X0202 3 2007-12-20 0 0000093859 STEAK & SHAKE CO SNS 0001334426 LION FUND, L.P. 9311 SAN PEDRO AVENUE, SUITE 1440 SAN ANTONIO TX 78216 0 0 1 1 See Footnote 2 0001334429 BIGLARI CAPITAL CORP. C/O THE LION FUND L.P. 9311 SAN PEDRO AVENUE, SUITE 1440 SAN ANTONIO TX 78216 0 0 1 1 See Footnote 2 0001334430 BIGLARI, SARDAR C/O THE LION FUND L.P. 9311 SAN PEDRO AVENUE, SUITE 1440 SAN ANTONIO TX 78216 0 0 1 1 See Footnote 2 0000930686 WESTERN SIZZLIN CORP 416 SOUTH JEFFERSON STREET, SUITE 600 ROANOKE VA 24011 0 0 1 1 See Footnote 2 0001422112 Western Acquisitions L.P. 416 SOUTH JEFFERSON STREET, SUITE 600 ROANOKE VA 24011 0 0 1 1 See Footnote 2 0001422110 Western Investments Inc. 416 SOUTH JEFFERSON STREET, SUITE 600 ROANOKE VA 24011 0 0 1 1 See Footnote 2 0001346563 COOLEY PHILIP L C/O TRINITY UNIVERSITY ONE TRINITY PLACE SAN ANTONIO TX 78212 0 0 1 1 See Footnote 2 Common Stock, par value $.50 929200 D Common Stock, par value $.50 6300 I By Philip L. Cooley Common Stock, par value $.50 1340445 I By Western Acquisitions L.P. Call Options (Right to Buy) 15.00 2007-07-25 2007-12-22 Common Stock, par value $.50 20000 D Call Options (Right to Buy) 15.00 2007-07-06 2007-12-22 Common Stock, par value $.50 4000 I By Western Sizzlin Corp. Call Options (Right to Buy) 15.00 2007-07-11 2007-12-22 Common Stock, par value $.50 50000 I By Western Sizzlin Corp. Call Options (Right to Buy) 12.50 2007-07-11 2007-12-22 Common Stock, par value $.50 5000 I By Western Sizzlin Corp. Call Options (Right to Buy) 15.00 2007-07-12 2007-12-22 Common Stock, par value $.50 11000 I By Western Sizzlin Corp. Call Options (Right to Buy) 12.50 2007-07-12 2007-12-22 Common Stock, par value $.50 1000 I By Western Sizzlin Corp. Call Options (Right to Buy) 15.00 2007-07-13 2007-12-22 Common Stock, par value $.50 10000 I By Western Sizzlin Corp. Call Options (Right to Buy) 15.00 2007-07-16 2007-12-22 Common Stock, par value $.50 50000 I By Western Sizzlin Corp. Call Options (Right to Buy) 15.00 2007-07-17 2007-12-22 Common Stock, par value $.50 10000 I By Western Sizzlin Corp. Call Options (Right to Buy) 15.00 2007-07-19 2007-12-22 Common Stock, par value $.50 46100 I By Western Sizzlin Corp. Call Options (Right to Buy) 12.50 2007-07-19 2007-12-22 Common Stock, par value $.50 1000 I By Western Sizzlin Corp. Call Options (Right to Buy) 12.50 2007-07-20 2007-12-22 Common Stock, par value $.50 1000 I By Western Sizzlin Corp. Call Options (Right to Buy) 15.00 2007-07-24 2007-12-22 Common Stock, par value $.50 100000 I By Western Sizzlin Corp. Call Options (Right to Buy) 12.50 2007-07-24 2007-12-22 Common Stock, par value $.50 20000 I By Western Sizzlin Corp. Call Options (Right to Buy) 15.00 2007-07-10 2007-12-22 Common Stock, par value $.50 190000 I By Western Sizzlin Corp. Call Options (Right to Buy) 15.00 2007-07-25 2007-12-22 Common Stock, par value $.50 50000 I By Western Sizzlin Corp. Call Options (Right to Buy) 15.00 2007-07-31 2007-12-22 Common Stock, par value $.50 5000 I By Western Sizzlin Corp. Call Options (Right to Buy) 12.50 2007-07-31 2007-12-22 Common Stock, par value $.50 6000 I By Western Sizzlin Corp. Call Options (Right to Buy) 15.00 2007-07-18 2007-12-22 Common Stock, par value $.50 1000 I By Western Sizzlin Corp. Each of the Reporting Persons may be deemed to beneficially own the securities of the Issuer reported in this Form 3 by virtue of being a member of a Section 13(d) group with respect to the securities of the Issuer. Each of the Reporting Persons disclaims beneficial ownership of the securities reported in this Form 3 except to the extent of his or its pecuniary interest therein. On December 20, 2007, the aggregate beneficial ownership by the Reporting Persons of shares of common stock of the Issuer exceeded 10% of the outstanding shares. As a result of the expiration on December 22, 2007 of American-style call options owned by certain of the Reporting Persons, the aggregate beneficial ownership by the Reporting Persons of the shares is now less than 10% of the outstanding shares. Accordingly, the Reporting Persons are no longer subject to Section 16 of the Securities Exchange Act of 1934, as amended. Includes 2,000 shares held directly by Philip Cooley's spouse. By: The Lion Fund L.P., By: Biglari Capital Corp., General Partner, By: Sardar Biglari, Chief Executive Officer 2007-12-31 By: By: Sardar Biglari, Chief Executive Officer 2007-12-31 /s/ Biglari, Sardar 2007-12-31 By: By: Sardar Biglari, Chief Executive Officer 2007-12-31 /s/ Western Acquisitions L.P., 2007-12-31 By: Sardar Biglari, Chief Executive Officer 2007-12-31 By: By: Sardar Biglari, Attorney In Fact 2007-12-31