Quarterly Financial Data (Unaudited)

12 Months Ended

Sep. 28, 2011

Notes to Financial Statements

Quarterly Financial Data (Unaudited)

		1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
For the year ended September 28, 2011 (52 weeks) (1)
Total net revenues		$	158,722	$	211,277	$	170,861	$	168,340
Gross profit (2)			39,090		47,713		40,432		43,236
Costs and expenses			145,690		199,225		157,692		154,098
Earnings before income taxes			13,106		8,440		11,151		15,134
Net earnings attributable to Biglari Holdings Inc.			9,463		5,645		8,676		10,781
Basic earnings per common and common equivalent share		$	7.13	$	4.25	$	6.52	$	8.09
Diluted earnings per common and common equivalent share		$	7.08	$	4.23	$	6.49	$	8.08
For the year ended September 29, 2010 (52 weeks) (1)
Total net revenues		$	149,358	$	199,117	$	160,924	$	164,382
Gross profit (2)			36,197		44,631		41,503		39,623
Costs and expenses			138,945		187,764		148,123		148,932
Earnings before income taxes			8,178		8,355		10,581		14,326
Net earnings attributable to Biglari Holdings Inc.			5,477		5,524		8,691		8,402
Basic earnings per common and common equivalent share		$	3.84	$	3.87	$	6.27	$	6.30
Diluted earnings per common and common equivalent share		$	3.82	$	3.84	$	6.23	$	6.26
(1)	Our fiscal year includes quarters consisting of 12, 16, 12 and 12 weeks, respectively, except for years where we have 53 weeks in which case the fourth quarter includes 13 weeks
(2)	We define Gross profit as Net sales less Cost of sales and Restaurant operating costs, which excludes Depreciation and amortization