Andersons, Inc. — Director's Dealing 2011

Feb 1, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ANDERSONS INC (ANDE)
CIK: 0000821026
Period of Report: 2011-01-03

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-01-04	COMMON STOCK	F	63	$25.82	Disposed	9610.587	Direct
2011-01-03	COMMON STOCK	F	118	$36.35	Disposed	9745.994	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
PERFORMANCE SHARE UNIT	1530	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
SOSAR	$39.115	2011-04-01	COMMON STOCK (1150)	1150	Direct
SOSAR	$42.30	2012-03-31	COMMON STOCK (600)	600	Direct
SOSAR	$46.26	2013-04-01	COMMON STOCK (1100)	1100	Direct
SOSAR	$11.02	2014-03-31	COMMON STOCK (1228)	1046	Direct
SOSAR	$32.75	2015-04-01	COMMON STOCK (2200)	2200	Direct

Footnotes

F1: Shares used for taxes-no filing made on the date.

F2: 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.