Andersons, Inc. — Director's Dealing 2011

Jan 7, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ANDERSONS INC (ANDE)
CIK: 0000821026
Period of Report: 2011-01-07

Reporting Person: SHAH RASESH H (President, Rail Group)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-03	COMMON STOCK	J	958.99	$25.82	Acquired	58346.24	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
PERFORMANCE SHARE UNIT	3600	Direct
PERFORMANCE SHARE UNIT	6150	Direct
PERFORMANCE SHARE UNIT	3075	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
SOSAR	$32.75	2015-04-01	COMMON STOCK (4575)	4575	Direct
SOSAR	$11.02	2014-03-31	COMMON STOCK (7900)	7900	Direct
SOSAR	$46.26	2013-04-01	COMMON STOCK (6000)	6000	Direct
SOSAR	$42.08	2012-03-31	COMMON STOCK (11000)	11000	Direct
SOSAR	$39.115	2011-04-01	COMMON STOCK (24000)	24000	Direct

Footnotes

F1: Acquired through Section 423 Employee Share Purchase Plan

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.