X0202 4 2007-02-06 0 0000093859 STEAK & SHAKE CO SNS 0001243506 RISK J FRED 7801 N. PENNSYLVANIA ST. INDIANAPOLIS IN 46240 1 0 0 0 Common Stock 2007-02-07 4 S 0 800 18 D 102958 D Common Stock 723 I Held by Mr. Risk's Spouse Option 18.26 2005-02-09 2009-11-17 Common Stock 5000 5000 D Option 19.22 2005-11-08 2010-11-08 Common Stock 5000 5000 D Option 17.98 2003-11-12 2008-11-12 Common Stock 5000 5000 D Option 17.72 2007-02-06 4 A 0 5000 0 A 2008-02-06 2012-02-06 Common Stock 5000 5000 D These options were conditionally granted on 11-17-04, subject to shareholder approval on 2-9-05. 20% vested on the date of shareholder approval and an additional 20% vest on each anniversary of the conditional grant date. These Options vest at a rate of 20% on date of grant and 20% each anniversary thereafter until fully vested. These shares were sold pursuant to a Rule 10b5-1 plan that was put in place between Mr. Risk and his broker. These options vest at a rate of 25% on the first anniversary of the grant and an equal amount each year thereafter until fully vested. David C. Milne; Attorney-in-fact 2007-02-08