X0202 4 2006-02-08 0 0000093859 STEAK & SHAKE CO SNS 0001242862 GEIGER DUANE 36 S. PENNSYLVANIA SUITE 500 INDIANAPOLIS IN 46204 0 1 0 0 VP, Controller Common Stock 2006-02-08 5 A 0 E 4400 0 A 26359 D Option 19.75 2005-09-14 2010-09-14 Common Stock 4000 4000 D Option 17.47 2006-02-08 4 A 0 7500 0 A 2007-02-08 2016-02-08 Common Stock 7500 7500 D These shares were granted under the Company's Capital Appreciation Plan, an employee benefit plan under Section 16(b)(3) which has been approved by the Company's shareholders. There is a three-year restriction on the transfer of these shares. These options vest 20% on the date of grant and 20% each anniversary thereof until fully vested. These options vest over a five-year period, with 25% vesting on the first anniversary of the date of grant and the remainder vesting on subsequent anniversaries. David C. Milne, Attorney in Fact 2006-02-10