Andersons, Inc. — Director's Dealing 2011

Feb 18, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ANDERSONS INC (ANDE)
CIK: 0000821026
Period of Report: 2011-02-16

Reporting Person: Conrad Nicholas C (VP Finance & Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-16	COMMON STOCK	S	100	$48.70	Disposed	9671.405	Direct
2011-02-16	COMMON STOCK	G	112	$48.83	Disposed	9559.405	Direct
2011-02-18	COMMON STOCK	M	300	$42.30	Acquired	9859.405	Direct
2011-02-18	COMMON STOCK	F	274	$49.17	Disposed	9585.405	Direct
2011-02-18	COMMON STOCK	M	1150	$39.115	Acquired	10735.405	Direct
2011-02-18	COMMON STOCK	F	999	$49.17	Disposed	9736.405	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-18	SOSAR	$39.115	M	1150	Disposed	2011-04-01	COMMON STOCK (1150)	Direct
2011-02-18	SOSAR	$42.30	M	300	Disposed	2012-03-31	COMMON STOCK (300)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
PERFORMANCE SHARE UNIT	1530	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
SOSAR	$46.26	2013-04-01	COMMON STOCK (1100)	1100	Direct
SOSAR	$11.02	2014-03-31	COMMON STOCK (1046)	1046	Direct
SOSAR	$32.75	2015-04-01	COMMON STOCK (2200)	2200	Direct

Footnotes

F1: Stock performance unit granted pursuant to The Andersons, Inc. Plan. Units vest 100% in 3 years contingent on cumulative EPS. Number of underlying shares are determined by the three-year cumulative fully diluted EPS for the performance period.