-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 ELLFjea6uqWotPjCLmcsX4xz32WmpRDJ8ZriALO+AGp9X5eRh7kitEOnZt0klQ5i
 2FLcxWUtL4K3vMsroPfmHA==

<SEC-DOCUMENT>0001179110-03-006826.txt : 20030903
<SEC-HEADER>0001179110-03-006826.hdr.sgml : 20030903
<ACCEPTANCE-DATETIME>20030903215309
ACCESSION NUMBER:		0001179110-03-006826
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030902
FILED AS OF DATE:		20030903

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IHOP CORP
		CENTRAL INDEX KEY:			0000049754
		STANDARD INDUSTRIAL CLASSIFICATION:	PATENT OWNERS & LESSORS [6794]
		IRS NUMBER:				953038279
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		450 N BRAND BLVD 3RD FLR
		CITY:			GLENDALE
		STATE:			CA
		ZIP:			91203-1903
		BUSINESS PHONE:		8182406055

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HULSEY NEVEN C
		CENTRAL INDEX KEY:			0001258296

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15283
		FILM NUMBER:		03880269

	MAIL ADDRESS:	
		STREET 1:		450 NORTH BRAND BLVD 7TH FL
		CITY:			GLENDALE
		STATE:			CA
		ZIP:			91203
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-09-02</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000049754</issuerCik>
        <issuerName>IHOP CORP</issuerName>
        <issuerTradingSymbol>IHP</issuerTradingSymbol>
</issuer>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001258296</rptOwnerCik>
            <rptOwnerName>HULSEY NEVEN C</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>450 N. BRAND BOULEVARD - FLR 7</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>GLENDALE</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>91203</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle></officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<nonDerivativeTable><nonDerivativeHolding><securityTitle><value>Common Stock, $0.1 par value</value>
</securityTitle>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>10000</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeHolding>
</nonDerivativeTable>
<derivativeTable><derivativeTransaction><securityTitle><value>Options</value>
</securityTitle>
<conversionOrExercisePrice><value>28.11</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-05-21</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>A</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>1667</value>
</transactionShares>
<transactionPricePerShare><value>28.11</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2004-05-21</value>
</exerciseDate>
<expirationDate><value>2013-05-21</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>1667</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>26667</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
<derivativeTransaction><securityTitle><value>Options</value>
</securityTitle>
<conversionOrExercisePrice><value>28.11</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-05-21</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>A</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>1667</value>
</transactionShares>
<transactionPricePerShare><value>28.11</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2005-05-21</value>
</exerciseDate>
<expirationDate><value>2013-05-21</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>1667</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>28334</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
<derivativeTransaction><securityTitle><value>Options</value>
</securityTitle>
<conversionOrExercisePrice><value>28.11</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-05-21</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>A</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>1666</value>
</transactionShares>
<transactionPricePerShare><value>28.11</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2006-05-21</value>
</exerciseDate>
<expirationDate><value>2013-05-21</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>1666</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>30000</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
<derivativeTransaction><securityTitle><value>Options</value>
</securityTitle>
<conversionOrExercisePrice><value>16.3719</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-09-02</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>4200</value>
</transactionShares>
<transactionPricePerShare><value>35.45</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2003-05-17</value>
</exerciseDate>
<expirationDate><value>2010-05-17</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>4200</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>25800</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
<derivativeTransaction><securityTitle><value>Options</value>
</securityTitle>
<conversionOrExercisePrice><value>16.3719</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-09-02</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>800</value>
</transactionShares>
<transactionPricePerShare><value>35.65</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2003-05-17</value>
</exerciseDate>
<expirationDate><value>2010-05-17</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>800</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>25000</value>
<footnoteId id="F1"></footnoteId>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
</derivativeTable>
<footnotes><footnote id="F1">Granted pursuant to the IHOP Corp. 1994 Stock Option Plan for Non-Employee Directors.</footnote>
</footnotes>
<ownerSignature><signatureName>Neven C. Hulsey</signatureName>
<signatureDate>2003-09-03</signatureDate>
</ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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