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)
550 CENTURY BLDG
36 S PENNSYLVANIA
(Street)
INDIANAPOLIS IN 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)
 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)
Code V Amount (A) or (D) Price
Common Stock 08/07/2003 Z 282,332(1) A (2) 290,582 D(3)
Common Stock 08/15/2003 S 400(4) D $15.15 505,115 I See Footnote(5)
Common Stock 08/18/2003 S 600 D $15.12 504,515 I See Footnote(6)
Common Stock 08/18/2003 S 2,000 D $15.26 502,515 I See Footnote(7)
Common Stock 08/18/2003 S 2,000 D $15.37 500,151 I See Footnote(8)
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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
1. This is neither an acquisition nor a disposal. This transaction reflects the withdrawal of shares from the Kelley-Aramian Voting Trust which Ms. Aramian otherwise controlled.
2. Not applicable
3. The referenced transaction represents the withdrawal of 282,332 shares from the Kelley-Aramian Voting Trust which were previously reported as indirectly owned. This transaction was exempt from immediate reporting pursuant to Rule 16a-3(f)(1)(i) and Rule 16b-8.
4. This transaction reflects the sale of 400 shares by Kelley & Partners, L.P., of which Ms. Aramian is a managing General Partner. Partnership transactions were, until July 4, 2003, reported by Managing General Partner E.W. Kelley. E.W. Kelley was the Chairman of the captioned corporation and passed away on July 4, 2003. Ms. Aramian is now the reporting person for Kelley & Partners, L.P., as well as Kelley & Partners II, L.P.
5. Also held indirectly are 13,000 shares under The Steak n Shake Company's Capital Appreciation Plan, 406,934 shares by Kelley & Partners, L.P., which is the subject of the reported transaction and of which Ms. Aramian is the managing General Partner and the reporting person; Ms. Aramian disclaims beneficial ownership of the reported securities except to the extent of her pecuniary interest therein; 85,181 shares owned by Kelley & Partners II, L.P. of which Ms. Aramian is managing General Partner and, as of July 4, 2003, is the reporting person.
6. This transaction reflects the sale of 600 shares of Kelley & Partners, L.P., for which Ms. Aramian is the reporting person. A full description of Ms. Aramian's indirect holdings is set forth in Footnote 4. Kelley & Partners, L.P. owns 406,334 shares after the transaction reported on this row.
7. This transaction reflects the sale of 2,000 shares of Kelley & Partners, L.P., for which Ms. Aramian is the reporting person. A full description of Ms. Aramian's indirect holdings is set forth in Footnote 4. Kelley & Partners, L.P. owns 404,334 shares after the transaction reported on this row.
8. This transaction reflects the sale of 2,000 shares of Kelley & Partners, L.P., for which Ms. Aramian is the reporting person. A full description of Ms. Aramian's indirect holdings is set forth in Footnote 4. Kelley & Partners, L.P. owns 402,334 shares after the transaction reported on this row.
David Milne, Attorney-in-fact for Sue S. Armanian 08/19/2003
** 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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