Andersons, Inc. — Director's Dealing 2011

Jan 26, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ANDERSONS INC (ANDE)
CIK: 0000821026
Period of Report: 2011-01-24

Reporting Person: Waggoner Thomas Lowell (President, Turf & Specialty)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-24	COMMON STOCK	M	8400	$39.115	Acquired	15805.59	Direct
2011-01-24	COMMON STOCK	F	8197	$40.65	Disposed	7608.59	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-24	SOSAR	$39.115	M	0	Disposed	2011-04-01	COMMON STOCK (8400)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
PERFORMANCE SHARE UNIT	2370	Direct
PERFORMANCE SHARE UNIT	2025	Direct
PERFORMANCE SHARE UNIT	4200	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
SOSAR	$46.26	2013-04-01	COMMON STOCK (3400)	3400	Direct
SOSAR	$42.08	2012-03-31	COMMON STOCK (4500)	4500	Direct
SOSAR	$32.75	2015-04-01	COMMON STOCK (3350)	3350	Direct
SOSAR	$11.02	2014-03-31	COMMON STOCK (5400)	5400	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.