X0202 4 2007-05-14 0 0000093859 STEAK & SHAKE CO SNS 0001242895 GILMAN ALAN B 500 CENTURY BLDG. 36 S. PENNSYLVANIA INDIANAPOLIS IN 46204 1 0 0 0 Common Stock 2007-05-15 4 F 0 23787 15.87 D 341846 D Common Stock 2007-05-15 4 M 0 25000 15.1 A 366846 D Option 17.14 2004-08-04 2009-08-04 Common Stock 25000 25000 D Option 19.75 2005-09-14 2010-09-14 Common Stock 25000 25000 D Option 16.51 2008-05-08 2012-05-08 Common Stock 5000 5000 D Option 14.14 2003-04-29 2008-04-29 Common Stock 27500 27500 D Option 14.93 2003-07-02 2008-07-02 Common Stock 10000 10000 D Option 18.85 2004-01-12 2009-01-12 Common Stock 7877 7877 D Option 17.14 2004-05-06 2009-05-06 Common Stock 27500 27500 D Option 17.47 2007-02-08 2016-02-08 Common Stock 25000 25000 D Option 15.10 2007-05-15 4 M 0 25000 0 A 2002-06-21 2007-06-21 Common Stock 25000 0 D Option 15.87 2007-05-15 4 A 0 23787 0 A 2007-05-15 2012-05-15 Common Stock 23787 23787 D The options granted to Mr. Gilman vest on a five-year graduated basis, with 20% vested immediately and an additional 20% vesting each anniversary of the date of grant thereafter. 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. These options are "reload" options granted under the Company's Employee Stock Option Plan. They are immediately vested and expire five (5) years after the date of grant. David C. Milne Attorney in Fact 2007-05-14