Andersons, Inc. — Director's Dealing 2011

Feb 23, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ANDERSONS INC (ANDE)
CIK: 0000821026
Period of Report: 2011-02-18

Reporting Person: GEORGE RICHARD R (Vice President & Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-18	COMMON STOCK	F	140	$49.17	Disposed	22034	Indirect
2011-02-18	COMMON STOCK	M	2800	$42.30	Acquired	24834	Indirect
2011-02-18	COMMON STOCK	F	2021	$49.17	Disposed	22813	Indirect
2011-02-18	COMMON STOCK	M	2100	$46.26	Acquired	24913	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-18	SOSAR	$46.26	M	2100	Disposed	2013-04-01	COMMON STOCK (2100)	Direct
2011-02-18	SOSAR	$42.08	M	2800	Disposed	2012-03-31	COMMON STOCK (2800)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
PERFORMANCE SHARE UNIT	2750	Direct
PERFORMANCE SHARE UNIT	1760	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
SOSAR	$32.75	2015-04-01	COMMON STOCK (0)	2510	Direct
SOSAR	$11.02	2014-03-31	COMMON STOCK (3600)	3600	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.

F2: Excercise price of $42.08 (2/28/07 closing price, incorrect. Correct price is $42.30 (March 1, 2007 closing price)