Andersons, Inc. — Director's Dealing 2011

Feb 9, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ANDERSONS INC (ANDE)
CIK: 0000821026
Period of Report: 2011-02-09

Reporting Person: ADDIS DENNIS J (President, Plant Nutrient)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-09	COMMON STOCK	M	5000	$39.12	Acquired	35678.888	Indirect
2011-02-09	COMMON STOCK	F	4869	$40.82	Disposed	30809.888	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-09	SOSAR	$39.115	M	5000	Disposed	2011-04-01	COMMON STOCK (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
COMMON STOCK	1650.864	Indirect
PERFORMANCE SHARE UNIT	3300	Direct
PERFORMANCE SHARE UNIT	3600	Direct
PERFORMANCE SHARE UNIT	3100	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
SOSAR	$32.75	2015-04-01	COMMON STOCK (4700)	4700	Direct
SOSAR	$11.02	2014-03-31	COMMON STOCK (4400)	4400	Direct
SOSAR	$46.26	2013-04-01	COMMON STOCK (6000)	6000	Direct
SOSAR	$42.08	2012-03-31	COMMON STOCK (7770)	7770	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.