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: 2011-02-23

Reporting Person: Sparks Tamara Sue (VP,Corp.Relations/BusinessAnal)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-23	COMMON STOCK	F	479	$49.17	Disposed	4792.32	Direct
2011-02-23	COMMON STOCK	M	525	$42.30	Acquired	5317.32	Direct
2011-02-23	COMMON STOCK	F	869	$49.17	Disposed	4448.32	Direct
2011-02-23	COMMON STOCK	M	1000	$39.115	Acquired	5448.32	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-23	SOSAR	$39.115	M	1000	Disposed	2011-04-01	COMMON STOCK (1000)	Direct
2011-02-23	SOSAR	$42.30	M	525	Disposed	2012-03-31	COMMON STOCK (525)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
PERFORMANCE SHARE UNIT	550	Direct
PERFORMANCE SHARE UNIT	600	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
SOSAR	$32.75	2015-04-01	COMMON STOCK (850)	850	Direct
SOSAR	$11.02	2014-03-31	COMMON STOCK (720)	720	Direct
SOSAR	$46.26	2013-04-01	COMMON STOCK (550)	550	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.