SEC FORM 4/A

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

ARAMIAN S SUE

(Last)

(First)

(Middle)

36 S. PENNSYLVANIA, SUITE 550

(Street)

INDIANAPOLIS

46204

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
STEAK & SHAKE CO [ SNS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2003

4. If Amendment, Date of Original Filed (Month/Day/Year)
08/19/2003

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	08/15/2003		S		400	D	$15.15	84,781	I	Kelley & Partners II L.P.⁽³⁾
Common Stock	08/18/2003		S		600	D	$15.12	84,181	I	Kelley & Partners II LP⁽³⁾
Common Stock	08/18/2003		S		2,000	D	$15.26	82,181	I	Kelley & Partners II L.P.⁽³⁾
Common Stock	08/18/2003		S		2,000	D	$15.37	80,181	I	Kelley & Partners II L.P.⁽³⁾
Common Stock								13,000	I	Company's Capital Appreciation Plan⁽²⁾
Common Stock								405,334⁽¹⁾	I	Kelley & Partners L.P.⁽²⁾⁽³⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The transactions reported in the August 19, 2003 Form 4 filed by Ms. Aramian were erroneously attributed to Kelley & Partners, L.P. instead of Kelley & Partners II, L.P. Further, Kelley & Partners, L.P. was erroneously credited with pre-transaction ownership of 407,334 shares, rather than the correct figure, 405,334.

2. The Form 4 filed in conjunction with the reported transactions was done at a time when the system did not allow the reporting of holdings that were not the subject of a transaction. Accordingly, all of Ms. Aramian's indirect holdings were grouped together whith those held by the entity that engaged in the reported transaction. With the system's current ability to break out various types of holdings Ms. Aramian has shown each form of indirect holding separately in this Form 4-A.

3. Ms. Aramian is the reporting person and Managing General Partner for Kelley & Partners, II, L.P. and Kelley & Partners, L.P. She disclaims any beneficial ownership in the reported shares except to the extent of her pecuniary interest therein. On the Form 4 filed in conjunction with the reported transactions Kelley & Partners, L.P. was credited with the reported sales, rather than Kelley & Partners II, L.P., which was the entity that engaged in the reported transaction.

Remarks:

	David C. Milne; Attorney in fact	09/12/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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