Dine Brands Global, Inc. — Director's Dealing 2007

Feb 21, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: IHOP CORP (IHP)
CIK: 0000049754
Period of Report: 2007-02-20

Reporting Person: STEWART JULIA A (Director, President and CEO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-20	Options	$24.0000	M	27000	Disposed	2013-03-20	Common Stock (27000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	563	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Performance Shares	$		Common Stock ()	7500	Direct
Performance Shares	$		Common Stock ()	7500	Direct
Restricted Stock	$		Common Stock ()	13000	Direct
Restricted Stock	$		Common Stock ()	50000	Direct

Footnotes

F1: Shares held in IHOP Corp. 401(k) plan.

F2: Employee stock options granted pursuant to IHOP Corp. 2001 Stock Incentive Plan.

F3: Performance shares awarded under the IHOP Corp. 2001 Stock Incentive Plan. The award vests on January 1, 2007, for a percentage (0% to 150%) of the performance shares awarded based, in part, upon the Issuer's total shareholder return compared to the total shareholder return of a selected peer group and, in part, on the Issuer's generation of aggregate net cash flow from operations, as compared to pre-determined targets. Performance shares are payable one-half in cash and one-half in shares of the Issuer's Common Stock. The amount set forth in Column 5 represents the one-half portion of the award payable in shares of the Issuer's common stock.

F4: Performance shares awarded under the IHOP Corp. 2001 Stock Incentive Plan. The award vests on January 1, 2008, for a percentage (0% to 150%) of the performance shares awarded based, in part, upon the Issuer's total shareholder return compared to the total shareholder return of a selected peer group and, in part, on the Issuer's generation of aggregate net cash flow from operations, as compared to pre-determined targets. Performance shares are payable one-half in cash and one-half in shares of the Issuer's Common Stock. The amount set forth in Column 5 represents the one-half portion of the award payable in shares of the Issuer's common stock.

F5: Grant of 13,000 shares of restricted stock pursuant to IHOP Corp. 2001 Stock Incentive Plan. These shares vest in full on March 1, 2009.

F6: Grant of 50,000 shares of Restricted Stock pursuant IHOP Corp. 2001 Stock Incentive Plan. These shares vest in installments as of March 1, 2009, 2010 and 2011.

F7: "Cashless" exercises pursuant to Ms. Stewart's 10b(5)-1 program.