enjoin the shareholder vote on April 26, 2018 to approve the issuance of dual class common stock.   On April 16, 2018, the shareholders withdrew their motions to enjoin the shareholder vote on April 26, 2018.   On May 17, 2018, the shareholders who filed the January 29, 2018 complaint and the March 26, 2018 complaint filed a new, consolidated complaint against the Company and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. The shareholders generally allege claims of breach of fiduciary duty by the members of our Board of Directors and unjust enrichment to Mr. Biglari arising out of the recent recapitalization of Biglari Holdings Inc. and the related issuance of dual class common stock. The shareholders seek, for themselves and on behalf of all other shareholders as a class (other than the individual defendants and those related to or affiliated with them), to seek a declaration that the defendants breached their duty to the shareholders and the class, and to recover unspecified damages, pre-judgment and post-judgment interest, and an award of their attorneys’ fees and other costs.   The Company believes the claims in each case are without merit and intends to defend these cases vigorously.

The fair values of substantially all of our financial instruments were measured using market or income approaches. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, the fair values presented are not necessarily indicative of the amounts that could be realized in an actual current market exchange. The use of alternative market assumptions and/or estimation methodologies may have a material effect on the estimated fair value.   The hierarchy for measuring fair value consists of Levels 1 through 3, which are described below.   <table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Level 1 – Inputs represent unadjusted quoted prices for identical assets or liabilities exchanged in active markets. </td></tr></table>   <table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Level 2 – Inputs include directly or indirectly observable inputs (other than Level 1 inputs) such as quoted prices for similar assets or liabilities exchanged in active or inactive markets; quoted prices for identical assets or liabilities exchanged in inactive markets; other inputs that may be considered in fair value determinations of the assets or liabilities, such as interest rates and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Pricing evaluations generally reflect discounted expected future cash flows, which incorporate yield curves for instruments with similar characteristics, such as credit ratings, estimated durations and yields for other instruments of the issuer or entities in the same industry sector.</td></tr></table>   <table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Level 3 – Inputs include unobservable inputs used in the measurement of assets and liabilities. Management is required to use its own assumptions regarding unobservable inputs because there is little, if any, market activity in the assets or liabilities and we may be unable to corroborate the related observable inputs. Unobservable inputs require management to make certain projections and assumptions about the information that would be used by market participants in pricing assets or liabilities.</td></tr></table>   The following methods and assumptions were used to determine the fair value of each class of the following assets recorded at fair value in the consolidated balance sheet:   Cash equivalents: Cash equivalents primarily consist of money market funds which are classified within Level 1 of the fair value hierarchy.   Equity securities: The Company’s investments in equity securities are classified within Level 1 of the fair value hierarchy.    Bonds: The Company’s investments in bonds are classified within Level 2 of the fair value hierarchy.   Non-qualified deferred compensation plan investments: The assets of the non-qualified plan are set up in a rabbi trust. They represent mutual funds and are classified within Level 1 of the fair value hierarchy.   Derivative instruments: Options related to equity securities are marked to market each reporting period and are classified within Level 2 of the fair value hierarchy.   As of June 30, 2018 and December 31, 2017, the fair values of financial assets were as follows.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="15" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold"> </td> <td colspan="15" style="font-weight: bold; text-align: right"> </td><td> </td> <td colspan="15" style="text-align: right"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Level 1</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Level 2</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Level 3</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 28%; text-align: left">Cash equivalents</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 5%; font-weight: bold; text-align: right">6,924</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 5%; font-weight: bold; text-align: right">—  </td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 5%; font-weight: bold; text-align: right">—  </td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 5%; font-weight: bold; text-align: right">6,924</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">5,785</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">5,785</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Equity securities:</td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Consumer goods</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,251</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,251</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,445</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,445</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Bonds</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">26,958</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">26,958</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,901</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,901</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Options on equity securities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,212</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,212</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,018</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,018</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Non-qualified deferred</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">compensation plan</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9px">investments</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,864</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,864</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,459</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,459</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total assets at fair value</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">12,039</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">29,170</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">41,209</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">11,689</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">27,919</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">39,608</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   There were no changes in our valuation techniques used to measure fair values on a recurring basis.

Services Agreement On September 15, 2017, the Company entered into a services agreement with Biglari Enterprises LLC and Biglari Capital (collectively, the “Biglari Entities”). The Biglari Entities are owned by Mr. Biglari. The services agreement replaces the shared services agreement between the Company and Biglari Capital dated July 1, 2013. The services agreement was executed in connection with a review of the relationships and transactions between the Company and Biglari Capital. After careful consideration, including an assessment by a public accounting firm of administrative-related costs incurred by the Company in connection with its investments, the Company’s Governance, Compensation and Nominating Committee, comprised solely of independent board members, approved the services agreement. Under the terms of the services agreement, the Company will no longer provide business and administrative related services to Biglari Capital. Instead, the Biglari Entities will assume the responsibility to provide the services and the Company will pay a fixed fee to the Biglari Entities.   The services agreement has a five-year term, effective on October 1, 2017. The fixed fee is $700 per month for the first year with adjustments in years two through five. The services agreement does not alter the hurdle rate connected with the incentive reallocation paid to Biglari Capital by the Company.   Investments in The Lion Fund, L.P. and The Lion Fund II, L.P. As of June 30, 2018, the Company’s investments in The Lion Fund, L.P. and The Lion Fund II, L.P. had a fair value of $788,854.   Contributions to and distributions from The Lion Fund II, L.P. were as follows.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="3"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second Quarter</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Six Months</td></tr> <tr style="vertical-align: bottom"> <td colspan="3"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: right"> </td><td> </td> <td colspan="3" style="text-align: right"> </td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: right"> </td><td> </td> <td colspan="3" style="text-align: right"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: left">Contributions of cash</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 16%; font-weight: bold; text-align: right">—  </td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3,707</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 15%; font-weight: bold; text-align: right">—  </td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">3,707</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">Distributions of cash</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,500</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(7,700</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,015</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,500</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,707</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(7,700</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,308</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>   As the general partner of the investment partnerships, Biglari Capital on December 31 of each year will earn an incentive reallocation fee for the Company’s investments equal to 25% of the net profits above a hurdle rate of 6% over the previous high water mark. Our policy is to accrue an estimated incentive fee throughout the year. The Company did not accrue incentive fees for Biglari Capital during the first six months of 2018 and 2017.   Incentive Agreement Amendment During 2013, Biglari Holdings and Mr. Biglari entered into an amendment to the Incentive Agreement to exclude earnings by the investment partnerships from the calculation of Mr. Biglari’s incentive bonus. Under the Amended and Restated Incentive Agreement Mr. Biglari would receive a payment of approximately $13,000 if an event occurred entitling him to a severance payment.   License Agreement On January 11, 2013, the Company entered into a Trademark License Agreement (the “License Agreement”) with Mr. Biglari. The License Agreement was unanimously approved by the Governance, Nominating and Compensation Committee (comprised of independent members of the Company’s Board of Directors). In addition, the license under the License Agreement is provided on a royalty-free basis in the absence of specified extraordinary events described below. Accordingly, the Company and its subsidiaries have paid no royalties to Mr. Biglari under the License Agreement since its inception.   Under the License Agreement, Mr. Biglari granted to the Company an exclusive license to use the Biglari and Biglari Holdings names (the “Licensed Marks”) in association with various products and services (collectively the “Products and Services”). Upon (a) the expiration of twenty years from the date of the License Agreement (subject to extension as provided in the License Agreement), (b) Mr. Biglari’s death, (c) the termination of Mr. Biglari’s employment by the Company for Cause (as defined in the License Agreement), or (d) Mr. Biglari’s resignation from his employment with the Company absent an Involuntary Termination Event (as defined in the License Agreement), the Licensed Marks for the Products and Services will transfer from Mr. Biglari to the Company, without any compensation, if the Company is continuing to use the Licensed Marks in the ordinary course of its business. Otherwise, the rights will revert to Mr. Biglari.   If (i) a Change of Control (as defined in the License Agreement) of the Company; (ii) the termination of Mr. Biglari’s employment by the Company without Cause; or (iii) Mr. Biglari’s resignation from his employment with the Company due to an Involuntary Termination Event (each, a “Triggering Event”) were to occur, Mr. Biglari would be entitled to receive a 2.5% royalty on “Revenues” with respect to the “Royalty Period.” The royalty payment to Mr. Biglari would not apply to all revenues received by Biglari Holdings and its subsidiaries nor would it apply retrospectively (i.e., to revenues received with respect to the period prior to the Triggering Event). The royalty would apply to revenues recorded by the Company on an accrual basis under GAAP, solely with respect to the defined period of time after the Triggering Event equal to the Royalty Period, from a covered Product, Service or business that (1) has used the Biglari Holdings or Biglari name at any time during the term of the License Agreement, whether prior to or after a Triggering Event, or (2) the Company has specifically identified, prior to a Triggering Event, will use the name Biglari or Biglari Holdings.   “Revenues” means all revenues received, on an accrual basis under GAAP, by the Company, its subsidiaries and affiliates from the following: (1) all Products and Services covered by the License Agreement bearing or associated with the names Biglari and Biglari Holdings at any time (whether prior to or after a Triggering Event). This category would include, without limitation, the use of Biglari or Biglari Holdings in the public name of a business providing any covered Product or Service; and (2) all covered Products, Services and businesses that the Company has specifically identified, prior to a Triggering Event, will bear, use or be associated with the name Biglari or Biglari Holdings.   The Governance, Nominating and Compensation Committee unanimously approved the association of the Biglari name and mark with all of Steak n Shake’s restaurants (including Company operated and franchised locations), products and brands. On May 14, 2013, the Company, Steak n Shake, LLC and Steak n Shake Enterprises, Inc. entered into a Trademark Sublicense Agreement in connection therewith. Accordingly, revenues received by the Company, its subsidiaries and affiliates from Steak n Shake’s restaurants, products and brands would come within the definition of Revenues for purposes of the License Agreement.   The “Royalty Period” is a defined period of time, after the Triggering Event, calculated as follows: (i) if, following three months after a Triggering Event, the Company or any of its subsidiaries or affiliates continues to use the Biglari or Biglari Holdings name in connection with any covered product or service, or continues to use Biglari as part of its corporate or public company name, then the Royalty Period will equal (a) the period of time during which the Company or any of its subsidiaries or affiliates continues any such use, plus (b) a period of time after the Company, its subsidiaries and affiliates have ceased all uses of the names Biglari and Biglari Holdings equal to the length of the term of the License Agreement prior to the Triggering Event, plus three years. As an example, if a Triggering Event occurs five years after the date of the License Agreement, and the Company ceases all uses of the Biglari and Biglari Holdings names two years after the Triggering Event, the Royalty Period will equal a total of ten years (the sum of two years after the Triggering Event during which the Biglari and Biglari Holdings names are being used, plus a period of time equal to the five years prior to the Triggering Event, plus three years); or (ii) if the Company, its subsidiaries and affiliates cease all uses of the Biglari and Biglari Holdings names within three months after a Triggering Event, then the Royalty Period will equal the length of the term of the License Agreement prior to the Triggering Event, plus three years. As an example, if a Triggering Event occurs five years after the date of the License Agreement, and the Company ceases all uses of the Biglari and Biglari Holdings names two months after the Triggering Event, the Royalty Period will equal a total of eight years (the sum of the period of time equal to the five years prior to the Triggering Event, plus three years). Notwithstanding the above methods of determining the Royalty Period, the minimum Royalty Period is five years after a Triggering Event.   The actual amount of royalties paid to Mr. Biglari following the occurrence of a Triggering Event (as defined in the License Agreement) would depend on the Company’s revenues during the applicable period following the Triggering Event, and, therefore, depends on material assumptions and estimates regarding future operations and revenues. Assuming for purposes of illustration a Triggering Event occurred on December 31, 2017, using revenue from 2017 as an estimate of future revenue and calculated according to terms of the License Agreement, Mr. Biglari would receive approximately $20,000 in royalty payments annually. At a minimum, the royalties would be earned on revenue generated from January 1, 2018 through December 21, 2024. Royalty payments beyond the minimum period would be subject to the licensee's continued use of the licensed marks.

Our reportable business segments are organized in a manner that reflects how management views those business activities. Our restaurant operations includes Steak n Shake and Western. The Company also reports segment information for First Guard and Maxim. Other business activities not specifically identified with reportable business segments are presented in “other” within total operating businesses. We report our earnings from investment partnerships separate from our corporate expenses. We assess and measure segment operating results based on segment earnings as disclosed below. Segment earnings from operations are neither necessarily indicative of cash available to fund cash requirements, nor synonymous with cash flow from operations. The tabular information that follows shows data of our reportable segments reconciled to amounts reflected in the consolidated financial statements.   Revenue for the second quarters and first six months of 2018 and 2017 were as follows.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Revenue</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second Quarter</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Six Months</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Operating Businesses:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Restaurant Operations:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left; padding-left: 18px">Steak n Shake</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">196,578</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">201,335</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">386,871</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">394,025</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 18px">Western</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,016</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,532</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">7,657</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,536</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Total Restaurant Operations</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">200,594</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">204,867</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">394,528</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">400,561</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">First Guard</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,745</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,183</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">13,292</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,263</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9px">Maxim</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,400</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,904</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,144</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,523</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">208,739</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">212,954</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">410,964</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">416,347</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>    Earnings (losses) before income taxes for the second quarters and first six months of 2018 and 2017 were as follows.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Earnings (Losses) Before Income Taxes</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second Quarter</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Six Months</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Operating Businesses:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Restaurant Operations:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left; padding-left: 18px">Steak n Shake</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">2,659</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">969</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">1,667</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,321</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 18px">Western</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">674</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">585</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,048</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,035</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Total Restaurant Operations</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">3,333</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,554</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,715</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,356</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">First Guard</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,301</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,332</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,811</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,301</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Maxim</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">16</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(208</td><td style="text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(201</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(532</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9px">Other</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">164</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">193</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">303</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">341</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Total Operating Businesses</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,814</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,871</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,628</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,466</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Corporate and Investments:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Corporate</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(3,004</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,285</td><td style="text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(6,170</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,685</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9px">Investment partnership gains (losses)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(8,341</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">37,238</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(4,846</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,270</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Total Corporate and Investments</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(11,345</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">34,953</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(11,016</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,585</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Interest expense on notes payable and other borrowings</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,898</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,781</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(5,652</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,605</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(8,429</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">35,043</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(11,040</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">9,446</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries including Steak n Shake Inc. (“Steak n Shake”), Western Sizzlin Corporation (“Western”), Maxim Inc. (“Maxim”) and First Guard Insurance Company and its agency, 1st Guard Corporation (collectively “First Guard”).  Intercompany accounts and transactions have been eliminated in consolidation.

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="7" style="font-weight: bold; text-align: center">June 30, 2018</td><td> </td> <td colspan="3" style="text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Class A</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Class B</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom"> <td style="width: 46%; text-align: left; padding-bottom: 2.5pt">Common stock authorized</td><td style="width: 5%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="width: 11%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">500,000</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="width: 5%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="width: 11%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">10,000,000</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="width: 5%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"> </td><td style="width: 11%; border-bottom: Black 2.5pt double; text-align: right">2,500,000</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Common stock issued</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">206,864</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,068,640</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,142,202</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Treasury stock held by the Company</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(74,589</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2.5pt">Outstanding shares</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">206,864</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,068,640</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,067,613</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six months ended June 30, 2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="text-align: center; border-bottom: Black 1pt solid">Six months ended June 30, 2017</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> Investment gain (loss)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Accumulated other comprehensive income (loss)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center"> Investment gain (loss)</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Accumulated other comprehensive income (loss)</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left">Beginning Balance  </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">(1,462</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">58</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">(1,404</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(3,447</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(137</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(3,584</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Other comprehensive income</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">(loss) before reclassifications</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">123</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">123</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Reclassification to</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">(earnings) loss</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(58</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(58</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Foreign currency translation</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(645</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(645</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,188</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,188</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Ending Balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,107</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,107</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,259</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(14</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,273</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second Quarter 2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="text-align: center; border-bottom: Black 1pt solid">Second Quarter 2017</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> Investment gain (loss)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Accumulated other comprehensive income (loss)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center"> Investment gain (loss)</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Accumulated other comprehensive income (loss)</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left">Beginning Balance  </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">(966</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">—  </td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">(966</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(3,262</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(13</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(3,275</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Other comprehensive income</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">(loss) before reclassifications</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Reclassification to</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">(earnings) loss</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Foreign currency translation</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,141</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,141</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,003</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,003</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Ending Balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,107</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,107</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,259</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(14</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,273</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="15" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold"> </td> <td colspan="15" style="font-weight: bold; text-align: right"> </td><td> </td> <td colspan="15" style="text-align: right"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Level 1</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Level 2</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Level 3</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 28%; text-align: left">Cash equivalents</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 5%; font-weight: bold; text-align: right">6,924</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 5%; font-weight: bold; text-align: right">—  </td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 5%; font-weight: bold; text-align: right">—  </td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 5%; font-weight: bold; text-align: right">6,924</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">5,785</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">5,785</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Equity securities:</td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Consumer goods</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,251</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,251</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,445</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,445</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Bonds</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">26,958</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">26,958</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,901</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,901</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Options on equity securities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,212</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,212</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,018</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,018</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Non-qualified deferred</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">compensation plan</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9px">investments</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,864</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,864</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,459</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,459</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total assets at fair value</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">12,039</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">29,170</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">41,209</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">11,689</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">27,919</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">39,608</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Earnings (Losses) Before Income Taxes</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second Quarter</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Six Months</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Operating Businesses:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Restaurant Operations:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left; padding-left: 18px">Steak n Shake</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">2,659</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">969</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">1,667</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,321</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 18px">Western</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">674</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">585</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,048</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,035</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Total Restaurant Operations</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">3,333</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,554</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,715</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,356</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">First Guard</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,301</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,332</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,811</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,301</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Maxim</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">16</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(208</td><td style="text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(201</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(532</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9px">Other</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">164</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">193</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">303</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">341</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Total Operating Businesses</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,814</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,871</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,628</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,466</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Corporate and Investments:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Corporate</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(3,004</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,285</td><td style="text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(6,170</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,685</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9px">Investment partnership gains (losses)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(8,341</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">37,238</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(4,846</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,270</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Total Corporate and Investments</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(11,345</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">34,953</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(11,016</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,585</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Interest expense on notes payable and other borrowings</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,898</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,781</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(5,652</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,605</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(8,429</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">35,043</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(11,040</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">9,446</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

-11040000

9446000

1667000

4321000

1048000

1035000

2715000

5356000

-5652000

-5605000

2811000

2301000

-201000

-532000

5628000

7466000

-4846000

12270000

341000

303000

-11016000

7585000

-6170000

-4685000

-11040000

33000

-11073000

-8429000

35043000

-8429000

-93000

-8336000

2659000

969000

674000

585000

3333000

1554000

2301000

1332000

16000

-208000

164000

193000

5814000

2871000

-3004000

-2285000

-8341000

37238000

-11345000

34953000

-2898000

-2781000

2285000 2104000 2285000 294000 1991000 1024000 1017000 1024000 15000 1009000 14875000 10905000 14875000 4702000 10173000 7773000 5349000 7773000 2333000 5440000

925279000

788854000

972707000

922023000

0 18681000 -18681000 0 2845000 -2845000 -7700000 0 -7700000 -1308000 0 -1308000

-4846000

12270000

-128725000

-123879000

-4846000

-49376000

-61646000

12270000

-8341000

37238000

-2802000 8488000 -5877000 23695000

-2044000

3782000

-2464000

13543000

0.653

0.922

0.639

0.929

-49805000

-104290000

-22949000

-37600000

-49773000

-99751000

-22919000

-29372000

40081000

40065000

28168000

11913000

28152000

11913000

-16000 -16000 0

281000

285000

500000 377368000 387552000 191797000 198501000

.0585

184798000

160000

123000

-1000

-58000 0 0 -58000 0 0 0 0 0 0 0 0

-645000

1188000

-645000

1188000

-1141000

1003000

-1141000

1003000

3707000

7700000

5015000

2500000

-7700000 -1308000 -2500000 3707000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Company Common Stock</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Carrying Value</td></tr> <tr style="vertical-align: bottom"> <td style="width: 46%">Partnership interest at December 31, 2017</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">925,279</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">359,258</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">566,021</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Investment partnership gains (losses)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(128,725</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(123,879</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(4,846</td><td style="font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Contributions (net of distributions) to investment partnerships </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(7,700</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(7,700</td><td style="font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Increase in proportionate share of Company stock held</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">18,681</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(18,681</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 2.5pt">Partnership interest at June 30, 2018</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">788,854</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">254,060</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">534,794</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Calibri, Helvetica, Sans-Serif"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Company Common Stock</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Carrying Value</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Partnership interest at December 31, 2016</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">972,707</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">395,070</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">577,637</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Investment partnership gains (losses)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(49,376</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(61,646</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,270</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Contributions (net of distributions) to investment partnerships</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,308</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,308</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Increase in proportionate share of Company stock held</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,845</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,845</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2.5pt">Partnership interest at June 30, 2017</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">922,023</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">336,269</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">585,754</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Current portion of notes payable and other borrowings</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td></tr> <tr style="vertical-align: bottom"> <td style="width: 46%; text-align: left">Notes payable</td><td style="width: 8%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 17%; font-weight: bold; text-align: right">2,200</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 17%; text-align: right">2,200</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Unamortized original issue discount</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(328</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(321</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Unamortized debt issuance costs</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(596</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(585</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Obligations under leases</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,977</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,279</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Western revolver</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">43</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">175</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total current portion of notes payable and other borrowings</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,296</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,748</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Long-term notes payable and other borrowings</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Notes payable</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">182,598</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">183,698</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Unamortized original issue discount</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(606</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(772</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Unamortized debt issuance costs</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(1,104</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,405</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Obligations under leases</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">71,138</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">75,473</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total long-term notes payable and other borrowings</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">252,026</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">256,994</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

2556000

253000

748000

5784000

543000

6176000

The following table summarizes the impact of the adoption of ASC 606 on revenues, operating expenses and net earnings for the second quarter of 2018.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As Reported</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Adjustments for the Adoption of ASC 606</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amounts without Adoption of ASC 606</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Statements of Earnings</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Revenues</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 18px">Restaurant operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 46%; text-align: left; padding-left: 27px">Net sales</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">191,797</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">191,797</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 27px">Franchise royalties and fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,773</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,333</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,440</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 27px">Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,024</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,009</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Selling, general and administrative</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,950</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,441</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30,509</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Earnings (loss) before income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,429</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(93</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,336</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Income tax expense (benefit)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(890</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(23</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(867</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Net earnings (loss)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,539</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(70</td><td style="text-align: left">) </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,469</td><td style="text-align: left">)</td></tr> </table>    The following table summarizes the impact of the adoption of ASC 606 on revenues, operating expenses and net earnings for the first six months of 2018.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As Reported</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Adjustments for the Adoption of ASC 606</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amounts without Adoption of ASC 606</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Statements of Earnings</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Revenues</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 18px">Restaurant operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 46%; text-align: left; padding-left: 27px">Net sales</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">377,368</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">377,368</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 27px">Franchise royalties and fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,875</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,702</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,173</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 27px">Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,285</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">294</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,991</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Selling, general and administrative</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65,600</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,963</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60,637</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Earnings (loss) before income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,040</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,073</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Income tax expense (benefit)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,687</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,695</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Net earnings (loss)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9,353</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9,378</td><td style="text-align: left">)</td></tr> </table>

377368000 0 377368000 191797000 0 191797000

The accompanying unaudited consolidated financial statements of Biglari Holdings Inc. (“Biglari Holdings” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In our opinion, all adjustments considered necessary to present fairly the results of the interim periods have been included and consist only of normal recurring adjustments. The results for the interim periods shown are not necessarily indicative of results for the entire fiscal year. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2017.   Biglari Holdings is a holding company owning subsidiaries engaged in a number of diverse business activities, including media, property and casualty insurance, and restaurants. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company. The Company’s long-term objective is to maximize per-share intrinsic value. All major operating, investment, and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.   On March 5, 2018, the Company entered into an agreement with its predecessor registrant, now known as OBH Inc. (the “Predecessor”), and BH Merger Company, a wholly owned subsidiary of the Company. Pursuant to the agreement, on April 30, 2018, BH Merger Company merged with and into the Predecessor, with the Predecessor continuing as the surviving corporation and a wholly owned subsidiary of the Company.   As a result of the April 30, 2018 transaction, the Company has two classes of common stock designated Class A common stock and Class B common stock. A share of Class B common stock has economic rights equivalent to 1/5th of a share of Class A common stock; however, Class B common stock has no voting rights. Upon completion of the transaction, every ten (10) shares of common stock outstanding on April 30, 2018 converted into (i) ten (10) shares of Class B common stock and (ii) one (1) share of Class A common stock.   Since May 1, 2018, the shares of the Company’s Class A common stock have traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “BH.A,” whereas the Class B common stock trades on the NYSE under the ticker symbol “BH,” which is the former ticker symbol for the Predecessor’s common stock.   For accounting purposes, the April 30, 2018 transaction will be treated as a merger of entities under common control. Accordingly, the consolidated financial position and results of operations of the Predecessor will be included in the consolidated financial statements on the same basis as currently presented, except for earnings per share which is impacted by the issuance of the new common shares. The Company has applied the “two-class method” of computing earnings per share as prescribed in ASC 260, “Earnings Per Share.”    Pursuant to the requirements of the Incentive Agreement with the Chief Executive Officer, Mr. Biglari purchased 4,084 shares of Class A common stock from June 5, 2018 through June 19, 2018. As of June 30, 2018, Mr. Biglari’s beneficial ownership was approximately 56.3% of the Company’s outstanding Class A common stock and 54.3% of the Company’s outstanding Class B common stock.

Net earnings (loss) per equivalent Class B share outstanding are one-fifth of the equivalent Class A share or $(4.35) and $(5.35) for the second quarter and first six months of 2018, respectively, and $11.45 and $2.87 for the second quarter and first six months of 2017, respectively. EX-101.SCH 6 bh-20180630.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - CONSOLIDATED BALANCE SHEETS (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - Note 1. Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - Note 2. New Accounting Standards link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Note 3. Earnings Per Share link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Note 4. Investments link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Note 5. Investment Partnerships link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Note 6. Property and Equipment link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Note 7. Goodwill and Other Intangible Assets link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Note 8. Restaurant Operations Revenues link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Note 9. Accounts Payable and Accrued Expenses link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Note 10. Notes Payable and Other Borrowings link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - Note 11. Accumulated Other Comprehensive Income link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Note 12. Income Taxes link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Note 13. Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Note 14. Fair Value of Financial Assets link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Note 15. Related Party Transactions link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - Note 16. Business Segment Reporting link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - Note 1. Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - Note 2. New Accounting Standards (Tables) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - Note 3. Earnings Per Share (Tables) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - Note 4. Investments (Tables) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - Note 5. Investment Partnerships (Tables) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - Note 6. Property and Equipment (Tables) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - Note 7. Goodwill and Other Intangible Assets (Tables) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - Note 8. Restaurant Operations Revenues (Tables) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - Note 9. Accounts Payable And Accrued Expenses (Tables) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - Note 10. Notes Payable and Other Borrowings (Tables) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - Note 11. Accumulated Other Comprehensive Income (Tables) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - Note 14. Fair Value of Financial Assets (Tables) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - Note 15. Related Party Transactions (Tables) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - Note 16. Business Segment Reporting (Tables) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - Note 2. New Accounting Standards (Details) link:presentationLink link:calculationLink link:definitionLink 00000038 - Disclosure - Note 3. Earnings Per Share (Details) link:presentationLink link:calculationLink link:definitionLink 00000039 - Disclosure - Note 4. Investments (Details) link:presentationLink link:calculationLink link:definitionLink 00000040 - Disclosure - Note 5. Investment Partnerships (Details) link:presentationLink link:calculationLink link:definitionLink 00000041 - Disclosure - Note 5. Investment Partnerships (Details 1) link:presentationLink link:calculationLink link:definitionLink 00000042 - Disclosure - Note 5. Investment Partnerships (Details 2) link:presentationLink link:calculationLink link:definitionLink 00000043 - Disclosure - Note 5. Investment Partnerships (Details 3) link:presentationLink link:calculationLink link:definitionLink 00000044 - Disclosure - Note 5. Investment Partnerships (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000045 - Disclosure - Note 6. Property and Equipment (Details) link:presentationLink link:calculationLink link:definitionLink 00000046 - Disclosure - Note 7. Goodwill and Other Intangible Assets (Details) link:presentationLink link:calculationLink link:definitionLink 00000047 - Disclosure - Note 7. Goodwill and Other Intangible Assets (Details 1) link:presentationLink link:calculationLink link:definitionLink 00000048 - Disclosure - Note 7. Goodwill and Other Intangible Assets (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000049 - Disclosure - Note 8. Restaurant Operations Revenues (Details) link:presentationLink link:calculationLink link:definitionLink 00000050 - Disclosure - Note 8. Restaurant Operations Revenues (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000051 - Disclosure - Note 9. Accounts Payable and Accrued Expenses (Details) link:presentationLink link:calculationLink link:definitionLink 00000052 - Disclosure - Note 10. Notes Payable and Other Borrowings (Details) link:presentationLink link:calculationLink link:definitionLink 00000053 - Disclosure - Note 10. Notes Payable and Other Borrowings (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000054 - Disclosure - Note 11. Accumulated Other Comprehensive Income (Details) link:presentationLink link:calculationLink link:definitionLink 00000055 - Disclosure - Note 12. Income Taxes (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000056 - Disclosure - Note 14. Fair Value of Financial Assets (Details) link:presentationLink link:calculationLink link:definitionLink 00000057 - Disclosure - Note 15. Related Party Transactions (Details) link:presentationLink link:calculationLink link:definitionLink 00000058 - Disclosure - Note 16. Business Segment Reporting (Details) link:presentationLink link:calculationLink link:definitionLink 00000059 - Disclosure - Note 16. Business Segment Reporting (Details 1) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 7 bh-20180630_cal.xml XBRL CALCULATION FILE EX-101.DEF 8 bh-20180630_def.xml XBRL DEFINITION FILE EX-101.LAB 9 bh-20180630_lab.xml XBRL LABEL FILE Equity Components [Axis] Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock Indefinite-lived Intangible Assets by Major Class [Axis] Franchise Agreement Asset Class [Axis] Finite-Lived Intangible Assets [Member] Other Indefinite-lived Intangible Assets [Member] Trade names [Member] Fair Value, Hierarchy [Axis] Level 1 Level 2 Level 3 Products and Services [Axis] Restaurant Income Statement Location [Axis] Steak n Shake Western Total Restaurant Operations Reconciliation Of Segments Interest expense on notes payable and other borrowings [Member] Business Segments [Axis] Steak n Shake Total Revenue Related Party [Axis] Lion Fund Lion Fund II Other Comprehensive Income Location [Axis] Foreign Currency Translation Adjustments Investment Gain (Loss) Securities Financing Transaction [Axis] Fair Value Company common Stock Carrying Value Derivative Instrument [Axis] Steak n Shake Agreement 2014 [Member] Debt Instrument [Axis] Term Loan Other First Guard Maxim Operating Business Corporate Investment Partnership Gains (Losses) [Member] Other Total Corporate And Investments [Member] Corporate Adjustments for Change in Accounting Principle [Axis] As Reported Adjustments for the Adoption of ASC 606 Amounts without Adoption of ASC 606 Class of Stock [Axis] Class A Common Stock Class B Common Stock Subsegments [Axis] Initial Franchise Fees Franchise Advertising Fees Gift Card Redemptions Statement [Table] Statement [Line Items] Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity a Well-known Seasoned Issuer Is Entity a Voluntary Filer Is Entity's Reporting Status Current Entity Filer Category Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Assets Current assets: Cash and cash equivalents Investments Receivables Inventories Other current assets Total current assets Property and equipment Goodwill and other intangible assets Investment partnerships Other assets Total assets Liabilities and shareholders' equity Liabilities Current liabilities: Accounts payable and accrued expenses Current portion of notes payable and other borrowings Total current liabilities Long-term notes payable and other borrowings Deferred taxes Other liabilities Total liabilities Shareholders' equity Common Stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock, at cost Biglari Holdings Inc. shareholders' equity Total liabilities and shareholders' equity Income Statement [Abstract] Revenues Restaurant operations Insurance premiums and other Media advertising and other Total revenues Cost and expenses Restaurant cost of sales Insurance losses and underwriting expenses Media cost of sales Selling, general and administrative Depreciation and amortization Total cost and expenses Other income (expenses) Interest expense Interest on obligations under leases Investment partnership gains (losses) Total other income (expenses) Earnings (loss) before income taxes Income tax expense (benefit) Net earnings (loss) Earnings per share Net earnings (loss) per equivalent Class A share Consolidated Statements Of Comprehensive Income Net earnings (loss) Other comprehensive income: Net change in unrealized gains and losses on investments Applicable income taxes Reclassification to earnings Applicable income taxes Foreign currency translation Other comprehensive income, net Total comprehensive loss Statement of Cash Flows [Abstract] Operating activities Net earnings (loss) Adjustments to reconcile net earnings (loss) to operating cash flows: Provision for deferred income taxes Asset impairments and other non-cash expenses Loss on disposal of assets Investment partnership (gains) losses Distributions from investment partnerships Changes in receivables and inventories Changes in other assets Changes in accounts payable and accrued expenses Net cash provided by (used in) operating activities Investing activities Capital expenditures Proceeds from property and equipment disposals Purchases of investments Redemptions of fixed maturity securities Net cash used in investing activities Financing activities Payments on revolving credit facility Principal payments on long-term debt Principal payments on direct financing lease obligations Proceeds from exercise of stock options Net cash used in financing activities Effect of exchange rate changes on cash Decrease in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at beginning of year Cash, cash equivalents and restricted cash at end of second quarter Balance Adoption of accounting standards Other comprehensive income, net Conversion of common stock Adjustment to treasury stock for holdings in investment partnerships Exercise of stock options Balance Accounting Policies [Abstract] Note 1. Summary of Significant Accounting Policies Note 2. New Accounting Standards Earnings Per Share [Abstract] Note 3. Earnings Per Share Schedule of Investments [Abstract] Note 4. Investments Note 5. Investment Partnerships Note 5. Investment Partnerships Property, Plant and Equipment [Abstract] Note 6. Property and Equipment Goodwill and Intangible Assets Disclosure [Abstract] Note 7. Goodwill and Other Intangible Assets Note 8. Restaurant Operations Revenues Note 8. Restaurant Operations Revenues Payables and Accruals [Abstract] EX-101.PRE 10 bh-20180630_pre.xml XBRL PRESENTATION FILE XML 11 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2018	Jul. 31, 2018
Entity Registrant Name	BIGLARI HOLDINGS INC.
Entity Central Index Key	0001726173
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer	No
Is Entity a Voluntary Filer	No
Is Entity's Reporting Status Current	Yes
Entity Filer Category	Accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2018
Class A Common Stock
Entity Common Stock, Shares Outstanding		206,864
Class B Common Stock
Entity Common Stock, Shares Outstanding		2,068,640

XML 12 R2.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 48,411	$ 58,577
Investments	24,348	23,289
Receivables	11,253	16,284
Inventories	6,999	7,268
Other current assets	9,166	7,221
Total current assets	100,177	112,639
Property and equipment	287,791	295,800
Goodwill and other intangible assets	68,524	66,645
Investment partnerships	534,794	566,021
Other assets	17,201	22,479
Total assets	1,008,487	1,063,584
Current liabilities:
Accounts payable and accrued expenses	110,878	128,744
Current portion of notes payable and other borrowings	6,296	6,748
Total current liabilities	117,174	135,492
Long-term notes payable and other borrowings	252,026	256,994
Deferred taxes	86,048	88,401
Other liabilities	10,509	11,369
Total liabilities	465,757	492,256
Shareholders' equity
Common Stock	1,138	1,071
Additional paid-in capital	381,904	382,014
Retained earnings	535,415	565,504
Accumulated other comprehensive loss	(2,107)	(1,404)
Treasury stock, at cost	(373,620)	(375,857)
Biglari Holdings Inc. shareholders' equity	542,730	571,328
Total liabilities and shareholders' equity	$ 1,008,487	$ 1,063,584

XML 13 R3.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2018

Jun. 30, 2017

Jun. 30, 2018

Jun. 30, 2017

Revenues

Restaurant operations

$ 200,594

$ 204,867

$ 394,528

$ 400,561

Insurance premiums and other

6,745

6,183

13,292

12,263

Media advertising and other

1,400

1,904

3,144

3,523

Total revenues

208,739

212,954

410,964

416,347

Cost and expenses

Restaurant cost of sales

160,559

166,478

318,909

323,776

Insurance losses and underwriting expenses

4,473

4,743

10,401

9,763

Media cost of sales

980

1,741

2,497

3,234

Selling, general and administrative

32,950

31,655

65,600

61,141

Depreciation and amortization

4,816

5,433

9,762

11,054

Total cost and expenses

203,778

210,050

407,169

408,968

Other income (expenses)

Interest expense

(2,898)

(2,781)

(5,652)

(5,605)

Interest on obligations under leases

(2,151)

(2,318)

(4,337)

(4,598)

Investment partnership gains (losses)

(8,341)

37,238

(4,846)

12,270

Total other income (expenses)

(13,390)

32,139

(14,835)

2,067

Earnings (loss) before income taxes

(8,429)

35,043

(11,040)

9,446

Income tax expense (benefit)

(890)

13,917

(1,687)

4,141

Net earnings (loss)

$ (7,539)

$ 21,126

$ (9,353)

$ 5,305

Earnings per share

Net earnings (loss) per equivalent Class A share

^[1]

$ (21.73)

$ 57.27

$ (26.76)

$ 14.35

[1]	Net earnings (loss) per equivalent Class B share outstanding are one-fifth of the equivalent Class A share or $(4.35) and $(5.35) for the second quarter and first six months of 2018, respectively, and $11.45 and $2.87 for the second quarter and first six months of 2017, respectively.

XML 14 R4.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Consolidated Statements Of Comprehensive Income
Net earnings (loss)	$ (7,539)	$ 21,126	$ (9,353)	$ 5,305
Other comprehensive income:
Net change in unrealized gains and losses on investments	0	(1)	0	190
Applicable income taxes	0	0	0	(67)
Reclassification to earnings	0	0	(73)	0
Applicable income taxes	0	0	15	0
Foreign currency translation	(1,141)	1,003	(645)	1,188
Other comprehensive income, net	(1,141)	1,002	(703)	1,311
Total comprehensive loss	$ (8,680)	$ 22,128	$ (10,056)	$ 6,616

XML 15 R5.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating activities
Net earnings (loss)	$ (9,353)	$ 5,305
Adjustments to reconcile net earnings (loss) to operating cash flows:
Depreciation and amortization	9,762	11,054
Provision for deferred income taxes	(2,858)	2,908
Asset impairments and other non-cash expenses	714	1,465
Loss on disposal of assets	103	193
Investment partnership (gains) losses	4,846	(12,270)
Distributions from investment partnerships	7,700	5,015
Changes in receivables and inventories	4,817	4,256
Changes in other assets	1,212	235
Changes in accounts payable and accrued expenses	(17,408)	(1,785)
Net cash provided by (used in) operating activities	(465)	16,376
Investing activities
Capital expenditures	(7,218)	(4,779)
Proceeds from property and equipment disposals	2,476	520
Purchases of investments	(24,972)	(23,140)
Redemptions of fixed maturity securities	24,000	18,653
Net cash used in investing activities	(5,714)	(8,746)
Financing activities
Payments on revolving credit facility	(132)	(73)
Principal payments on long-term debt	(1,100)	(16,100)
Principal payments on direct financing lease obligations	(2,749)	(2,726)
Proceeds from exercise of stock options	49	30
Net cash used in financing activities	(3,932)	(18,869)
Effect of exchange rate changes on cash	(55)	100
Decrease in cash, cash equivalents and restricted cash	(10,166)	(11,139)
Cash, cash equivalents and restricted cash at beginning of year	67,230	75,808
Cash, cash equivalents and restricted cash at end of second quarter	$ 57,064	$ 64,669

XML 16 R6.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (Unaudited) - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Total
Balance at Dec. 31, 2016	$ 1,071	$ 381,906	$ 515,433	$ (3,584)	$ (362,886)	$ 531,940
Net earnings (loss)			5,305			5,305
Other comprehensive income, net				1,311		1,311
Adjustment to treasury stock for holdings in investment partnerships		116			(2,961)	(2,845)
Exercise of stock options		(8)			38	30
Balance at Jun. 30, 2017	1,071	382,014	520,738	(2,273)	(365,809)	535,741
Balance at Dec. 31, 2017	1,071	382,014	565,504	(1,404)	(375,857)	571,328
Net earnings (loss)			(9,353)			(9,353)
Adoption of accounting standards			90			90
Other comprehensive income, net				(703)		(703)
Conversion of common stock	67	(67)	(20,826)		20,826	0
Adjustment to treasury stock for holdings in investment partnerships					(18,681)	(18,681)
Exercise of stock options		(43)			92	49
Balance at Jun. 30, 2018	$ 1,138	$ 381,904	$ 535,415	$ (2,107)	$ (373,620)	$ 542,730

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 17 R7.htm IDEA: XBRL DOCUMENT

Note 1. Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Note 1. Summary of Significant Accounting Policies

Description of Business

Principles of Consolidation

XML 18 R8.htm IDEA: XBRL DOCUMENT

Note 2. New Accounting Standards

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Note 2. New Accounting Standards

The following table summarizes the impact of the adoption of ASC 606 on revenues, operating expenses and net earnings for the second quarter of 2018.

	As Reported			Adjustments for the Adoption of ASC 606			Amounts without Adoption of ASC 606
Statements of Earnings
Revenues
Restaurant operations
Net sales	$	191,797		$	—		$	191,797
Franchise royalties and fees		7,773			2,333			5,440
Other		1,024			15			1,009
Selling, general and administrative		32,950			2,441			30,509
Earnings (loss) before income taxes		(8,429	)		(93	)		(8,336	)
Income tax expense (benefit)		(890	)		(23	)		(867	)
Net earnings (loss)		(7,539	)		(70	)		(7,469	)

The following table summarizes the impact of the adoption of ASC 606 on revenues, operating expenses and net earnings for the first six months of 2018.

	As Reported			Adjustments for the Adoption of ASC 606		Amounts without Adoption of ASC 606
Statements of Earnings
Revenues
Restaurant operations
Net sales	$	377,368		$	—	$	377,368
Franchise royalties and fees		14,875			4,702		10,173
Other		2,285			294		1,991
Selling, general and administrative		65,600			4,963		60,637
Earnings (loss) before income taxes		(11,040	)		33		(11,073	)
Income tax expense (benefit)		(1,687	)		8		(1,695	)
Net earnings (loss)		(9,353	)		25		(9,378	)

XML 19 R9.htm IDEA: XBRL DOCUMENT

Note 3. Earnings Per Share

6 Months Ended

Jun. 30, 2018

Earnings per share

Note 3. Earnings Per Share

	June 30, 2018				December 31,
	Class A		Class B		2017
Common stock authorized		500,000		10,000,000		2,500,000

Common stock issued		206,864		2,068,640		2,142,202
Treasury stock held by the Company		—		—		(74,589	)
Outstanding shares		206,864		2,068,640		2,067,613

On an equivalent Class A common stock basis, there were 620,592 shares outstanding as of June 30, 2018 and 620,284 shares outstanding as of December 31, 2017.

XML 20 R10.htm IDEA: XBRL DOCUMENT

Note 4. Investments

6 Months Ended

Jun. 30, 2018

Schedule of Investments [Abstract]

Note 4. Investments

Investments consisted of the following.

	June 30, 2018		December 31, 2017
Cost	$	24,222	$	23,216
Gross unrealized gains		126		73
Fair value	$	24,348	$	23,289

XML 21 R11.htm IDEA: XBRL DOCUMENT

Note 5. Investment Partnerships

6 Months Ended

Jun. 30, 2018

Note 5. Investment Partnerships Details Narrative

Note 5. Investment Partnerships

Biglari Capital Corp. (“Biglari Capital”) is the general partner of the investment partnerships and is an entity solely owned by Mr. Biglari.

The fair value and adjustment for Company common stock held by the investment partnerships to determine the carrying value of our partnership interest is presented below.

	Fair Value			Company Common Stock			Carrying Value
Partnership interest at December 31, 2017	$	925,279		$	359,258		$	566,021
Investment partnership gains (losses)		(128,725	)		(123,879	)		(4,846	)
Contributions (net of distributions) to investment partnerships		(7,700	)					(7,700	)
Increase in proportionate share of Company stock held					18,681			(18,681	)
Partnership interest at June 30, 2018	$	788,854		$	254,060		$	534,794

		Fair Value			Company Common Stock			Carrying Value
Partnership interest at December 31, 2016	$	972,707		$	395,070		$	577,637
Investment partnership gains (losses)		(49,376	)		(61,646	)		12,270
Contributions (net of distributions) to investment partnerships		(1,308	)					(1,308	)
Increase in proportionate share of Company stock held					2,845			(2,845	)
Partnership interest at June 30, 2017	$	922,023		$	336,269		$	585,754

The carrying value of the investment partnerships net of deferred taxes is presented below.

	June 30, 2018			December 31, 2017
Carrying value of investment partnerships	$	534,794		$	566,021
Deferred tax liability related to investment partnerships		(93,562	)		(95,309	)
Carrying value of investment partnerships net of deferred taxes	$	441,232		$	470,712

Gains (losses) from investment partnerships recorded in the Company’s consolidated statements of earnings are presented below.

	Second Quarter					First Six Months
	2018			2017		2018			2017
Gains (losses) on investment partnership	$	(8,341	)	$	37,238	$	(4,846	)	$	12,270
Tax expense (benefit)		(2,464	)		13,543		(2,044	)		3,782
Contribution to net earnings (loss)	$	(5,877	)	$	23,695	$	(2,802	)	$	8,488

Summarized financial information for The Lion Fund, L.P. and The Lion Fund II, L.P. is presented below.

		Equity in Investment Partnerships
		Lion Fund			Lion Fund II
Total assets as of June 30, 2018	$	150,550		$	952,134
Total liabilities as of June 30, 2018	$	109		$	200,861
Revenue for the first six months of 2018	$	(49,773	)	$	(99,751	)
Earnings (loss) for the first six months of 2018	$	(49,805	)	$	(104,290	)
Biglari Holdings’ ownership interest as of June 30, 2018		65.3	%		92.2	%

Total assets as of December 31, 2017	$	203,560		$	1,060,737
Total liabilities as of December 31, 2017	$	157		$	199,974
Revenue for the first six months of 2017	$	(22,919	)	$	(29,372	)
Earnings (loss) for the first six months of 2017	$	(22,949	)	$	(37,600	)
Biglari Holdings’ ownership interest as of June 30, 2017		63.9	%		92.9	%

XML 22 R12.htm IDEA: XBRL DOCUMENT

Note 6. Property and Equipment

6 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

Note 6. Property and Equipment

Property and equipment is composed of the following.

	June 30, 2018			December 31, 2017
Land	$	154,786		$	156,506
Buildings		150,370			152,610
Land and leasehold improvements		162,328			162,652
Equipment		200,209			203,145
Construction in progress		1,766			1,782
		669,459			676,695
Less accumulated depreciation and amortization		(381,668	)		(380,895	)
Property and equipment, net	$	287,791		$	295,800

XML 23 R13.htm IDEA: XBRL DOCUMENT

Note 7. Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Note 7. Goodwill and Other Intangible Assets

Goodwill

Goodwill consists of the excess of the purchase price over the fair value of the net assets acquired in connection with business acquisitions.

A reconciliation of the change in the carrying value of goodwill is as follows.

	Restaurants			Other		Total
Goodwill at December 31, 2017	$	28,168		$	11,913	$	40,081
Change in foreign exchange rates during the first six months 2018		(16	)		—		(16	)
Goodwill at June 30, 2018	$	28,152		$	11,913	$	40,065

Other Intangible Assets

Other intangible assets are composed of the following.

	June 30, 2018							December 31, 2017
	Gross carrying amount		Accumulated amortization			Total		Gross carrying amount		Accumulated amortization			Total
Franchise agreement	$	5,310	$	(4,381	)	$	929	$	5,310	$	(4,116	)	$	1,194
Other		810		(759	)		51		810		(743	)		67
Total		6,120		(5,140	)		980		6,120		(4,859	)		1,261
Intangible assets with indefinite lives:
Trade names		15,876		—			15,876		15,876		—			15,876
Other assets with indefinite lives		11,603		—			11,603		9,427		—			9,427
Total intangible assets	$	33,599	$	(5,140	)	$	28,459	$	31,423	$	(4,859	)	$	26,564

XML 24 R14.htm IDEA: XBRL DOCUMENT

Note 8. Restaurant Operations Revenues

6 Months Ended

Jun. 30, 2018

Note 8. Restaurant Operations Revenues

Note 8. Restaurant Operations Revenues

Restaurant operations revenues were as follows.

	Second Quarter				First Six Months
	2018		2017		2018		2017
Net sales	$	191,797	$	198,501	$	377,368	$	387,552
Franchise royalties and fees		7,773		5,349		14,875		10,905
Other		1,024		1,017		2,285		2,104
	$	200,594	$	204,867	$	394,528	$	400,561

Net sales

Franchise royalties and fees

Gift card revenue

XML 25 R15.htm IDEA: XBRL DOCUMENT

Note 9. Accounts Payable and Accrued Expenses

6 Months Ended

Jun. 30, 2018

Payables and Accruals [Abstract]

Note 9. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses include the following.

	June 30, 2018		December 31, 2017
Accounts payable	$	35,671	$	40,616
Gift card liability		14,657		27,436
Salaries, wages, and vacation		15,307		22,875
Taxes payable		11,686		10,571
Workers' compensation and other self-insurance accruals		8,641		9,047
Deferred revenue		16,382		9,522
Other		8,534		8,677
Accounts payable and accrued expenses	$	110,878	$	128,744

XML 26 R16.htm IDEA: XBRL DOCUMENT

Note 10. Notes Payable and Other Borrowings

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Note 10. Notes Payable and Other Borrowings

Notes payable and other borrowings include the following.

Current portion of notes payable and other borrowings	June 30, 2018			December 31, 2017
Notes payable	$	2,200		$	2,200
Unamortized original issue discount		(328	)		(321	)
Unamortized debt issuance costs		(596	)		(585	)
Obligations under leases		4,977			5,279
Western revolver		43			175
Total current portion of notes payable and other borrowings	$	6,296		$	6,748

Long-term notes payable and other borrowings
Notes payable	$	182,598		$	183,698
Unamortized original issue discount		(606	)		(772	)
Unamortized debt issuance costs		(1,104	)		(1,405	)
Obligations under leases		71,138			75,473
Total long-term notes payable and other borrowings	$	252,026		$	256,994

Steak n Shake Credit Facility

The interest rate on the term loan was 5.85% as of June 30, 2018.

Western Revolver

As of June 30, 2018, Western had $43 due June 13, 2019. The revolver balance was paid in full on July 18, 2018.

Fair Value of Debt

XML 27 R17.htm IDEA: XBRL DOCUMENT

Note 11. Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2018

Equity [Abstract]

Note 11. Accumulated Other Comprehensive Income

During the first six months of 2018 and 2017, the changes in the balances of each component of accumulated other comprehensive income, net of tax, were as follows.

	Six months ended June 30, 2018									Six months ended June 30, 2017
		Foreign currency translation adjustments			Investment gain (loss)			Accumulated other comprehensive income (loss)			Foreign currency translation adjustments			Investment gain (loss)			Accumulated other comprehensive income (loss)
Beginning Balance	$	(1,462	)	$	58		$	(1,404	)	$	(3,447	)	$	(137	)	$	(3,584	)
Other comprehensive income
(loss) before reclassifications		—			—			—			—			123			123
Reclassification to
(earnings) loss		—			(58	)		(58	)		—			—			—
Foreign currency translation		(645	)					(645	)		1,188						1,188
Ending Balance	$	(2,107	)	$	—		$	(2,107	)	$	(2,259	)	$	(14	)	$	(2,273	)

During the second quarters of 2018 and 2017, the changes in the balances of each component of accumulated other comprehensive income, net of tax, were as follows.

	Second Quarter 2018								Second Quarter 2017
		Foreign currency translation adjustments			Investment gain (loss)		Accumulated other comprehensive income (loss)			Foreign currency translation adjustments			Investment gain (loss)			Accumulated other comprehensive income (loss)
Beginning Balance	$	(966	)	$	—	$	(966	)	$	(3,262	)	$	(13	)	$	(3,275	)
Other comprehensive income
(loss) before reclassifications		—			—		—			—			(1	)		(1	)
Reclassification to
(earnings) loss		—			—		—			—			—			—
Foreign currency translation		(1,141	)				(1,141	)		1,003						1,003
Ending Balance	$	(2,107	)	$	—	$	(2,107	)	$	(2,259	)	$	(14	)	$	(2,273	)

XML 28 R18.htm IDEA: XBRL DOCUMENT

Note 12. Income Taxes

6 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Note 12. Income Taxes

As of June 30, 2018 and December 31, 2017, we had approximately $365 and $357, respectively, of unrecognized tax benefits, which are included in other liabilities in the consolidated balance sheets.

XML 29 R19.htm IDEA: XBRL DOCUMENT

Note 13. Commitments and Contingencies

6 Months Ended

Jun. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Note 13. Commitments and Contingencies

On March 26, 2018, a shareholder of the Company filed a purported class action complaint against the Company, and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. This shareholder generally alleges claims of breach of fiduciary duty by the members of our Board of Directors. This shareholder sought to enjoin the shareholder vote on April 26, 2018 to approve the issuance of dual class common stock.

On April 16, 2018, the shareholders withdrew their motions to enjoin the shareholder vote on April 26, 2018.

The Company believes the claims in each case are without merit and intends to defend these cases vigorously.

XML 30 R20.htm IDEA: XBRL DOCUMENT

Note 14. Fair Value of Financial Assets

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Note 14. Fair Value of Financial Assets

The hierarchy for measuring fair value consists of Levels 1 through 3, which are described below.

Level 1 – Inputs represent unadjusted quoted prices for identical assets or liabilities exchanged in active markets.

Level 2 – Inputs include directly or indirectly observable inputs (other than Level 1 inputs) such as quoted prices for similar assets or liabilities exchanged in active or inactive markets; quoted prices for identical assets or liabilities exchanged in inactive markets; other inputs that may be considered in fair value determinations of the assets or liabilities, such as interest rates and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Pricing evaluations generally reflect discounted expected future cash flows, which incorporate yield curves for instruments with similar characteristics, such as credit ratings, estimated durations and yields for other instruments of the issuer or entities in the same industry sector.

Level 3 – Inputs include unobservable inputs used in the measurement of assets and liabilities. Management is required to use its own assumptions regarding unobservable inputs because there is little, if any, market activity in the assets or liabilities and we may be unable to corroborate the related observable inputs. Unobservable inputs require management to make certain projections and assumptions about the information that would be used by market participants in pricing assets or liabilities.

The following methods and assumptions were used to determine the fair value of each class of the following assets recorded at fair value in the consolidated balance sheet:

Cash equivalents: Cash equivalents primarily consist of money market funds which are classified within Level 1 of the fair value hierarchy.

Equity securities: The Company’s investments in equity securities are classified within Level 1 of the fair value hierarchy.

Bonds: The Company’s investments in bonds are classified within Level 2 of the fair value hierarchy.

Derivative instruments: Options related to equity securities are marked to market each reporting period and are classified within Level 2 of the fair value hierarchy.

As of June 30, 2018 and December 31, 2017, the fair values of financial assets were as follows.

	June 30, 2018								December 31, 2017

		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	6,924	$	—	$	—	$	6,924	$	5,785	$	—	$	—	$	5,785
Equity securities:
Consumer goods		2,251		—		—		2,251		2,445		—		—		2,445
Bonds		—		26,958		—		26,958		—		25,901		—		25,901
Options on equity securities		—		2,212		—		2,212		—		2,018		—		2,018
Non-qualified deferred
compensation plan
investments		2,864		—		—		2,864		3,459		—		—		3,459
Total assets at fair value	$	12,039	$	29,170	$	—	$	41,209	$	11,689	$	27,919	$	—	$	39,608

There were no changes in our valuation techniques used to measure fair values on a recurring basis.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 31 R21.htm IDEA: XBRL DOCUMENT

Note 15. Related Party Transactions

6 Months Ended

Jun. 30, 2018

Note 15. Related Party Transactions

Services Agreement

Investments in The Lion Fund, L.P. and The Lion Fund II, L.P.
As of June 30, 2018, the Company’s investments in The Lion Fund, L.P. and The Lion Fund II, L.P. had a fair value of $788,854.

Contributions to and distributions from The Lion Fund II, L.P. were as follows.

	Second Quarter					First Six Months
	2018			2017		2018			2017

Contributions of cash	$	—		$	3,707	$	—		$	3,707
Distributions of cash		(2,500	)		—		(7,700	)		(5,015	)
	$	(2,500	)	$	3,707	$	(7,700	)	$	(1,308	)

Incentive Agreement Amendment

License Agreement

XML 32 R22.htm IDEA: XBRL DOCUMENT

Note 16. Business Segment Reporting

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Note 16. Business Segment Reporting

Revenue for the second quarters and first six months of 2018 and 2017 were as follows.

	Revenue
	Second Quarter				First Six Months
	2018		2017		2018		2017
Operating Businesses:
Restaurant Operations:
Steak n Shake	$	196,578	$	201,335	$	386,871	$	394,025
Western		4,016		3,532		7,657		6,536
Total Restaurant Operations		200,594		204,867		394,528		400,561
First Guard		6,745		6,183		13,292		12,263
Maxim		1,400		1,904		3,144		3,523
	$	208,739	$	212,954	$	410,964	$	416,347

Earnings (losses) before income taxes for the second quarters and first six months of 2018 and 2017 were as follows.

	Earnings (Losses) Before Income Taxes
	Second Quarter						First Six Months
	2018			2017			2018			2017
Operating Businesses:
Restaurant Operations:
Steak n Shake	$	2,659		$	969		$	1,667		$	4,321
Western		674			585			1,048			1,035
Total Restaurant Operations		3,333			1,554			2,715			5,356
First Guard		2,301			1,332			2,811			2,301
Maxim		16			(208	)		(201	)		(532	)
Other		164			193			303			341
Total Operating Businesses		5,814			2,871			5,628			7,466
Corporate and Investments:
Corporate		(3,004	)		(2,285	)		(6,170	)		(4,685	)
Investment partnership gains (losses)		(8,341	)		37,238			(4,846	)		12,270
Total Corporate and Investments		(11,345	)		34,953			(11,016	)		7,585
Interest expense on notes payable and other borrowings		(2,898	)		(2,781	)		(5,652	)		(5,605	)
	$	(8,429	)	$	35,043		$	(11,040	)	$	9,446

XML 33 R23.htm IDEA: XBRL DOCUMENT

Note 1. Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Description of Business	The accompanying unaudited consolidated financial statements of Biglari Holdings Inc. (“Biglari Holdings” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In our opinion, all adjustments considered necessary to present fairly the results of the interim periods have been included and consist only of normal recurring adjustments. The results for the interim periods shown are not necessarily indicative of results for the entire fiscal year. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2017. Biglari Holdings is a holding company owning subsidiaries engaged in a number of diverse business activities, including media, property and casualty insurance, and restaurants. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company. The Company’s long-term objective is to maximize per-share intrinsic value. All major operating, investment, and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari. On March 5, 2018, the Company entered into an agreement with its predecessor registrant, now known as OBH Inc. (the “Predecessor”), and BH Merger Company, a wholly owned subsidiary of the Company. Pursuant to the agreement, on April 30, 2018, BH Merger Company merged with and into the Predecessor, with the Predecessor continuing as the surviving corporation and a wholly owned subsidiary of the Company. As a result of the April 30, 2018 transaction, the Company has two classes of common stock designated Class A common stock and Class B common stock. A share of Class B common stock has economic rights equivalent to 1/5^th of a share of Class A common stock; however, Class B common stock has no voting rights. Upon completion of the transaction, every ten (10) shares of common stock outstanding on April 30, 2018 converted into (i) ten (10) shares of Class B common stock and (ii) one (1) share of Class A common stock. Since May 1, 2018, the shares of the Company’s Class A common stock have traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “BH.A,” whereas the Class B common stock trades on the NYSE under the ticker symbol “BH,” which is the former ticker symbol for the Predecessor’s common stock. For accounting purposes, the April 30, 2018 transaction will be treated as a merger of entities under common control. Accordingly, the consolidated financial position and results of operations of the Predecessor will be included in the consolidated financial statements on the same basis as currently presented, except for earnings per share which is impacted by the issuance of the new common shares. The Company has applied the “two-class method” of computing earnings per share as prescribed in ASC 260, “Earnings Per Share.” Pursuant to the requirements of the Incentive Agreement with the Chief Executive Officer, Mr. Biglari purchased 4,084 shares of Class A common stock from June 5, 2018 through June 19, 2018. As of June 30, 2018, Mr. Biglari’s beneficial ownership was approximately 56.3% of the Company’s outstanding Class A common stock and 54.3% of the Company’s outstanding Class B common stock.
Principles of Consolidation	The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries including Steak n Shake Inc. (“Steak n Shake”), Western Sizzlin Corporation (“Western”), Maxim Inc. (“Maxim”) and First Guard Insurance Company and its agency, 1st Guard Corporation (collectively “First Guard”). Intercompany accounts and transactions have been eliminated in consolidation.

XML 34 R24.htm IDEA: XBRL DOCUMENT

Note 2. New Accounting Standards (Tables)

6 Months Ended

Jun. 30, 2018

Note 2. New Accounting Standards Tables

Impact of new accounting pronouncements

The following table summarizes the impact of the adoption of ASC 606 on revenues, operating expenses and net earnings for the second quarter of 2018.

	As Reported			Adjustments for the Adoption of ASC 606			Amounts without Adoption of ASC 606
Statements of Earnings
Revenues
Restaurant operations
Net sales	$	191,797		$	—		$	191,797
Franchise royalties and fees		7,773			2,333			5,440
Other		1,024			15			1,009
Selling, general and administrative		32,950			2,441			30,509
Earnings (loss) before income taxes		(8,429	)		(93	)		(8,336	)
Income tax expense (benefit)		(890	)		(23	)		(867	)
Net earnings (loss)		(7,539	)		(70	)		(7,469	)

The following table summarizes the impact of the adoption of ASC 606 on revenues, operating expenses and net earnings for the first six months of 2018.

	As Reported			Adjustments for the Adoption of ASC 606		Amounts without Adoption of ASC 606
Statements of Earnings
Revenues
Restaurant operations
Net sales	$	377,368		$	—	$	377,368
Franchise royalties and fees		14,875			4,702		10,173
Other		2,285			294		1,991
Selling, general and administrative		65,600			4,963		60,637
Earnings (loss) before income taxes		(11,040	)		33		(11,073	)
Income tax expense (benefit)		(1,687	)		8		(1,695	)
Net earnings (loss)		(9,353	)		25		(9,378	)

XML 35 R25.htm IDEA: XBRL DOCUMENT

Note 3. Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2018

Earnings per share

Summary of outstanding shares

	June 30, 2018				December 31,
	Class A		Class B		2017
Common stock authorized		500,000		10,000,000		2,500,000

Common stock issued		206,864		2,068,640		2,142,202
Treasury stock held by the Company		—		—		(74,589	)
Outstanding shares		206,864		2,068,640		2,067,613

XML 36 R26.htm IDEA: XBRL DOCUMENT

Note 4. Investments (Tables)

6 Months Ended

Jun. 30, 2018

Schedule of Investments [Abstract]

Schedule of fair value of Investments

	June 30, 2018		December 31, 2017
Cost	$	24,222	$	23,216
Gross unrealized gains		126		73
Fair value	$	24,348	$	23,289

XML 37 R27.htm IDEA: XBRL DOCUMENT

Note 5. Investment Partnerships (Tables)

6 Months Ended

Jun. 30, 2018

Note 5. Investment Partnerships Details Narrative

Fair value and carrying value of our partnership interest

	Fair Value			Company Common Stock			Carrying Value
Partnership interest at December 31, 2017	$	925,279		$	359,258		$	566,021
Investment partnership gains (losses)		(128,725	)		(123,879	)		(4,846	)
Contributions (net of distributions) to investment partnerships		(7,700	)					(7,700	)
Increase in proportionate share of Company stock held					18,681			(18,681	)
Partnership interest at June 30, 2018	$	788,854		$	254,060		$	534,794

		Fair Value			Company Common Stock			Carrying Value
Partnership interest at December 31, 2016	$	972,707		$	395,070		$	577,637
Investment partnership gains (losses)		(49,376	)		(61,646	)		12,270
Contributions (net of distributions) to investment partnerships		(1,308	)					(1,308	)
Increase in proportionate share of Company stock held					2,845			(2,845	)
Partnership interest at June 30, 2017	$	922,023		$	336,269		$	585,754

Carrying value of investment partnerships net of deferred taxes

	June 30, 2018			December 31, 2017
Carrying value of investment partnerships	$	534,794		$	566,021
Deferred tax liability related to investment partnerships		(93,562	)		(95,309	)
Carrying value of investment partnerships net of deferred taxes	$	441,232		$	470,712

Gains (loss) from investment partnerships

	Second Quarter					First Six Months
	2018			2017		2018			2017
Gains (losses) on investment partnership	$	(8,341	)	$	37,238	$	(4,846	)	$	12,270
Tax expense (benefit)		(2,464	)		13,543		(2,044	)		3,782
Contribution to net earnings (loss)	$	(5,877	)	$	23,695	$	(2,802	)	$	8,488

Summarized financial information for Equity in Investment Partnerships

		Equity in Investment Partnerships
		Lion Fund			Lion Fund II
Total assets as of June 30, 2018	$	150,550		$	952,134
Total liabilities as of June 30, 2018	$	109		$	200,861
Revenue for the first six months of 2018	$	(49,773	)	$	(99,751	)
Earnings (loss) for the first six months of 2018	$	(49,805	)	$	(104,290	)
Biglari Holdings’ ownership interest as of June 30, 2018		65.3	%		92.2	%

Total assets as of December 31, 2017	$	203,560		$	1,060,737
Total liabilities as of December 31, 2017	$	157		$	199,974
Revenue for the first six months of 2017	$	(22,919	)	$	(29,372	)
Earnings (loss) for the first six months of 2017	$	(22,949	)	$	(37,600	)
Biglari Holdings’ ownership interest as of June 30, 2017		63.9	%		92.9	%

XML 38 R28.htm IDEA: XBRL DOCUMENT

Note 6. Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

	June 30, 2018			December 31, 2017
Land	$	154,786		$	156,506
Buildings		150,370			152,610
Land and leasehold improvements		162,328			162,652
Equipment		200,209			203,145
Construction in progress		1,766			1,782
		669,459			676,695
Less accumulated depreciation and amortization		(381,668	)		(380,895	)
Property and equipment, net	$	287,791		$	295,800

XML 39 R29.htm IDEA: XBRL DOCUMENT

Note 7. Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

	Restaurants			Other		Total
Goodwill at December 31, 2017	$	28,168		$	11,913	$	40,081
Change in foreign exchange rates during the first six months 2018		(16	)		—		(16	)
Goodwill at June 30, 2018	$	28,152		$	11,913	$	40,065

Schedule of Other Intangible Assets

	June 30, 2018							December 31, 2017
	Gross carrying amount		Accumulated amortization			Total		Gross carrying amount		Accumulated amortization			Total
Franchise agreement	$	5,310	$	(4,381	)	$	929	$	5,310	$	(4,116	)	$	1,194
Other		810		(759	)		51		810		(743	)		67
Total		6,120		(5,140	)		980		6,120		(4,859	)		1,261
Intangible assets with indefinite lives:
Trade names		15,876		—			15,876		15,876		—			15,876
Other assets with indefinite lives		11,603		—			11,603		9,427		—			9,427
Total intangible assets	$	33,599	$	(5,140	)	$	28,459	$	31,423	$	(4,859	)	$	26,564

XML 40 R30.htm IDEA: XBRL DOCUMENT

Note 8. Restaurant Operations Revenues (Tables)

6 Months Ended

Jun. 30, 2018

Note 8. Restaurant Operations Revenues

Summary of restaurant operations revenues

	Second Quarter				First Six Months
	2018		2017		2018		2017
Net sales	$	191,797	$	198,501	$	377,368	$	387,552
Franchise royalties and fees		7,773		5,349		14,875		10,905
Other		1,024		1,017		2,285		2,104
	$	200,594	$	204,867	$	394,528	$	400,561

XML 41 R31.htm IDEA: XBRL DOCUMENT

Note 9. Accounts Payable And Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2018

Note 9. Accounts Payable And Accrued Expenses Tables

Schedule of Accounts Payable and Accrued Expenses

	June 30, 2018		December 31, 2017
Accounts payable	$	35,671	$	40,616
Gift card liability		14,657		27,436
Salaries, wages, and vacation		15,307		22,875
Taxes payable		11,686		10,571
Workers' compensation and other self-insurance accruals		8,641		9,047
Deferred revenue		16,382		9,522
Other		8,534		8,677
Accounts payable and accrued expenses	$	110,878	$	128,744

XML 42 R32.htm IDEA: XBRL DOCUMENT

Note 10. Notes Payable and Other Borrowings (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Schedule of notes payable and other borrowings

Current portion of notes payable and other borrowings	June 30, 2018			December 31, 2017
Notes payable	$	2,200		$	2,200
Unamortized original issue discount		(328	)		(321	)
Unamortized debt issuance costs		(596	)		(585	)
Obligations under leases		4,977			5,279
Western revolver		43			175
Total current portion of notes payable and other borrowings	$	6,296		$	6,748

Long-term notes payable and other borrowings
Notes payable	$	182,598		$	183,698
Unamortized original issue discount		(606	)		(772	)
Unamortized debt issuance costs		(1,104	)		(1,405	)
Obligations under leases		71,138			75,473
Total long-term notes payable and other borrowings	$	252,026		$	256,994

XML 43 R33.htm IDEA: XBRL DOCUMENT

Note 11. Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2018

Equity [Abstract]

Component of accumulated other comprehensive income

	Six months ended June 30, 2018									Six months ended June 30, 2017
		Foreign currency translation adjustments			Investment gain (loss)			Accumulated other comprehensive income (loss)			Foreign currency translation adjustments			Investment gain (loss)			Accumulated other comprehensive income (loss)
Beginning Balance	$	(1,462	)	$	58		$	(1,404	)	$	(3,447	)	$	(137	)	$	(3,584	)
Other comprehensive income
(loss) before reclassifications		—			—			—			—			123			123
Reclassification to
(earnings) loss		—			(58	)		(58	)		—			—			—
Foreign currency translation		(645	)					(645	)		1,188						1,188
Ending Balance	$	(2,107	)	$	—		$	(2,107	)	$	(2,259	)	$	(14	)	$	(2,273	)

	Second Quarter 2018								Second Quarter 2017
		Foreign currency translation adjustments			Investment gain (loss)		Accumulated other comprehensive income (loss)			Foreign currency translation adjustments			Investment gain (loss)			Accumulated other comprehensive income (loss)
Beginning Balance	$	(966	)	$	—	$	(966	)	$	(3,262	)	$	(13	)	$	(3,275	)
Other comprehensive income
(loss) before reclassifications		—			—		—			—			(1	)		(1	)
Reclassification to
(earnings) loss		—			—		—			—			—			—
Foreign currency translation		(1,141	)				(1,141	)		1,003						1,003
Ending Balance	$	(2,107	)	$	—	$	(2,107	)	$	(2,259	)	$	(14	)	$	(2,273	)

XML 44 R34.htm IDEA: XBRL DOCUMENT

Note 14. Fair Value of Financial Assets (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Schedule Of Fair Value Assets

	June 30, 2018								December 31, 2017

		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	6,924	$	—	$	—	$	6,924	$	5,785	$	—	$	—	$	5,785
Equity securities:
Consumer goods		2,251		—		—		2,251		2,445		—		—		2,445
Bonds		—		26,958		—		26,958		—		25,901		—		25,901
Options on equity securities		—		2,212		—		2,212		—		2,018		—		2,018
Non-qualified deferred
compensation plan
investments		2,864		—		—		2,864		3,459		—		—		3,459
Total assets at fair value	$	12,039	$	29,170	$	—	$	41,209	$	11,689	$	27,919	$	—	$	39,608

XML 45 R35.htm IDEA: XBRL DOCUMENT

Note 15. Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2018

Contributions to and distributions from the investment partnerships

	Second Quarter					First Six Months
	2018			2017		2018			2017

Contributions of cash	$	—		$	3,707	$	—		$	3,707
Distributions of cash		(2,500	)		—		(7,700	)		(5,015	)
	$	(2,500	)	$	3,707	$	(7,700	)	$	(1,308	)

XML 46 R36.htm IDEA: XBRL DOCUMENT

Note 16. Business Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Schedule of revenue by segment

	Revenue
	Second Quarter				First Six Months
	2018		2017		2018		2017
Operating Businesses:
Restaurant Operations:
Steak n Shake	$	196,578	$	201,335	$	386,871	$	394,025
Western		4,016		3,532		7,657		6,536
Total Restaurant Operations		200,594		204,867		394,528		400,561
First Guard		6,745		6,183		13,292		12,263
Maxim		1,400		1,904		3,144		3,523
	$	208,739	$	212,954	$	410,964	$	416,347

Schedule of earnings (losses) before income taxes by segment

	Earnings (Losses) Before Income Taxes
	Second Quarter						First Six Months
	2018			2017			2018			2017
Operating Businesses:
Restaurant Operations:
Steak n Shake	$	2,659		$	969		$	1,667		$	4,321
Western		674			585			1,048			1,035
Total Restaurant Operations		3,333			1,554			2,715			5,356
First Guard		2,301			1,332			2,811			2,301
Maxim		16			(208	)		(201	)		(532	)
Other		164			193			303			341
Total Operating Businesses		5,814			2,871			5,628			7,466
Corporate and Investments:
Corporate		(3,004	)		(2,285	)		(6,170	)		(4,685	)
Investment partnership gains (losses)		(8,341	)		37,238			(4,846	)		12,270
Total Corporate and Investments		(11,345	)		34,953			(11,016	)		7,585
Interest expense on notes payable and other borrowings		(2,898	)		(2,781	)		(5,652	)		(5,605	)
	$	(8,429	)	$	35,043		$	(11,040	)	$	9,446

XML 47 R37.htm IDEA: XBRL DOCUMENT

Note 2. New Accounting Standards (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues
Restaurant operations revenue	$ 200,594	$ 204,867	$ 394,528	$ 400,561
Restaurant operations franchise royalties and fees	7,773	5,349	14,875	10,905
Restaurant operations other	1,024	1,017	2,285	2,104
Selling, general and administrative	32,950	31,655	65,600	61,141
Earnings (loss) before income taxes	(8,429)	35,043	(11,040)	9,446
Income tax expense (benefit)	(890)	13,917	(1,687)	4,141
Net earnings (loss)	(7,539)	$ 21,126	(9,353)	$ 5,305
As Reported
Revenues
Restaurant operations net sales	191,797		377,368
Restaurant operations franchise royalties and fees	7,773		14,875
Restaurant operations other	1,024		2,285
Selling, general and administrative	32,950		65,600
Earnings (loss) before income taxes	(8,429)		(11,040)
Income tax expense (benefit)	(890)		(1,687)
Net earnings (loss)	(7,539)		(9,353)
Adjustments for the Adoption of ASC 606
Revenues
Restaurant operations net sales	0		0
Restaurant operations franchise royalties and fees	2,333		4,702
Restaurant operations other	15		294
Selling, general and administrative	2,441		4,963
Earnings (loss) before income taxes	(93)		33
Income tax expense (benefit)	(23)		8
Net earnings (loss)	(70)		25
Amounts without Adoption of ASC 606
Revenues
Restaurant operations net sales	191,797		377,368
Restaurant operations franchise royalties and fees	5,440		10,173
Restaurant operations other	1,009		1,991
Selling, general and administrative	30,509		60,637
Earnings (loss) before income taxes	(8,336)		(11,073)
Income tax expense (benefit)	(867)		(1,695)
Net earnings (loss)	$ (7,469)		$ (9,378)

XML 48 R38.htm IDEA: XBRL DOCUMENT

Note 3. Earnings Per Share (Details) - shares	Jun. 30, 2018	Dec. 31, 2017
Common stock authorized		2,500,000
Common stock issued		2,142,202
Treasury stock held by the Company		(74,589)
Outstanding shares		2,067,613
Class A Common Stock
Common stock authorized	500,000
Common stock issued	206,864
Treasury stock held by the Company	0
Outstanding shares	206,864
Class B Common Stock
Common stock authorized	10,000,000
Common stock issued	2,068,640
Treasury stock held by the Company	0
Outstanding shares	2,068,640

XML 49 R39.htm IDEA: XBRL DOCUMENT

Note 4. Investments (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Note 4. Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Schedule of Investments [Abstract]
Cost	$ 24,222	$ 23,216
Gross unrealized gains	126	73
Fair value	$ 24,348	$ 23,289

XML 50 R40.htm IDEA: XBRL DOCUMENT

Note 5. Investment Partnerships (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Partnership interest, beginning			$ 566,021
Investment partnership gains (losses)	$ (8,341)	$ 37,238	(4,846)	$ 12,270
Partnership interest, ending	534,794		534,794
Fair Value
Partnership interest, beginning			925,279	972,707
Investment partnership gains (losses)			(128,725)	(49,376)
Contributions (net of distributions) to investment partnerships			(7,700)	(1,308)
Increase in proportionate share of Company stock held			0	0
Partnership interest, ending	788,854	922,023	788,854	922,023
Company common Stock
Partnership interest, beginning			359,258	395,070
Investment partnership gains (losses)			(123,879)	(61,646)
Contributions (net of distributions) to investment partnerships			0	0
Increase in proportionate share of Company stock held			18,681	2,845
Partnership interest, ending	254,060	336,269	254,060	336,269
Carrying Value
Partnership interest, beginning			566,021	577,637
Investment partnership gains (losses)			(4,846)	12,270
Contributions (net of distributions) to investment partnerships			(7,700)	(1,308)
Increase in proportionate share of Company stock held			(18,681)	(2,845)
Partnership interest, ending	$ 534,794	$ 585,754	$ 534,794	$ 585,754

- Definition

This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.

+ References + Details

XML 51 R41.htm IDEA: XBRL DOCUMENT

Note 5. Investment Partnerships (Details 1) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Note 5. Investment Partnerships Details Narrative
Carrying value of investment partnerships	$ 534,794	$ 566,021
Deferred tax liability related to investment partnerships	(93,562)	(95,309)
Carrying value of investment partnerships net of deferred taxes	$ 441,232	$ 470,712

XML 52 R42.htm IDEA: XBRL DOCUMENT

Note 5. Investment Partnerships (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Note 5. Investment Partnerships Details 2
Gains (losses) on investment partnership	$ (8,341)	$ 37,238	$ (4,846)	$ 12,270
Tax expense (benefit)	(2,464)	13,543	(2,044)	3,782
Contributions to net earnings (loss)	$ (5,877)	$ 23,695	$ (2,802)	$ 8,488

- Definition

+ References + Details

XML 53 R43.htm IDEA: XBRL DOCUMENT

Note 5. Investment Partnerships (Details 3) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Lion Fund
Total Assets	$ 150,550		$ 203,560
Total Liabilities	109		157
Revenue for the first six months	(49,773)	$ (22,919)
Earnings (loss) for the first six months	$ (49,805)	$ (22,949)
Biglari Holdings' Ownership Interest	65.30%	63.90%
Lion Fund II
Total Assets	$ 952,134		1,060,737
Total Liabilities	200,861		$ 199,974
Revenue for the first six months	(99,751)	$ (29,372)
Earnings (loss) for the first six months	$ (104,290)	$ (37,600)
Biglari Holdings' Ownership Interest	92.20%	92.90%

XML 54 R44.htm IDEA: XBRL DOCUMENT

Note 5. Investment Partnerships (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Note 5. Investment Partnerships Details Narrative
Proportionate share of Company stock held by investment partnerships at cost	$ 373,620	$ 354,939

XML 55 R45.htm IDEA: XBRL DOCUMENT

Note 6. Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Land	$ 154,786	$ 156,506
Buildings	150,370	152,610
Land and leasehold improvements	162,328	162,652
Equipment	200,209	203,145
Construction in progress	1,766	1,782
Property and equipment, gross	669,459	676,695
Less accumulated depreciation and amortization	(381,668)	(380,895)
Property and equipment, net	$ 287,791	$ 295,800

XML 56 R46.htm IDEA: XBRL DOCUMENT

Note 7. Goodwill and Other Intangible Assets (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018 USD ($)
Balance at beginning of year	$ 40,081
Change in foreign exchange rates during first six months 2018	(16)
Balance at end of period	40,065
Restaurant
Balance at beginning of year	28,168
Change in foreign exchange rates during first six months 2018	(16)
Balance at end of period	28,152
Other
Balance at beginning of year	11,913
Change in foreign exchange rates during first six months 2018	0
Balance at end of period	$ 11,913

XML 57 R47.htm IDEA: XBRL DOCUMENT

Note 7. Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Gross carrying amount	$ 33,599	$ 31,423
Accumulated amortization	(5,140)	(4,859)
Total intangible assets	28,459	26,564
Finite-Lived Intangible Assets [Member]
Gross carrying amount	6,120	6,120
Accumulated amortization	(5,140)	(4,859)
Total intangible assets	980	1,261
Franchise Agreement \| Finite-Lived Intangible Assets [Member]
Gross carrying amount	5,310	5,310
Accumulated amortization	(4,381)	(4,116)
Total intangible assets	929	1,194
Other \| Finite-Lived Intangible Assets [Member]
Gross carrying amount	810	810
Accumulated amortization	(759)	(743)
Total intangible assets	51	67
Other \| Indefinite-lived Intangible Assets [Member]
Gross carrying amount	11,603	9,427
Accumulated amortization	0	0
Total intangible assets	11,603	9,427
Trade names [Member] \| Indefinite-lived Intangible Assets [Member]
Gross carrying amount	15,876	15,876
Accumulated amortization	0	0
Total intangible assets	$ 15,876	$ 15,876

XML 58 R48.htm IDEA: XBRL DOCUMENT

Note 7. Goodwill and Other Intangible Assets (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 281	$ 285
Total annual amortization expense for 2019	500
Purchase of lease rights	$ 2,556

XML 59 R49.htm IDEA: XBRL DOCUMENT

Note 8. Restaurant Operations Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Note 8. Restaurant Operations Revenues
Net sales	$ 191,797	$ 198,501	$ 377,368	$ 387,552
Franchise royalties and fees	7,773	5,349	14,875	10,905
Other	1,024	1,017	2,285	2,104
Restaurant operations revenue	$ 200,594	$ 204,867	$ 394,528	$ 400,561

XML 60 R50.htm IDEA: XBRL DOCUMENT

Note 8. Restaurant Operations Revenues (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Restaurant operations revenue	$ 200,594	$ 204,867	$ 394,528	$ 400,561
Deferred revenue	16,382		16,382		$ 9,522
Initial Franchise Fees
Restaurant operations revenue	718		1,087
Deferred revenue	10,521		10,521		10,581
Deferred revenue, remainder of 2018	253		253
Deferred revenue, 2019	543		543
Franchise Advertising Fees
Restaurant operations revenue	2,409		4,846
Deferred revenue	2,245		2,245		2,064
Deferred revenue, remainder of 2018	748		748
Gift Card Redemptions
Restaurant operations revenue	6,371		15,658
Deferred revenue	14,657		14,657		$ 20,968
Deferred revenue, remainder of 2018	5,784		5,784
Deferred revenue, 2019	$ 6,176		$ 6,176

XML 61 R51.htm IDEA: XBRL DOCUMENT

Note 9. Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Notes to Financial Statements
Accounts payable	$ 35,671	$ 40,616
Gift card liability	14,657	27,436
Salaries, wages, and vacation	15,307	22,875
Taxes payable	11,686	10,571
Workers' compensation and other self insurance accruals	8,641	9,047
Deferred revenue	16,382	9,522
Other	8,534	8,677
Accounts payable and accrued expenses	$ 110,878	$ 128,744

XML 62 R52.htm IDEA: XBRL DOCUMENT

Note 10. Notes Payable and Other Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current portion of notes payable and other borrowings
Notes payable	$ 2,200	$ 2,200
Unamortized original issue discount	(328)	(321)
Unamortized debt issuance costs	(596)	(585)
Obligations under leases	4,977	5,279
Western revolver	43	175
Total current portion of notes payable and other borrowings	6,296	6,748
Long-term notes payable and other borrowings
Notes payable	182,598	183,698
Unamortized original issue discount	(606)	(772)
Unamortized debt issuance costs	(1,104)	(1,405)
Obligations under leases	71,138	75,473
Total long-term notes payable and other borrowings	$ 252,026	$ 256,994

XML 63 R53.htm IDEA: XBRL DOCUMENT

Note 10. Notes Payable and Other Borrowings (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Western revolver	$ 43	$ 175
Fair value of long-term debt, excluding capitalized lease obligations	160
Term Loan
Outstanding debt	$ 184,798
Steak n Shake Agreement 2014 [Member]
Interest rate	5.85%

XML 64 R54.htm IDEA: XBRL DOCUMENT

Note 11. Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Beginning Balance	$ (966)	$ (3,275)	$ (1,404)	$ (3,584)
Other comprehensive income (loss) before reclassifications	0	(1)	0	123
Reclassification to (earnings) loss	0	0	(58)	0
Foreign currency translation	(1,141)	1,003	(645)	1,188
Ending Balance	(2,107)	(2,273)	(2,107)	(2,273)
Foreign Currency Translation Adjustments
Beginning Balance	(966)	(3,262)	(1,462)	(3,447)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Reclassification to (earnings) loss	0	0	0	0
Foreign currency translation	(1,141)	1,003	(645)	1,188
Ending Balance	(2,107)	(2,259)	(2,107)	(2,259)
Investment Gain (Loss)
Beginning Balance	0	(13)	58	(137)
Other comprehensive income (loss) before reclassifications	0	(1)	0	123
Reclassification to (earnings) loss	0	0	(58)	0
Foreign currency translation	0	0	0	0
Ending Balance	$ 0	$ (14)	$ 0	$ (14)

XML 65 R55.htm IDEA: XBRL DOCUMENT

Note 12. Income Taxes (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (890)	$ 13,917	$ (1,687)	$ 4,141
Unrecognized tax benefits	$ 365		$ 365		$ 357

XML 66 R56.htm IDEA: XBRL DOCUMENT

Note 14. Fair Value of Financial Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets
Cash equivalents	$ 6,924	$ 5,785
Equity securities: Consumer goods	2,251	2,445
Bonds	26,958	25,901
Options on equity securities	2,212	2,018
Non-qualified deferred compensation plan investments	2,864	3,459
Total assets at fair value	41,209	39,608
Level 1
Assets
Cash equivalents	6,924	5,785
Equity securities: Consumer goods	2,251	2,445
Bonds	0	0
Options on equity securities	0	0
Non-qualified deferred compensation plan investments	2,864	3,459
Total assets at fair value	12,039	11,689
Level 2
Assets
Cash equivalents	0	0
Equity securities: Consumer goods	0	0
Bonds	26,958	25,901
Options on equity securities	2,212	2,018
Non-qualified deferred compensation plan investments	0	0
Total assets at fair value	29,170	27,919
Level 3
Assets
Cash equivalents	0	0
Equity securities: Consumer goods	0	0
Bonds	0	0
Options on equity securities	0	0
Non-qualified deferred compensation plan investments	0	0
Total assets at fair value	$ 0	$ 0

XML 67 R57.htm IDEA: XBRL DOCUMENT

Note 15. Related Party Transactions (Details) - Lion Fund II - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Contributions of cash	$ 0	$ 3,707	$ 0	$ 3,707
Distributions of cash	(2,500)	0	(7,700)	(5,015)
Total contributions and distributions	$ (2,500)	$ 3,707	$ (7,700)	$ (1,308)

XML 68 R58.htm IDEA: XBRL DOCUMENT

Note 16. Business Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue	$ 208,739	$ 212,954	$ 410,964	$ 416,347
Steak n Shake
Revenue	196,578	201,335	386,871	394,025
Western
Revenue	4,016	3,532	7,657	6,536
Total Restaurant Operations
Revenue	200,594	204,867	394,528	400,561
First Guard
Revenue	6,745	6,183	13,292	12,263
Maxim
Revenue	1,400	1,904	3,144	3,523
Total Revenue
Revenue	$ 208,739	$ 212,954	$ 410,964	$ 416,347

XML 69 R59.htm IDEA: XBRL DOCUMENT

Note 16. Business Segment Reporting (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings (loss) before income taxes	$ (8,429)	$ 35,043	$ (11,040)	$ 9,446
Restaurant \| Steak n Shake
Earnings (loss) before income taxes	2,659	969	1,667	4,321
Restaurant \| Western
Earnings (loss) before income taxes	674	585	1,048	1,035
Restaurant \| Total Restaurant Operations
Earnings (loss) before income taxes	3,333	1,554	2,715	5,356
Operating Business
Earnings (loss) before income taxes	5,814	2,871	5,628	7,466
Operating Business \| First Guard
Earnings (loss) before income taxes	2,301	1,332	2,811	2,301
Operating Business \| Maxim
Earnings (loss) before income taxes	16	(208)	(201)	(532)
Operating Business \| Other
Earnings (loss) before income taxes	164	193	303	341
Corporate \| Corporate
Earnings (loss) before income taxes	(3,004)	(2,285)	(6,170)	(4,685)
Corporate \| Investment Partnership Gains (Losses) [Member]
Earnings (loss) before income taxes	(8,341)	37,238	(4,846)	12,270
Corporate \| Total Corporate And Investments [Member]
Earnings (loss) before income taxes	(11,345)	34,953	(11,016)	7,585
Reconciliation Of Segments \| Interest expense on notes payable and other borrowings [Member]
Earnings (loss) before income taxes	$ (2,898)	$ (2,781)	$ (5,652)	$ (5,605)

EXCEL 70 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 71 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 72 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 74 FilingSummary.xml IDEA: XBRL DOCUMENT 3.10.0.1 html 204 202 1 true 52 0 false 4 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://biglariholdings.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - CONSOLIDATED BALANCE SHEETS (Unaudited) Sheet http://biglariholdings.com/role/ConsolidatedBalanceSheets CONSOLIDATED BALANCE SHEETS (Unaudited) Statements 2 false false R3.htm 00000003 - Statement - CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) Sheet http://biglariholdings.com/role/ConsolidatedStatementsOfEarnings CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) Statements 3 false false R4.htm 00000004 - Statement - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Sheet http://biglariholdings.com/role/ConsolidatedStatementsOfComprehensiveIncome CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Statements 4 false false R5.htm 00000005 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Sheet http://biglariholdings.com/role/ConsolidatedStatementsOfCashFlows CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Statements 5 false false R6.htm 00000006 - Statement - CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (Unaudited) Sheet http://biglariholdings.com/role/ConsolidatedStatementsOfChangesInShareholdersEquity CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (Unaudited) Statements 6 false false R7.htm 00000007 - Disclosure - Note 1. Summary of Significant Accounting Policies Sheet http://biglariholdings.com/role/Note1.SummaryOfSignificantAccountingPolicies Note 1. Summary of Significant Accounting Policies Notes 7 false false R8.htm 00000008 - Disclosure - Note 2. New Accounting Standards Sheet http://biglariholdings.com/role/Note2.NewAccountingStandards Note 2. New Accounting Standards Notes 8 false false R9.htm 00000009 - Disclosure - Note 3. Earnings Per Share Sheet http://biglariholdings.com/role/Note3.EarningsPerShare Note 3. Earnings Per Share Notes 9 false false R10.htm 00000010 - Disclosure - Note 4. Investments Sheet http://biglariholdings.com/role/Note4.Investments Note 4. Investments Notes 10 false false R11.htm 00000011 - Disclosure - Note 5. Investment Partnerships Sheet http://biglariholdings.com/role/Note5.InvestmentPartnerships Note 5. Investment Partnerships Notes 11 false false R12.htm 00000012 - Disclosure - Note 6. Property and Equipment Sheet http://biglariholdings.com/role/Note6.PropertyAndEquipment Note 6. Property and Equipment Notes 12 false false R13.htm 00000013 - Disclosure - Note 7. Goodwill and Other Intangible Assets Sheet http://biglariholdings.com/role/Note7.GoodwillAndOtherIntangibleAssets Note 7. Goodwill and Other Intangible Assets Notes 13 false false R14.htm 00000014 - Disclosure - Note 8. Restaurant Operations Revenues Sheet http://biglariholdings.com/role/Note8.RestaurantOperationsRevenues Note 8. Restaurant Operations Revenues Notes 14 false false R15.htm 00000015 - Disclosure - Note 9. Accounts Payable and Accrued Expenses Sheet http://biglariholdings.com/role/Note9.AccountsPayableAndAccruedExpenses Note 9. Accounts Payable and Accrued Expenses Notes 15 false false R16.htm 00000016 - Disclosure - Note 10. Notes Payable and Other Borrowings Notes http://biglariholdings.com/role/Note10.NotesPayableAndOtherBorrowings Note 10. Notes Payable and Other Borrowings Notes 16 false false R17.htm 00000017 - Disclosure - Note 11. Accumulated Other Comprehensive Income Sheet http://biglariholdings.com/role/Note11.AccumulatedOtherComprehensiveIncome Note 11. Accumulated Other Comprehensive Income Notes 17 false false R18.htm 00000018 - Disclosure - Note 12. Income Taxes Sheet http://biglariholdings.com/role/Note12.IncomeTaxes Note 12. Income Taxes Notes 18 false false R19.htm 00000019 - Disclosure - Note 13. Commitments and Contingencies Sheet http://biglariholdings.com/role/Note13.CommitmentsAndContingencies Note 13. Commitments and Contingencies Notes 19 false false R20.htm 00000020 - Disclosure - Note 14. Fair Value of Financial Assets Sheet http://biglariholdings.com/role/Note14.FairValueOfFinancialAssets Note 14. Fair Value of Financial Assets Notes 20 false false R21.htm 00000021 - Disclosure - Note 15. Related Party Transactions Sheet http://biglariholdings.com/role/Note15.RelatedPartyTransactions Note 15. Related Party Transactions Notes 21 false false R22.htm 00000022 - Disclosure - Note 16. Business Segment Reporting Sheet http://biglariholdings.com/role/Note16.BusinessSegmentReporting Note 16. Business Segment Reporting Notes 22 false false R23.htm 00000023 - Disclosure - Note 1. Summary of Significant Accounting Policies (Policies) Sheet http://biglariholdings.com/role/Note1.SummaryOfSignificantAccountingPoliciesPolicies Note 1. Summary of Significant Accounting Policies (Policies) Policies http://biglariholdings.com/role/Note1.SummaryOfSignificantAccountingPolicies 23 false false R24.htm 00000024 - Disclosure - Note 2. New Accounting Standards (Tables) Sheet http://biglariholdings.com/role/Note2.NewAccountingStandardsTables Note 2. New Accounting Standards (Tables) Tables http://biglariholdings.com/role/Note2.NewAccountingStandards 24 false false R25.htm 00000025 - Disclosure - Note 3. Earnings Per Share (Tables) Sheet http://biglariholdings.com/role/Note3.EarningsPerShareTables Note 3. Earnings Per Share (Tables) Tables http://biglariholdings.com/role/Note3.EarningsPerShare 25 false false R26.htm 00000026 - Disclosure - Note 4. Investments (Tables) Sheet http://biglariholdings.com/role/Note4.InvestmentsTables Note 4. Investments (Tables) Tables http://biglariholdings.com/role/Note4.Investments 26 false false R27.htm 00000027 - Disclosure - Note 5. Investment Partnerships (Tables) Sheet http://biglariholdings.com/role/Note5.InvestmentPartnershipsTables Note 5. Investment Partnerships (Tables) Tables http://biglariholdings.com/role/Note5.InvestmentPartnerships 27 false false R28.htm 00000028 - Disclosure - Note 6. Property and Equipment (Tables) Sheet http://biglariholdings.com/role/Note6.PropertyAndEquipmentTables Note 6. Property and Equipment (Tables) Tables http://biglariholdings.com/role/Note6.PropertyAndEquipment 28 false false R29.htm 00000029 - Disclosure - Note 7. Goodwill and Other Intangible Assets (Tables) Sheet http://biglariholdings.com/role/Note7.GoodwillAndOtherIntangibleAssetsTables Note 7. Goodwill and Other Intangible Assets (Tables) Tables http://biglariholdings.com/role/Note7.GoodwillAndOtherIntangibleAssets 29 false false R30.htm 00000030 - Disclosure - Note 8. Restaurant Operations Revenues (Tables) Sheet http://biglariholdings.com/role/Note8.RestaurantOperationsRevenuesTables Note 8. Restaurant Operations Revenues (Tables) Tables http://biglariholdings.com/role/Note8.RestaurantOperationsRevenues 30 false false R31.htm 00000031 - Disclosure - Note 9. Accounts Payable And Accrued Expenses (Tables) Sheet http://biglariholdings.com/role/Note9.AccountsPayableAndAccruedExpensesTables Note 9. Accounts Payable And Accrued Expenses (Tables) Tables 31 false false R32.htm 00000032 - Disclosure - Note 10. Notes Payable and Other Borrowings (Tables) Notes http://biglariholdings.com/role/Note10.NotesPayableAndOtherBorrowingsTables Note 10. Notes Payable and Other Borrowings (Tables) Tables http://biglariholdings.com/role/Note10.NotesPayableAndOtherBorrowings 32 false false R33.htm 00000033 - Disclosure - Note 11. Accumulated Other Comprehensive Income (Tables) Sheet http://biglariholdings.com/role/Note11.AccumulatedOtherComprehensiveIncomeTables Note 11. Accumulated Other Comprehensive Income (Tables) Tables http://biglariholdings.com/role/Note11.AccumulatedOtherComprehensiveIncome 33 false false R34.htm 00000034 - Disclosure - Note 14. Fair Value of Financial Assets (Tables) Sheet http://biglariholdings.com/role/Note14.FairValueOfFinancialAssetsTables Note 14. Fair Value of Financial Assets (Tables) Tables http://biglariholdings.com/role/Note14.FairValueOfFinancialAssets 34 false false R35.htm 00000035 - Disclosure - Note 15. Related Party Transactions (Tables) Sheet http://biglariholdings.com/role/Note15.RelatedPartyTransactionsTables Note 15. Related Party Transactions (Tables) Tables http://biglariholdings.com/role/Note15.RelatedPartyTransactions 35 false false R36.htm 00000036 - Disclosure - Note 16. Business Segment Reporting (Tables) Sheet http://biglariholdings.com/role/Note16.BusinessSegmentReportingTables Note 16. Business Segment Reporting (Tables) Tables http://biglariholdings.com/role/Note16.BusinessSegmentReporting 36 false false R37.htm 00000037 - Disclosure - Note 2. New Accounting Standards (Details) Sheet http://biglariholdings.com/role/Note2.NewAccountingStandardsDetails Note 2. New Accounting Standards (Details) Details http://biglariholdings.com/role/Note2.NewAccountingStandardsTables 37 false false R38.htm 00000038 - Disclosure - Note 3. Earnings Per Share (Details) Sheet http://biglariholdings.com/role/Note3.EarningsPerShareDetails Note 3. Earnings Per Share (Details) Details http://biglariholdings.com/role/Note3.EarningsPerShareTables 38 false false R39.htm 00000039 - Disclosure - Note 4. Investments (Details) Sheet http://biglariholdings.com/role/Note4.InvestmentsDetails Note 4. Investments (Details) Details http://biglariholdings.com/role/Note4.InvestmentsTables 39 false false R40.htm 00000040 - Disclosure - Note 5. Investment Partnerships (Details) Sheet http://biglariholdings.com/role/Note5.InvestmentPartnershipsDetails Note 5. Investment Partnerships (Details) Details http://biglariholdings.com/role/Note5.InvestmentPartnershipsTables 40 false false R41.htm 00000041 - Disclosure - Note 5. Investment Partnerships (Details 1) Sheet http://biglariholdings.com/role/Note5.InvestmentPartnershipsDetails1 Note 5. Investment Partnerships (Details 1) Details http://biglariholdings.com/role/Note5.InvestmentPartnershipsTables 41 false false R42.htm 00000042 - Disclosure - Note 5. Investment Partnerships (Details 2) Sheet http://biglariholdings.com/role/Note5.InvestmentPartnershipsDetails2 Note 5. Investment Partnerships (Details 2) Details http://biglariholdings.com/role/Note5.InvestmentPartnershipsTables 42 false false R43.htm 00000043 - Disclosure - Note 5. Investment Partnerships (Details 3) Sheet http://biglariholdings.com/role/Note5.InvestmentPartnershipsDetails3 Note 5. Investment Partnerships (Details 3) Details http://biglariholdings.com/role/Note5.InvestmentPartnershipsTables 43 false false R44.htm 00000044 - Disclosure - Note 5. Investment Partnerships (Details Narrative) Sheet http://biglariholdings.com/role/Note5.InvestmentPartnershipsDetailsNarrative Note 5. Investment Partnerships (Details Narrative) Details http://biglariholdings.com/role/Note5.InvestmentPartnershipsTables 44 false false R45.htm 00000045 - Disclosure - Note 6. Property and Equipment (Details) Sheet http://biglariholdings.com/role/Note6.PropertyAndEquipmentDetails Note 6. Property and Equipment (Details) Details http://biglariholdings.com/role/Note6.PropertyAndEquipmentTables 45 false false R46.htm 00000046 - Disclosure - Note 7. Goodwill and Other Intangible Assets (Details) Sheet http://biglariholdings.com/role/Note7.GoodwillAndOtherIntangibleAssetsDetails Note 7. Goodwill and Other Intangible Assets (Details) Details http://biglariholdings.com/role/Note7.GoodwillAndOtherIntangibleAssetsTables 46 false false R47.htm 00000047 - Disclosure - Note 7. Goodwill and Other Intangible Assets (Details 1) Sheet http://biglariholdings.com/role/Note7.GoodwillAndOtherIntangibleAssetsDetails1 Note 7. Goodwill and Other Intangible Assets (Details 1) Details http://biglariholdings.com/role/Note7.GoodwillAndOtherIntangibleAssetsTables 47 false false R48.htm 00000048 - Disclosure - Note 7. Goodwill and Other Intangible Assets (Details Narrative) Sheet http://biglariholdings.com/role/Note7.GoodwillAndOtherIntangibleAssetsDetailsNarrative Note 7. Goodwill and Other Intangible Assets (Details Narrative) Details http://biglariholdings.com/role/Note7.GoodwillAndOtherIntangibleAssetsTables 48 false false R49.htm 00000049 - Disclosure - Note 8. Restaurant Operations Revenues (Details) Sheet http://biglariholdings.com/role/Note8.RestaurantOperationsRevenuesDetails Note 8. Restaurant Operations Revenues (Details) Details http://biglariholdings.com/role/Note8.RestaurantOperationsRevenuesTables 49 false false R50.htm 00000050 - Disclosure - Note 8. Restaurant Operations Revenues (Details Narrative) Sheet http://biglariholdings.com/role/Note8.RestaurantOperationsRevenuesDetailsNarrative Note 8. Restaurant Operations Revenues (Details Narrative) Details http://biglariholdings.com/role/Note8.RestaurantOperationsRevenuesTables 50 false false R51.htm 00000051 - Disclosure - Note 9. Accounts Payable and Accrued Expenses (Details) Sheet http://biglariholdings.com/role/Note9.AccountsPayableAndAccruedExpensesDetails Note 9. Accounts Payable and Accrued Expenses (Details) Details http://biglariholdings.com/role/Note9.AccountsPayableAndAccruedExpenses 51 false false R52.htm 00000052 - Disclosure - Note 10. Notes Payable and Other Borrowings (Details) Notes http://biglariholdings.com/role/Note10.NotesPayableAndOtherBorrowingsDetails Note 10. Notes Payable and Other Borrowings (Details) Details http://biglariholdings.com/role/Note10.NotesPayableAndOtherBorrowingsTables 52 false false R53.htm 00000053 - Disclosure - Note 10. Notes Payable and Other Borrowings (Details Narrative) Notes http://biglariholdings.com/role/Note10.NotesPayableAndOtherBorrowingsDetailsNarrative Note 10. Notes Payable and Other Borrowings (Details Narrative) Details http://biglariholdings.com/role/Note10.NotesPayableAndOtherBorrowingsTables 53 false false R54.htm 00000054 - Disclosure - Note 11. Accumulated Other Comprehensive Income (Details) Sheet http://biglariholdings.com/role/Note11.AccumulatedOtherComprehensiveIncomeDetails Note 11. Accumulated Other Comprehensive Income (Details) Details http://biglariholdings.com/role/Note11.AccumulatedOtherComprehensiveIncomeTables 54 false false R55.htm 00000055 - Disclosure - Note 12. Income Taxes (Details Narrative) Sheet http://biglariholdings.com/role/Note12.IncomeTaxesDetailsNarrative Note 12. Income Taxes (Details Narrative) Details http://biglariholdings.com/role/Note12.IncomeTaxes 55 false false R56.htm 00000056 - Disclosure - Note 14. Fair Value of Financial Assets (Details) Sheet http://biglariholdings.com/role/Note14.FairValueOfFinancialAssetsDetails Note 14. Fair Value of Financial Assets (Details) Details http://biglariholdings.com/role/Note14.FairValueOfFinancialAssetsTables 56 false false R57.htm 00000057 - Disclosure - Note 15. Related Party Transactions (Details) Sheet http://biglariholdings.com/role/Note15.RelatedPartyTransactionsDetails Note 15. Related Party Transactions (Details) Details http://biglariholdings.com/role/Note15.RelatedPartyTransactionsTables 57 false false R58.htm 00000058 - Disclosure - Note 16. Business Segment Reporting (Details) Sheet http://biglariholdings.com/role/Note16.BusinessSegmentReportingDetails Note 16. Business Segment Reporting (Details) Details http://biglariholdings.com/role/Note16.BusinessSegmentReportingTables 58 false false R59.htm 00000059 - Disclosure - Note 16. Business Segment Reporting (Details 1) Sheet http://biglariholdings.com/role/Note16.BusinessSegmentReportingDetails1 Note 16. Business Segment Reporting (Details 1) Details http://biglariholdings.com/role/Note16.BusinessSegmentReportingTables 59 false false All Reports Book All Reports bh-20180630.xml bh-20180630.xsd bh-20180630_cal.xml bh-20180630_def.xml bh-20180630_lab.xml bh-20180630_pre.xml http://xbrl.sec.gov/dei/2018-01-31 http://fasb.org/us-gaap/2018-01-31 http://fasb.org/srt/2018-01-31 true true ZIP 76 0000921895-18-002184-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000921895-18-002184-xbrl.zip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end