Business Segment Reporting

9 Months Ended

Jul. 06, 2011

Segment Reporting [Abstract]

Business Segment Reporting

22. Business Segment Reporting

Net revenue and earnings before income taxes and noncontrolling interests by segment data for the twelve and forty weeks ended July 6, 2011 and July 7, 2010 were as follows:

	Net Revenue
	Twelve Weeks					Forty Weeks
	2011		2010			2011	2010
Operating Business:
Restaurant Operations:
Steak n Shake	$	165,228	$	158,047		$   524,266	$   506,521
Western	4,336		4,416			11,825	4,416	*
Total Restaurant Operations	169,564		162,463			536,091	510,937
Investment Management:
Management fees		—		137		224	137
Consolidated affiliated partnerships	1,297		(1,688		)	4,545	(1,688	)
Total Investment Management Operations	1,297		(1,551		)	4,769	(1,551	)
	$   170,861		$   160,912			$   540,860	$   509,386

	Earnings before income taxes and noncontrolling interests												Net earnings attributable to Biglari Holdings Inc.
	Twelve Weeks						Forty Weeks						Twelve Weeks				Forty Weeks
	2011			2010			2011			2010			2011		2010		2011		2010
Operating Business:
Restaurant Operations:
Steak n Shake	$	9,534		$	12,034		$	28,294		$	28,586		$     7,226		$     7,981		$   20,425		$   19,404
Western	818			488			1,681			488		*	500		251		1,029		251	*
Total Restaurant Operations	10,352			12,522			29,975			29,074			7,726		8,232		21,454		19,655
Investment Management:
Management fees		—			137			224			137		—		85		139		85
Incentive fee reallocation		—			—			2,510			—		—		—		1,535		—
Consolidated affiliated partnerships	2,702			(1,457		)	4,543			(1,457		)	1,889		481		2,154		481
Total Investment Management Operations	2,702			(1,320		)	7,277			(1,320		)	1,889		566		3,828		566
Corporate and Other:
Corporate and other .........................................................	(2,837		)	(1,783		)	(6,430		)	(2,636		)	(1,846	)	(797	)	(4,456	)	(1,786	)
Investment and derivative gains/losses	934			1,162			4,385			1,996			589		690		2,763		1,257
Total Corporate and Other	(1,903		)	(621		)	(2,045		)	(640		)	(1,257	)	(107	)	(1,693	)	(529	)
Reconciliation of segments to consolidated amount:
Eliminations	—			—			(2,510		)	—			318		—		195		—
	$      11,151			$     10,581			$     32,697			$     27,114			$     8,676		$     8,691		$   23,784		$   19,692

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* Includes revenues and earnings from March 31, 2010.

Biglari Capital, the general partner of the Lion Fund, earned a $5,199 incentive allocation fee; however, $2,689 is eliminated, for that amount represents the Company’s fee as a limited partner, which is uncharged because the Company owns the general partner. The remaining $2,510 is an incentive fee that is charged and reallocated from outside limited partners of the Lion Fund. The incentive fee is assessed only once a year in the calendar year end quarter, and no predictability of such earnings exists because the Lion Fund’s annual performance is unpredictable.