X0202 4 2007-02-06 0 0000093859 STEAK & SHAKE CO SNS 0001261988 MILNE DAVID C 36 S. PENNSYLVANIA SUITE 500 INDIANAPOLIS IN 46204 0 1 0 0 General Counsel; Secretary Common Stock 2006-02-06 4 S 0 1800 17.92 D 10556 D Common Stock 2007-02-06 4 S 0 200 17.9 D 10356 D Common Stock 2007-02-06 4 A 0 4200 0 A 14556 D Option 17.14 2004-08-04 2009-08-04 Common Stock 5000 5000 D Option 15.1 2002-06-21 2007-06-21 Common Stock 2100 2100 D Option 19.75 2005-09-14 2010-09-14 Common Stock 6000 6000 D Option 17.47 2007-02-08 2016-02-08 Common Stock 6900 6900 D Option 19.71 2005-02-21 2010-02-21 Common Stock 1574 1574 D Option 17.72 2007-02-06 4 A 0 6700 0 A 2008-02-06 2017-02-06 Common Stock 6700 6700 D Option 17.17 2006-09-29 2011-09-29 Common Stock 288 288 D These options vest over a five year period, with 20% vesting on the date of grant and the remainder on each anniversary thereof in 20% increments. These options vest over a ten-year period, with 25% vesting on the first anniversary of the date of grant and the remainder vesting on subsequent anniversaries. These shares were granted to Mr. Milne under the Company's Capital Appreciation Plan, an employee benefit plan under Section 16(b)(3) that was approved by the Company's shareholders. The restriction on transfer expires three years from the date of grant. These are "Reload" options granted under the Company's Employee Stock Option plan. They are fully vested on the date of grant and expire five years from date of grant. David C. Milne 2007-02-08