SEC FORM 4

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^*

CAREY WILLIAM RUSSELL JR

(Last)

(First)

(Middle)

C/O OUTBACK STEAKHOUSE, INC.

2202 N. WEST SHORE BLVD., 5TH FLOOR

(Street)

TAMPA

33607

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
OUTBACK STEAKHOUSE INC [ OSI ]

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)
08/03/2005

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)
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, par value $.01	08/03/2005		S		900	D	$46	44,100	D
Common Stock, par value $.01	08/03/2005		S		600	D	$46.01	43,500	D
Common Stock, par value $.01	08/03/2005		S		3,100	D	$46.02	40,400	D
Common Stock, par value $.01	08/03/2005		S		300	D	$46.03	40,100	D
Common Stock, par value $.01	08/03/2005		S		300	D	$46.04	39,800	D
Common Stock, par value $.01	08/03/2005		S		1,400	D	$46.05	38,400	D
Common Stock, par value $.01	08/03/2005		S		700	D	$46.06	37,700	D
Common Stock, par value $.01	08/03/2005		S		300	D	$46.07	37,400	D
Common Stock, par value $.01	08/03/2005		S		200	D	$46.08	37,200	D
Common Stock, par value $.01	08/03/2005		S		1,100	D	$46.09	36,100	D
Common Stock, par value $.01	08/03/2005		S		200	D	$46.1	35,900	D
Common Stock, par value $.01	08/03/2005		S		200	D	$46.11	35,700	D
Common Stock, par value $.01	08/03/2005		S		400	D	$46.12	35,300	D
Common Stock, par value $.01	08/03/2005		S		2,400	D	$46.13	32,900	D
Common Stock, par value $.01	08/03/2005		S		500	D	$46.14	32,400	D
Common Stock, par value $.01	08/03/2005		S		200	D	$46.16	32,200	D
Common Stock, par value $.01	08/03/2005		S		100	D	$46.17	32,100	D
Common Stock, par value $.01	08/03/2005		S		300	D	$46.18	31,800	D
Common Stock, par value $.01	08/03/2005		S		900	D	$46.19	30,900	D
Common Stock, par value $.01	08/03/2005		S		900	D	$46.26	30,000	D
Common Stock, par value $.01	08/03/2005		S		4,200	D	$46.3	25,800	D
Common Stock, par value $.01	08/03/2005		S		1,000	D	$46.33	24,800	D
Common Stock, par value $.01	08/03/2005		S		400	D	$46.34	24,400	D
Common Stock, par value $.01	08/03/2005		S		2,500	D	$46.35	21,900	D
Common Stock, par value $.01	08/03/2005		S		1,600	D	$46.36	20,300	D
Common Stock, par value $.01	08/03/2005		S		500	D	$46.37	19,800	D
Common Stock, par value $.01	08/03/2005		S		600	D	$46.38	19,200	D
Common Stock, par value $.01	08/03/2005		S		1,800	D	$46.39	17,400	D
Common Stock, par value $.01	08/03/2005		S		10,800	D	$46.4	6,600	D
Common Stock, par value $.01	08/03/2005		S		1,000	D	$46.41	5,600	D

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)
Phantom Stock Units ("PSU")	⁽¹⁾							⁽²⁾	⁽²⁾	Common Stock	7,095.33		7,095.33⁽²⁾	D

Explanation of Responses:

1. The security converts to common stock on a one-to-one basis.

2. Derivative securities beneficially owned as of the end of reporting period include: (i) 568.70 PSU accrued in 1997 at prices ranging from $15.840 to $17.669; (ii) 466.93 PSU accrued in 1998 at prices ranging from $18.070 to $24.697; (iii) 336.37 PSU accrued in 1999 at prices ranging from $25.33 to $36.68; (iv) 650.79 PSU accrued in 2000 at prices ranging from $23.603 to $29.821; (v) 788.10 PSU accrued in 2001 at prices ranging from $24.85 to $27.98; (vi) 691.69 PSU accrued in 2002 at prices ranging from $28.00 to $37.38; (vii) 674.07 PSU accrued in 2003 at prices ranging from $33.82 to $38.64; (viii) 1584.12 PSU accrued in 2004 at prices ranging from $40.38 to $48.36; and (ix) 898.03 PSU accrued in 2005 at prices ranging from $44.24 to $46.05, all such PSU are to be settled 100% in the Company's common stock upon cessation as a director of the Company.

Remarks:

This is the first of two Form 4s filed by the reporting person on the same date, August 4, 2005.

	/s/ Kelly B. Lefferts, Attorney-in-Fact	08/04/2005
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.