Andersons, Inc. — Director's Dealing 2011

May 4, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ANDERSONS INC (ANDE)
CIK: 0000821026
Period of Report: 2011-04-01

Reporting Person: DePompei Arthur D. (VP Human Resources)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-04-01	COMMON STOCK	J	1.562	$49.35	Acquired	5755.188	Direct
2011-04-08	COMMON STOCK	J	5.393	$48.90	Acquired	5760.581	Direct
2011-04-25	COMMON STOCK	J	5.46	$48.30	Acquired	5766.041	Direct
2011-04-25	COMMON STOCK	J	1.212	$49.05	Acquired	5767.253	Direct
2011-04-25	COMMON STOCK	J	7.028	$48.09	Acquired	5774.281	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
PERFORMANCE SHARE UNIT	1760	Direct
PERFORMANCE SHARE UNIT	2500	Direct
PERFORMANCE SHARE UNIT (2014)	1680	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
SOSAR	$32.75	2015-04-01	COMMON STOCK (1673)	1673	Direct
SOSAR	$11.02	2014-03-31	COMMON STOCK (1080)	1080	Direct

Footnotes

F1: Acquisition pursuant to Rule 16b-3(c)

F2: Reinvestment of dividend

F3: 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.