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<p style="margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>1. General</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited condensed consolidated
financial statements of Biglari Holdings Inc. (“we”, “us”, “our”, “Biglari Holdings”,
or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States
of America applicable to interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.
Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United
States of America for complete financial statements. In our opinion, all adjustments considered necessary to present fairly the
condensed consolidated Balance Sheet as of December 21, 2011, the condensed consolidated Statements of Earnings, the condensed
consolidated Statements of Cash Flows and the condensed consolidated Statements of Changes in Shareholders’ Equity for the
twelve weeks ended December 21, 2011 and December 22, 2010 have been included, and consist only of normal recurring adjustments.
The condensed consolidated Statements of Earnings for the twelve weeks ended December 21, 2011 and December 22, 2010 are not necessarily
indicative of the condensed consolidated Statements of Earnings for the entire fiscal years. For further information, refer to
the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September
28, 2011.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Biglari Holdings Inc. is a diversified holding
company engaged in a number of diverse business activities.  The Company is led by Sardar Biglari, Chairman and Chief Executive
Officer of Biglari Holdings and its major operating subsidiaries. The Company’s long-term objective is to maximize per-share
intrinsic value of the Company. Our strategy is to reinvest cash generated from our operating subsidiaries into any investments
with the objective of achieving high risk-adjusted returns.  All major operating, investment, and capital allocation
decisions are made for the Company and its subsidiaries by Sardar Biglari, Chairman and Chief Executive Officer. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Basis of Presentation and Consolidation</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 21, 2011, the condensed consolidated
financial statements include the accounts of (i) the Company, (ii) its wholly-owned subsidiaries Steak n Shake Operations, Inc.
(“Steak n Shake”), Western Sizzlin Corporation (“Western”), and Biglari Capital Corp. (“Biglari Capital”),
and (iii) investment related subsidiaries and limited partnerships (the “consolidated affiliated partnerships”). As
a result of the Company’s acquisitions of Western and Biglari Capital during fiscal year 2010, the Company acquired financial
interests in The Lion Fund, L.P. (the “Lion Fund”), Western Acquisitions, L.P., Mustang Capital Partners I, L.P. and
Mustang Capital Partners II, L.P., investment limited partnerships (collectively referred to as consolidated affiliated partnerships),
for which the Company has a substantive controlling interest. During the first quarter of fiscal year 2011, Mustang Capital Partners
I, L.P. and Mustang Capital Partners II, L.P. were liquidated and the funds distributed to the partners. During the third quarter
of fiscal year 2011, Western Mustang Holdings, L.L.C. sold its interests in Mustang Capital Management, L.L.C. and Mustang Capital
Advisors, L.P.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">	 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We consolidate entities in which we have a
wholly-owned or controlling interest in the general partner. The consolidated affiliated partnerships’ assets and liabilities
are consolidated on the Company’s balance sheet even though outside limited partners have majority ownership in all of the
investment partnerships. The Company does not guarantee any of the liabilities of its subsidiaries that are serving as general
partners to these consolidated affiliated partnerships. All intercompany accounts and transactions have been eliminated in consolidation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Western’s
and Biglari Capital’s December 31 quarter end for financial reporting purposes differs from the end of the Company’s
fiscal quarter of December 21, 2011. There were no significant transactions in the intervening period.</p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.
Seasonality of Restaurant Operations<br style="mso-special-character: line-break" />
<br style="mso-special-character: line-break" />
</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Our
restaurant operations have substantial fixed costs that do not decline concomitantly with sales. Results for our restaurant operations
for the first and second fiscal quarters, which include the winter months, usually reflect lower customer traffic than in the
third and fourth fiscal quarters.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Additionally,
sales in the first and second fiscal quarters can be adversely affected by severe winter weather. Unfavorable weather could also
occur during the first and fourth fiscal quarters as a result of hurricanes and tropical storms in the Southeastern portion of
the United States.</font></p>
<p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
<p style="margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>4. Earnings Per Share</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Earnings per share of common stock is based
on the weighted average number of shares outstanding during the year. For financial reporting purposes all common shares of the
Company held by the consolidated affiliated partnerships are recorded in Treasury stock on the condensed consolidated Balance Sheet.
For purposes of computing the weighted average common shares outstanding, the shares of treasury stock attributable to the unrelated
limited partners of the consolidated affiliated partnerships — based on their proportional ownership during the period —
are considered outstanding shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table presents a reconciliation of basic and diluted
weighted average common shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Twelve Weeks Ended</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 2pt; text-align: center"> </td><td style="font-size: 2pt; font-weight: bold"> </td>
<td colspan="3" style="font-size: 2pt; font-weight: bold; text-align: center"> </td><td style="font-size: 2pt"> </td>
<td colspan="3" style="font-size: 2pt; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">December 21,</td><td style="font-weight: bold; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">December 22,</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2011</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2010</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -9.35pt; padding-left: 13.65pt">Basic earnings per share:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 56%; padding-bottom: 1pt; text-indent: -0.15pt; padding-left: 13.65pt">Weighted average common shares</td><td style="width: 8%; font-weight: bold; padding-bottom: 1pt"> </td>
<td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="width: 12%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,333,467</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 8%; padding-bottom: 1pt"> </td>
<td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 12%; border-bottom: Black 1pt solid; text-align: right">1,327,207</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -9.35pt; padding-left: 13.65pt">Diluted earnings per share:</td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.15pt; padding-left: 13.65pt">Weighted average common shares</td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,333,467</td><td style="font-weight: bold; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,327,207</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt; text-indent: -0.15pt; padding-left: 13.65pt">Dilutive effect of stock awards</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,459</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,775</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.15pt; padding-left: 13.65pt">Weighted average common and incremental shares</td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,335,926</td><td style="font-weight: bold; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,335,982</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify; padding-bottom: 1pt; text-indent: -9pt; padding-left: 22.5pt">Number of share-based awards excluded from the calculation of earnings per share as the awards’ exercise prices were greater than the average market price of the Company’s common stock</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">7,484</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,378</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>5. Investments<br style="mso-special-character: line-break" />
<br style="mso-special-character: line-break" />
</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Investments consisted of the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: top; line-height: 115%"> </td>
<td style="vertical-align: top; line-height: 115%; text-align: center"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; line-height: 115%; font-weight: bold; text-align: center">December 21, 2011</td>
<td style="vertical-align: bottom; line-height: 115%; text-align: center"> </td>
<td style="vertical-align: bottom; line-height: 115%; text-align: center"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; line-height: 115%; text-align: center">September 28, 2011</td>
<td style="vertical-align: top; line-height: 115%; text-align: center"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 4.5pt; line-height: 115%">Cost</td>
<td style="vertical-align: top; line-height: 115%; text-align: center"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">$       108,561</td>
<td style="vertical-align: top; line-height: 115%"> </td>
<td style="vertical-align: top; line-height: 115%; text-align: center"> </td>
<td colspan="2" style="vertical-align: bottom; line-height: 115%; text-align: right">$        124,140</td>
<td style="vertical-align: top; line-height: 115%; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 4.5pt; line-height: 115%">Gross unrealized gains</td>
<td style="vertical-align: top; line-height: 115%; text-align: center"> </td>
<td style="vertical-align: top; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; line-height: 115%; font-weight: bold; text-align: right">         10,472</td>
<td style="vertical-align: top; line-height: 115%"> </td>
<td style="vertical-align: top; line-height: 115%; text-align: center"> </td>
<td style="vertical-align: bottom; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; line-height: 115%; text-align: right">1,956</td>
<td style="vertical-align: top; line-height: 115%; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 4.5pt; line-height: 115%">Gross unrealized losses</td>
<td style="vertical-align: top; line-height: 115%; text-align: center"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> (329</td>
<td style="vertical-align: bottom; padding-right: -0.1in; line-height: 115%; font-weight: bold">)</td>
<td style="vertical-align: top; line-height: 115%; text-align: center"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; line-height: 115%; text-align: right">(10,775</td>
<td style="vertical-align: bottom; line-height: 115%">)</td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 4.5pt; line-height: 115%">Fair value</td>
<td style="vertical-align: top; line-height: 115%; text-align: center"> </td>
<td colspan="2" style="border-bottom: windowtext 1.5pt double; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">$       118,704</td>
<td style="vertical-align: top; line-height: 115%"> </td>
<td style="vertical-align: top; line-height: 115%; text-align: center"> </td>
<td colspan="2" style="border-bottom: windowtext 1.5pt double; vertical-align: bottom; line-height: 115%; text-align: right">$        115,321</td>
<td style="vertical-align: top; line-height: 115%; text-align: right"> </td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Unrealized losses of marketable equity securities
at December 21, 2011 relate to securities that have been in an unrealized loss position for less than 12 months. A majority of
the gross unrealized losses at September 28, 2011 were due to one investment. We consider several factors in determining other-than-temporary
impairment losses including the current and long-term business prospects of these issuers, the length of time and relative magnitude
of the price decline and our ability and intent to hold the investment until the price recovers.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Investment gains/losses are recognized when
investments are sold (as determined on a specific identification basis) or as otherwise required by GAAP. The timing of realized
gains and losses from sales can have a material effect on periodic earnings. However, such realized gains or losses usually have
little, if any, impact on total Shareholders’ equity because the investments are carried at fair value with any unrealized
gains/losses included as a component of Accumulated other comprehensive income in Shareholders’ equity.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Realized investment gains/losses were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Twelve Weeks Ended</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 2pt; text-align: center"> </td><td style="font-size: 2pt; font-weight: bold"> </td>
<td colspan="7" style="font-size: 2pt; font-weight: bold; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">December 21,</td><td style="font-weight: bold; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">December 22,</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2011</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2010</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 56%">Gross realized gains on sales</td><td style="width: 8%; font-weight: bold"> </td>
<td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">3,979</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,884</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td>Gross realized losses on sales</td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">(384</td><td style="font-weight: bold; text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(6</td><td style="text-align: left">)</td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>7.
Assets Held for Sale<br style="mso-special-character: line-break" />
<br style="mso-special-character: line-break" />
</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Assets
held for sale are composed of the following:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: center; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">December
21, 2011</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">September
28, 2011</font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="width: 56%; padding-left: 4.3pt; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Land and buildings</font></td><td style="width: 8%; font: bold 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,503</font></td><td style="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="width: 8%; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">6,262</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 1pt; padding-left: 4.3pt; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Improvements</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">608</font></td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">608</font></td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 2.5pt; padding-left: 4.3pt; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Total assets
held for sale</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,111</font></td><td style="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,870</font></td><td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The
December 21, 2011 balance included the following assets: one office building, four restaurants, and nine parcels of land. The
Company expects to sell these properties by fiscal year end. For any of these properties that are not sold by then,
management expects to classify them as long term.</font></p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>8.
Other Current Assets<br style="mso-special-character: line-break" /></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Other current assets primarily include prepaid rent,
prepaid contractual obligations and current portion of capitalized loan acquisition costs.</font></p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>9. Property and Equipment<br style="mso-special-character: line-break" />
<br style="mso-special-character: line-break" />
</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property and equipment is composed of the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: center"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; line-height: 115%; font-weight: bold; text-align: center">December 21, 2011</td>
<td style="line-height: 115%; text-align: center"> </td>
<td style="line-height: 115%; text-align: center"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; line-height: 115%; text-align: center">September 28, 2011</td>
<td style="line-height: 115%; text-align: center"> </td></tr>
<tr style="vertical-align: top">
<td style="padding-left: 4.3pt; line-height: 115%">Land</td>
<td style="line-height: 115%; text-align: center"> </td>
<td colspan="2" style="line-height: 115%; font-weight: bold; text-align: right">$         161,098</td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: center"> </td>
<td colspan="2" style="line-height: 115%; text-align: right">$         161,339</td>
<td style="line-height: 115%; text-align: right"> </td></tr>
<tr style="vertical-align: top">
<td style="width: 74%; padding-left: 4.3pt; line-height: 115%">Buildings</td>
<td style="width: 1%; line-height: 115%; text-align: center"> </td>
<td style="width: 1%; line-height: 115%; font-weight: bold"> </td>
<td style="width: 10%; line-height: 115%; font-weight: bold; text-align: right">149,484</td>
<td style="width: 1%; line-height: 115%"> </td>
<td style="width: 1%; line-height: 115%; text-align: center"> </td>
<td style="width: 1%; line-height: 115%"> </td>
<td style="width: 10%; line-height: 115%; text-align: right">149,444</td>
<td style="width: 1%; line-height: 115%; text-align: right"> </td></tr>
<tr style="vertical-align: top">
<td style="padding-left: 4.3pt; line-height: 115%">Land and leasehold improvements</td>
<td style="line-height: 115%; text-align: center"> </td>
<td style="line-height: 115%; font-weight: bold"> </td>
<td style="line-height: 115%; font-weight: bold; text-align: right">153,912</td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: center"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: right">153,731</td>
<td style="line-height: 115%; text-align: right"> </td></tr>
<tr style="vertical-align: top">
<td style="padding-left: 4.3pt; line-height: 115%">Equipment</td>
<td style="line-height: 115%; text-align: center"> </td>
<td style="line-height: 115%; font-weight: bold"> </td>
<td style="line-height: 115%; font-weight: bold; text-align: right">202,696</td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: center"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: right">202,933</td>
<td style="line-height: 115%; text-align: right"> </td></tr>
<tr style="vertical-align: top">
<td style="padding-left: 4.3pt; line-height: 115%">Construction in progress</td>
<td style="line-height: 115%; text-align: center"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; line-height: 115%; font-weight: bold; text-align: right"> 2,774</td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: center"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; line-height: 115%; text-align: right"> 1,850</td>
<td style="line-height: 115%; text-align: right"> </td></tr>
<tr style="vertical-align: top">
<td style="padding-left: 4.3pt; line-height: 115%"> </td>
<td style="line-height: 115%; text-align: center"> </td>
<td colspan="2" style="line-height: 115%; font-weight: bold; text-align: right"> 669,964</td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: center"> </td>
<td colspan="2" style="line-height: 115%; text-align: right"> 669,297</td>
<td style="line-height: 115%; text-align: right"> </td></tr>
<tr style="vertical-align: top">
<td style="padding-left: 4.3pt; line-height: 115%">Less accumulated depreciation and amortization</td>
<td style="line-height: 115%; text-align: center"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; line-height: 115%; font-weight: bold; text-align: right">(302,578</td>
<td style="line-height: 115%; font-weight: bold">)</td>
<td style="line-height: 115%; text-align: center"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; line-height: 115%; text-align: right"> (297,561</td>
<td style="line-height: 115%; text-align: center">)</td></tr>
<tr style="vertical-align: top">
<td style="padding-left: 4.3pt; line-height: 115%">Property and equipment, net</td>
<td style="line-height: 115%; text-align: center"> </td>
<td colspan="2" style="border-bottom: windowtext 2.25pt double; line-height: 115%; font-weight: bold; text-align: right">$         367,386</td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: center"> </td>
<td colspan="2" style="border-bottom: windowtext 2.25pt double; line-height: 115%; text-align: right">$         371,736</td>
<td style="line-height: 115%; text-align: right"> </td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>10. Goodwill and Other Intangibles<br style="mso-special-character: line-break" />
<br style="mso-special-character: line-break" />
</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Goodwill</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Goodwill consists of the excess of the purchase
price over the fair value of the net assets acquired in connection with business acquisitions. There was no change to the carrying
value of goodwill from September 28, 2011.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are required to assess goodwill and any
indefinite-lived intangible assets for impairment annually, or more frequently if circumstances indicate impairment may have occurred.
The analysis of potential impairment of goodwill requires a two-step approach. The first step is the estimation of fair value of
each reporting unit. If step one indicates that impairment potentially exists, the second step is performed to measure the amount
of impairment, if any. Goodwill impairment exists when the estimated fair value of goodwill is less than its carrying value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the quarter ended September 28, 2011,
we performed our annual assessment of the recoverability of our goodwill related to four reporting units. During the second quarter
of fiscal year 2011, we performed our annual assessment of our recoverability of goodwill related to two reporting units. The valuation
methodology and underlying financial information included in our determination of fair value require significant judgments to be
made by management. We use both market and income approaches to derive fair value. The judgments in these two approaches include,
but are not limited to, comparable market multiples, long-term projections of future financial performance, and the selection of
appropriate discount rates used to determine the present value of future cash flows. Changes in such estimates or the application
of alternative assumptions could produce significantly different results.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Other Intangibles</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other intangibles are composed of the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="10" style="border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center">December 21, 2011</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: center"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: center"> </td>
<td colspan="10" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: center">September 28, 2011</td></tr>
<tr>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-size: 1pt"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-size: 1pt"> </td>
<td colspan="10" style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-size: 1pt; font-weight: bold; text-align: center"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-size: 1pt; text-align: center"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-size: 1pt; text-align: center"> </td>
<td colspan="10" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-size: 1pt; text-align: center"> </td></tr>
<tr>
<td style="vertical-align: top; padding-left: 9pt; line-height: 115%; text-indent: -9pt"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center">Gross carrying amount</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: center"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center">Accumulated amortization</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center">Total</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: center"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: center"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: center">Gross carrying amount</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: center"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: center"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: center">Accumulated amortization</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: center"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: center"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: center">Total</td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 4.3pt; line-height: 115%">Right to operate</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">$       1,480</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">$          (1,144</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold">)</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">$       336</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">$      1,480</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">$         (1,117</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%">)</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">$      363</td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 4.3pt; line-height: 115%">Franchise agreement</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">5,310</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="width: 29px; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">(930</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold">)</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">4,380</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">5,310</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="width: 18px; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">(797</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%">)</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">4,513</td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 4.3pt; line-height: 115%">Other</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">810</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">(496</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold">)</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">314</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">810</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">(480</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%">)</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">330</td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 4.3pt; line-height: 115%">Total</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">7,600</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">(2,570</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold">)</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">5,030</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">7,600</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">(2,394</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%">)</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">5,206</td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 4.3pt; line-height: 115%">Intangible assets with indefinite lives</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">1,744</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">—</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">1,744</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">1,744</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">—</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">1,744</td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 4.3pt; line-height: 115%">Total intangible assets</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 2.25pt double; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">$       9,344</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 2.25pt double; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">$          (2,570</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold">)</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 2.25pt double; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">$    6,774</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="2" style="border-bottom: windowtext 2.25pt double; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">$      9,344</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="2" style="border-bottom: windowtext 2.25pt double; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">$         (2,394</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%">)</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="2" style="border-bottom: windowtext 2.25pt double; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">$   6,950</td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Intangible assets subject to amortization consist
of franchise agreements acquired in connection with the acquisition of Western, a right to operate and favorable leases acquired
in connection with prior acquisitions and are being amortized over their estimated weighted average useful lives ranging from eight
to twelve years.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Amortization expense for the twelve weeks ended
December 21, 2011 and December 22, 2010 was $176 and $192, respectively. Total annual amortization expense for each of the next
five years will approximate $650.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Intangible assets with indefinite lives
consist of a trade name acquired in connection with the acquisition of Western and reacquired franchise rights acquired in connection
with previous acquisitions.</p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>11.
Other Assets</b></font></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Other assets primarily include capitalized software,
non-qualified plan investments, non-current portion of capitalized loan acquisition costs, and a note receivable.</font></p>
<p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
<p style="margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>12. Borrowings</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There were no material changes in our borrowings
from September 28, 2011.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Steak n Shake’s Credit Facility includes
customary affirmative and negative covenants and events of default, as well as financial covenants relating to a maximum total
leverage ratio and a minimum consolidated fixed charge coverage ratio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Steak n Shake was in compliance with all covenants
under the Credit Facility as of December 21, 2011.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying amounts for debt reported in the
condensed consolidated Balance Sheet do not differ materially from their fair values at December 21, 2011.</p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>13. Other Long-term Liabilities<br style="mso-special-character: line-break" />
<br style="mso-special-character: line-break" />
</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other long-term liabilities include deferred
rent expense, non-qualified plan obligations, deferred gain on sale-leaseback transactions, uncertain tax positions, and deferred
compensation.</p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>14. Income Taxes<br style="mso-special-character: line-break" />
<br style="mso-special-character: line-break" />
</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our effective income tax rate for the twelve
weeks ended December 21, 2011 was 32.3%, which is relatively consistent with our effective income tax rate of 33.1% in the same
period in the prior year.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 21, 2011, we had approximately
$1,819 of unrecognized tax benefits, which are included in Other long-term liabilities in the condensed consolidated Balance Sheet.</p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>15. Commitments and Contingencies<br style="mso-special-character: line-break" />
<br style="mso-special-character: line-break" />
</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are involved in various legal proceedings
and have certain unresolved claims pending. We believe, based on examination of these matters and experiences to date, that the
ultimate liability, if any, in excess of amounts already provided in our condensed consolidated financial statements is not likely
to have a material effect on our results of operations, financial position or cash flows.</p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>16. Fair Value of Financial Assets and Liabilities<br style="mso-special-character: line-break" />
<br style="mso-special-character: line-break" />
</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value framework as established in
ASC paragraph 820-10-50-2 requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs)
used to price the assets or liabilities. Level 1 provides the most reliable measure of fair values, whereas Level 3 generally requires
significant management judgment. The three levels are defined as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-left: 23.9pt; border-collapse: collapse">
<tr>
<td style="width: 4%; vertical-align: top; line-height: 115%">•</td>
<td style="width: 96%; vertical-align: bottom; line-height: 115%">Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities.</td></tr>
<tr>
<td style="vertical-align: top; line-height: 115%">•</td>
<td style="vertical-align: bottom; padding-right: 4.5pt; line-height: 115%">Level 2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.</td></tr>
<tr>
<td style="vertical-align: top; line-height: 115%">•</td>
<td style="vertical-align: bottom; padding-right: 4.5pt; line-height: 115%">Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following methods and assumptions were
used to determine the fair value of each class of the following assets and liabilities recorded at fair value in the condensed
consolidated Balance Sheet.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Cash equivalents: </i>Cash equivalents primarily
consist of money market funds. Money market funds that are carried at fair value, based on quoted market prices, are classified
within Level 1 of the fair value hierarchy. All other cash equivalents carried at fair value based on observable inputs for which
a quoted market price is not available are classified within Level 2 of the fair value hierarchy. Consolidated affiliated partnerships
did not hold cash equivalents at December 21, 2011 and September 28, 2011.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Equity securities:</i> The Company’s
investments in equity securities are carried at fair value, based on quoted market prices, and are classified within Level 1 of
the fair value hierarchy. </p>
<p style="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Non-qualified deferred compensation plan
investments: </i>The assets of our Non-Qualified Savings Plan are set up in a rabbi trust. They represent mutual funds that are
carried at fair value, based on quoted market prices, and are classified within Level 1 of the fair value hierarchy.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Investment held by consolidated affiliated
partnership: </i>Investments of $197 and $193 as of December 21, 2011 and September 28, 2011, respectively, have been classified
within Level 3 of the fair value hierarchy and represent a private security.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Investment derivatives and interest rate
swaps: </i>Investment derivatives and interest rate swaps are marked to market each reporting period with fair value based on readily
available market quotes, and are classified within Level 2 of the fair value hierarchy. Interest rate swaps at December 21, 2011
and September 28, 2011 represent the mark to market adjustment for Steak n Shake’s interest rate swap.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair values of financial assets and liabilities
were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; padding-left: 4.5pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="11" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center">December 21, 2011</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="11" style="border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: center">September 28, 2011</td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 4.5pt; line-height: 115%; font-size: 1pt; font-weight: bold; text-align: right"> </td>
<td colspan="11" style="padding-right: 0.7pt; line-height: 115%; font-size: 1pt; font-weight: bold; text-align: right"> </td>
<td style="padding-right: 0.7pt; line-height: 115%; font-size: 1pt; text-align: right"> </td>
<td colspan="11" style="padding-right: 0.7pt; line-height: 115%; font-size: 1pt; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center">Level 1</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center">Level 2</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center">Level 3</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center">Total</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: center">Level 1</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: center"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: center">Level 2</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: center"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: center">Level 3</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: center"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: center">Total</td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.05in; line-height: 115%; font-weight: bold">Assets</td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="2" style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="2" style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="2" style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="2" style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td></tr>
<tr>
<td style="width: 46%; vertical-align: bottom; padding-left: 0.05in; line-height: 115%">Cash equivalents</td>
<td style="width: 1%; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold">$</td>
<td style="width: 5%; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">-</td>
<td style="width: 1%; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="width: 1%; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold">$</td>
<td style="width: 4%; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">87,078</td>
<td style="width: 1%; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="width: 1%; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold">$</td>
<td style="width: 4%; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">-</td>
<td style="width: 1%; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="width: 1%; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold">$</td>
<td style="width: 6%; vertical-align: bottom; padding-right: 0.45pt; line-height: 115%; font-weight: bold; text-align: right">87,078</td>
<td style="width: 1%; vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="width: 1%; vertical-align: top; padding-right: 0.7pt; line-height: 115%">$</td>
<td style="width: 5%; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">-</td>
<td style="width: 1%; vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="width: 1%; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%">$</td>
<td style="width: 5%; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">88,022</td>
<td style="width: 1%; vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="width: 1%; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%">$</td>
<td style="width: 5%; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">-</td>
<td style="width: 1%; vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="width: 1%; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%">$</td>
<td style="width: 5%; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">88,022</td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.05in; line-height: 115%">Equity securities:</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.45pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.05in; line-height: 115%">   Restaurant/Retail</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">110,033</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">-</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">-</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.45pt; line-height: 115%; font-weight: bold; text-align: right">110,033</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">89,971</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">-</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">-</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">89,971</td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.05in; line-height: 115%">   Other</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">8,671</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">-</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">-</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.45pt; line-height: 115%; font-weight: bold; text-align: right">8,671</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">25,350</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">-</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">-</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">25,350</td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.05in; line-height: 115%">Equity securities held by consolidated affiliated partnerships:</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.45pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.05in; line-height: 115%">   Restaurant/Retail</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">9,098</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">-</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">-</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.45pt; line-height: 115%; font-weight: bold; text-align: right">9,098</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">7,677</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">-</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">-</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">7,677</td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.05in; line-height: 115%">   Other</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">5,462</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">-</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">-</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.45pt; line-height: 115%; font-weight: bold; text-align: right">5,462</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">10,913</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">-</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">-</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">10,913</td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.05in; line-height: 115%">Non-qualified deferred compensation plan investments</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">622</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">-</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">-</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.45pt; line-height: 115%; font-weight: bold; text-align: right">622</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">546</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">-</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">-</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">546</td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.05in; line-height: 115%">Investment held by consolidated affiliated partnership</td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">-</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">-</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">197</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.45pt; line-height: 115%; font-weight: bold; text-align: right">197</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right">-</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">-</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">193</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">193</td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.05in; line-height: 115%">Total assets at fair value</td>
<td colspan="2" style="border-bottom: windowtext 1.5pt double; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center">$133,886</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1.5pt double; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">$87,078</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1.5pt double; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">$    197</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1.5pt double; vertical-align: bottom; padding-right: 0.45pt; line-height: 115%; font-weight: bold; text-align: right">$221,161</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="border-bottom: windowtext 1.5pt double; vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: center">$134,457</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="border-bottom: windowtext 1.5pt double; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">$ 88,022</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="border-bottom: windowtext 1.5pt double; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">$      193</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="border-bottom: windowtext 1.5pt double; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">$222,672</td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.05in; line-height: 115%"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.45pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.05in; line-height: 115%; font-weight: bold">Liabilities</td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.45pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.05in; line-height: 115%">Interest rate swaps</td>
<td colspan="2" style="border-top: windowtext 1pt solid; border-bottom: windowtext 1.5pt double; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold">$            -</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-top: windowtext 1pt solid; border-bottom: windowtext 1.5pt double; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center">$     352</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-top: windowtext 1pt solid; border-bottom: windowtext 1.5pt double; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center">$         -</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-top: windowtext 1pt solid; border-bottom: windowtext 1.5pt double; vertical-align: bottom; padding-right: 0.45pt; line-height: 115%; font-weight: bold; text-align: right">$         352</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="border-top: windowtext 1pt solid; border-bottom: windowtext 1.5pt double; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">$            -</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="border-top: windowtext 1pt solid; border-bottom: windowtext 1.5pt double; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">$      439</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="border-top: windowtext 1pt solid; border-bottom: windowtext 1.5pt double; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">$          -</td>
<td style="vertical-align: top; padding-right: -2.4pt; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="border-top: windowtext 1pt solid; border-bottom: windowtext 1.5pt double; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">$       439</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There were no changes in our valuation techniques
used to measure fair values on a recurring basis.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A reconciliation of the beginning and ending
balances of assets measured at fair value on a recurring basis using Level 3 inputs is as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">December 21,</td><td> </td>
<td colspan="3" style="text-align: center">December 22,</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</td><td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2010</td></tr>
<tr style="vertical-align: bottom">
<td style="width: 56%; padding-left: 0.05in">Beginning of period balance</td><td style="width: 8%; font-weight: bold"> </td>
<td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">193</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">323</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt; padding-left: 0.05in">Gain included in earnings</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt; padding-left: 0.05in">End of period balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">197</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">331</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year-to-date period in fiscal year
2012, the Company had no significant fair value adjustments applicable to items that are subject to non-recurring fair value measurement
after the initial measurement date.</p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>17.
Related Party Transactions<br style="mso-special-character: line-break" />
<br style="mso-special-character: line-break" />
</b></font></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Mr. Biglari, along with his affiliates, and certain
directors of the Company make investments in the Lion Fund (other than the amounts invested by the Company), which are not subject
to special profits, interest allocations, or incentive allocations. However, Mr. Biglari does not pay an incentive allocation
fee as a limited partner in the Lion Fund. As of December 21, 2011 and September 28, 2011, the total fair value of these investments
was approximately $2,421 and $1,997, respectively.</font></p>
<p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
<p style="margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>18. Business Segment Reporting</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net revenue and earnings before income taxes
and noncontrolling interests for the twelve weeks ended December 21, 2011 and December 22, 2010 were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; text-indent: -0.2in"> </td>
<td style="vertical-align: top; line-height: 115%; font-weight: bold; text-align: center"> </td>
<td colspan="5" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; line-height: 115%; font-weight: bold; text-align: center">Net Revenue</td>
<td colspan="2" style="vertical-align: bottom; line-height: 115%; font-weight: bold; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.2in; line-height: 115%; font-size: 1pt; text-align: right; text-indent: -0.2in"> </td>
<td style="line-height: 115%; font-size: 1pt; font-weight: bold; text-align: right"> </td>
<td colspan="5" style="line-height: 115%; font-size: 1pt; font-weight: bold; text-align: right"> </td>
<td colspan="2" style="line-height: 115%; font-size: 1pt; font-weight: bold; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; font-weight: bold; text-indent: -0.2in"> </td>
<td style="vertical-align: top; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; line-height: 115%; font-weight: bold; text-align: center">2011</td>
<td style="vertical-align: top; line-height: 115%"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; line-height: 115%; text-align: center">2010</td>
<td style="vertical-align: top; line-height: 115%"> </td>
<td style="font: 11pt/115% Calibri, Halvetica, Sans-Serif"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; font-weight: bold; text-indent: -0.2in">Operating Business:</td>
<td style="vertical-align: top; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: bottom; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: top; line-height: 115%"> </td>
<td colspan="2" style="vertical-align: top; line-height: 115%"> </td>
<td style="vertical-align: top; line-height: 115%"> </td>
<td style="font: 11pt/115% Calibri, Halvetica, Sans-Serif"> </td></tr>
<tr>
<td style="width: 74%; vertical-align: bottom; padding-left: 1.1pt; line-height: 115%; text-indent: 0.2pt">Restaurant Operations:</td>
<td style="width: 1%; vertical-align: top; line-height: 115%; font-weight: bold"> </td>
<td style="width: 1%; vertical-align: bottom; line-height: 115%; font-weight: bold"> </td>
<td style="width: 10%; vertical-align: bottom; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="width: 1%; vertical-align: top; line-height: 115%; text-align: right"> </td>
<td style="width: 1%; vertical-align: top; line-height: 115%; text-align: right"> </td>
<td style="width: 10%; vertical-align: top; line-height: 115%; text-align: right"> </td>
<td style="width: 1%; vertical-align: top; line-height: 115%; text-align: right"> </td>
<td style="font: 11pt/115% Calibri, Halvetica, Sans-Serif; width: 1%"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 14.6pt; line-height: 115%; text-indent: 0.25pt">Steak n Shake</td>
<td style="vertical-align: top; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">$          160,492</td>
<td style="vertical-align: top; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; line-height: 115%; text-align: right">$          151,896</td>
<td style="vertical-align: top; line-height: 115%; text-align: right"> </td>
<td style="font: 11pt/115% Calibri, Halvetica, Sans-Serif"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; text-indent: 0.25pt">Western</td>
<td style="vertical-align: top; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">3,698</td>
<td style="vertical-align: top; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; line-height: 115%; text-align: right">3,719</td>
<td style="vertical-align: top; line-height: 115%; text-align: right"> </td>
<td style="font: 11pt/115% Calibri, Halvetica, Sans-Serif"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; text-indent: -0.2in">Total Restaurant Operations</td>
<td style="vertical-align: top; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">164,190</td>
<td style="vertical-align: top; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; line-height: 115%; text-align: right">155,615</td>
<td style="vertical-align: top; line-height: 115%; text-align: right"> </td>
<td style="font: 11pt/115% Calibri, Halvetica, Sans-Serif"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; text-indent: -0.2in"> </td>
<td style="vertical-align: top; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: top; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; line-height: 115%; text-align: right"> </td>
<td style="font: 11pt/115% Calibri, Halvetica, Sans-Serif"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; text-indent: -0.2in">Investment Management:</td>
<td style="vertical-align: top; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: top; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; line-height: 115%; text-align: right"> </td>
<td style="font: 11pt/115% Calibri, Halvetica, Sans-Serif"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 14.6pt; line-height: 115%; text-indent: 0.25pt">Management fees</td>
<td style="vertical-align: top; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">—</td>
<td style="vertical-align: top; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; line-height: 115%; text-align: right">110</td>
<td style="vertical-align: top; line-height: 115%; text-align: right"> </td>
<td style="font: 11pt/115% Calibri, Halvetica, Sans-Serif"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 14.6pt; line-height: 115%; text-indent: 0.25pt">Consolidated affiliated partnerships</td>
<td style="vertical-align: top; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">2,200</td>
<td style="vertical-align: top; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; line-height: 115%; text-align: right">2,997</td>
<td style="vertical-align: top; line-height: 115%; text-align: right"> </td>
<td style="font: 11pt/115% Calibri, Halvetica, Sans-Serif"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; text-indent: -0.2in">Total Investment Management Operations</td>
<td style="vertical-align: top; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">2,200</td>
<td style="vertical-align: top; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; line-height: 115%; text-align: right">3,107</td>
<td style="vertical-align: top; line-height: 115%; text-align: right"> </td>
<td style="font: 11pt/115% Calibri, Halvetica, Sans-Serif"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; text-indent: -0.2in"> </td>
<td style="vertical-align: top; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1.5pt double; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">$          166,390</td>
<td style="vertical-align: top; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="border-bottom: windowtext 1.5pt double; vertical-align: bottom; line-height: 115%; text-align: right">$          158,722</td>
<td style="vertical-align: bottom; line-height: 115%; text-align: right"> </td>
<td style="font: 11pt/115% Calibri, Halvetica, Sans-Serif"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The earnings presentation was adjusted from the prior year to show
interest expense, excluding interest allocated to operating businesses, as a reconciliation of segments to consolidated amounts
in order to more accurately reflect the earnings before and after tax of the restaurant operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<table cellspacing="0" cellpadding="0" style="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; text-indent: -0.2in"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center"> </td>
<td colspan="6" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center">Earnings before income taxes and noncontrolling interests</td>
<td style="vertical-align: bottom; padding-right: 0.7pt">
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p></td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center"> </td>
<td colspan="3" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center">Net earnings attributable to Biglari Holdings Inc.</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; font-size: 1pt; text-align: right; text-indent: -0.2in"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-size: 1pt; font-weight: bold; text-align: right"> </td>
<td colspan="7" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-size: 1pt; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-size: 1pt; font-weight: bold; text-align: right"> </td>
<td colspan="4" style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-size: 1pt; font-weight: bold; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; font-weight: bold; text-indent: -0.2in"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center">2011</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="3" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: center">2010</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center">2011</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: center">2010</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; font-weight: bold; text-indent: -0.2in">Operating Business:</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="3" style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 1.1pt; line-height: 115%; text-indent: 0.2pt">Restaurant Operations:</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 14.6pt; line-height: 115%; text-indent: 0.25pt">Steak n Shake</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">$        13,649</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td colspan="3" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">$          9,556</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">$         8,959</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right">$          6,589</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; text-indent: 0.25pt">Western</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">391</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td colspan="3" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">423</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">241</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right">257</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; text-indent: -0.2in">Total Restaurant Operations</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">14,040</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td colspan="3" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">9,979</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">9,200</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right">6,846</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; text-indent: -0.2in"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td colspan="3" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; text-indent: -0.2in">Investment Management:</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 14.6pt; line-height: 115%; text-indent: 0.25pt">Biglari Capital Corp. (Incentive Fee)</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">36</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">2,510</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">22</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right">1,535</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 14.6pt; line-height: 115%; text-indent: 0.25pt">Management fees</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">—</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">110</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">—</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right">68</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 14.6pt; line-height: 115%; text-indent: 0.25pt"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 14.6pt; line-height: 115%; text-indent: 0.25pt">Consolidated affiliated partnerships</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">2,098</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td colspan="3" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">1,791</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">276</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right">(81</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%">)</td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; text-indent: -0.2in">Total Investment Management Operations</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">2,134</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td colspan="3" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">4,411</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">298</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right">1,522</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; text-indent: -0.2in"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td colspan="3" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; font-weight: bold; text-indent: -0.2in">Corporate and Other:</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td colspan="3" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; text-indent: -0.9pt">Corporate and other</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">(3,125</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold">)</td>
<td colspan="3" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">(1,262</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%">)</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">(1,782</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold">)</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right">(818</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%">)</td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; text-indent: -0.9pt">Investment and derivative gains/losses</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">3,595</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td colspan="3" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">3,053</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">2,229</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right">1,923</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; text-indent: -0.2in">Total Corporate and Other</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">470</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td colspan="3" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">1,791</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">447</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right">1,105</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; text-indent: -0.2in"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td colspan="3" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; font-weight: bold; text-indent: -0.2in">Reconciliation of segments to consolidated amount:</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td colspan="3" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; text-indent: -0.9pt">Eliminations</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">(36</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold">)</td>
<td colspan="3" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">(2,510</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right">)</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">—</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right">340</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; text-indent: -0.9pt">Interest expense, excluding interest allocated to operating businesses</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">(1,855</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold">)</td>
<td colspan="3" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right">(565</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right">)</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">(1,150</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold">)</td>
<td style="border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right">(350</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%">)</td></tr>
<tr>
<td style="vertical-align: bottom; padding-left: 0.2in; line-height: 115%; text-indent: -0.2in"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: windowtext 2.25pt double; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">$        14,753</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td colspan="3" style="border-bottom: windowtext 2.25pt double; vertical-align: bottom; line-height: 115%; text-align: right">$        13,106</td>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td>
<td style="border-bottom: windowtext 1.5pt double; vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: right">$        8,795</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; font-weight: bold"> </td>
<td style="border-bottom: windowtext 1.5pt double; vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right">$         9,463</td>
<td style="vertical-align: top; padding-right: 0.7pt; line-height: 115%; text-align: right"> </td></tr>
<tr>
<td style="width: 58%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 8%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%"> </td>
<td style="width: 1%"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Biglari Capital, the general partner
of the Lion Fund, earned a $36 incentive reallocation fee at December 31, 2011. At December 31, 2010, Biglari Capital earned a
$5,199 incentive reallocation fee; however, $2,689 was eliminated, for that amount represents the Company’s fee as a limited
partner, which was uncharged because the Company owns the general partner. The remaining $2,510 is an incentive fee that was charged
and reallocated from outside limited partners of the Lion Fund. The incentive fee is assessed only once a year, on December 31,
and no predictability of such earnings exists because the Lion Fund annual performance is unpredictable.</p>
<p style="margin: 0pt"></p>
1433029
5403000
5272000
114663000
116066000
2200000
3107000
216000
104000
-6630000
401000
<p style="margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3. New Accounting Standards</b></p>
<p style="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 30.65pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In December 2011, the Financial Accounting
Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2011−12, <i>Comprehensive
Income </i>(“ASU 2011−12”). The amendments in ASU 2011-12 superseded certain pending paragraphs in ASU 2011−05,
<i>Presentation of Comprehensive Income</i> (“ASU 2011−05”) to effectively defer only those changes in ASU 2011−05
that related to the presentation of reclassification adjustments out of accumulated other comprehensive income.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In September 2011, the FASB issued ASU 2011−08,
<i>Testing Goodwill for Impairment</i> (“ASU 2011−08”). ASU 2011−08 amends Accounting Standards Codification
(“ASC”) Topic 350, <i>Intangibles – Goodwill and Other </i>(“ASC Topic 350”), and allows an entity
to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative impairment test.
An entity would not be required to calculate the fair value of a reporting unit unless the entity determines, based on qualitative
assessment, that it is more likely than not that its fair value is less than its carrying amount. The guidance is effective for
annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011, which is effective for
the Company’s first quarter of fiscal year 2013. We do not believe that the adoption of ASU 2011–08 will have a material
effect on the Company’s condensed consolidated financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In June 2011, the FASB issued ASU 2011−05.
ASU 2011−05 amends ASC Topic 220, <i>Comprehensive Income</i> (“ASC Topic 220”), and allows entities the option
to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either
in a single continuous statement of comprehensive income or in two separate but consecutive statements. The guidance should be
applied retrospectively and is effective for interim and annual periods beginning after December 15, 2011, which is effective for
the Company’s first quarter of fiscal year 2013. The adoption of ASU 2011−05 will not impact the measurement of net
earnings or other comprehensive income.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2011, the FASB issued ASU 2011−04,
<i>Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs </i>(“ASU 2011−04”).
ASU 2011−04 attempts to improve the comparability of fair value measurements disclosed in financial statements prepared in
accordance with U.S. GAAP and IFRS. Amendments in ASU 2011− 04 clarify the intent of the application of existing fair value
measurement and disclosure requirements, as well as change certain measurement requirements and disclosures. ASU 2011−04
was effective for the Company’s first quarter of fiscal year 2012 and was applied on a prospective basis. The adoption of
ASU 2011-04 did not have a material effect on the Company’s condensed consolidated financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2010, the FASB issued ASU
2010−06, <i>Improving Disclosures about Fair Value Measurements</i> (“ASU 2010−06”). ASU 2010−06
amends ASC Topic 820, <i>Fair Value Measurements and Disclosures</i> (“ASC Topic 820”), and requires additional disclosure
about significant transfers between levels 1, 2, and 3 of the fair value hierarchy as well as disclosure of changes in level 3
activity on a gross basis. In addition, the guidance clarifies existing requirements regarding the required level of disaggregation
by class of assets and liabilities and also clarifies disclosures of inputs and valuation techniques. The guidance became effective
beginning in the Company's second quarter of fiscal year 2010, except for the requirement to disclose level 3 activity on a gross
basis, which was effective as of the beginning of the Company's fiscal year 2012. The adoption did not have a material impact
on the Company's condensed consolidated financial statements.</p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>6. Consolidated Affiliated Partnerships<br style="mso-special-character: line-break" />
<br style="mso-special-character: line-break" />
</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collectively, The Lion Fund L.P., Western Acquisitions,
L.P., Mustang Capital Partners I, L.P. and Mustang Capital Partners II, L.P. are referred to as consolidated affiliated partnerships
of the Company. Investments held directly by the consolidated affiliated partnerships usually consist of domestic equity securities.
Certain of the consolidated affiliated partnerships hold the Company’s common stock as investments. In our consolidated financial
statements, the Company classifies this common stock as Treasury stock despite the shares being legally outstanding. As of December
21, 2011 and September 28, 2011, the consolidated affiliated partnerships held 205,743 shares of the Company’s common stock
($69,221 at cost).  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Consolidated net earnings of the Company include
the realized and unrealized appreciation and depreciation of the investments held by consolidated affiliated partnerships, other
than realized and unrealized appreciation and depreciation of investments the consolidated affiliated partnerships hold in the
Company’s equity securities which has been eliminated in consolidation. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In fiscal year 2010, Biglari Holdings invested
a total of $35,697 in the Lion Fund, both in the form of the acquisition of the general partner and as a direct limited partner
investment. The fair value of these investments in the Lion Fund totaled $46,663 as of the end of the fiscal 2012 first quarter.
No amounts were invested in the year-to-date period in fiscal year 2012 or in fiscal year 2011. These investments in the Lion Fund
do not appear explicitly in the Company’s condensed consolidated Balance Sheet because of the requirement to consolidate
fully the Lion Fund (inclusive of third party interests) in the Company’s financial statements. Further, the Lion Fund’s
portfolio holds significant interests in Biglari Holdings’ common stock, which as described above is classified on the Company’s
condensed consolidated Balance Sheet as a reduction to Shareholders’ equity. Biglari Holdings’ pro-rata ownership of
its Company common stock through the Lion Fund was 98,776 shares of stock (with a fair value of $36,373) based on Biglari Holdings’
ownership interest in the Lion Fund as of the end of the fiscal 2012 first quarter.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the first quarter of fiscal year 2011,
Mustang Capital Partners I, L.P. and Mustang Capital Partners II, L.P. were liquidated and the funds distributed to the partners.
The distribution of $15,660, including $1,421 of noncash distributions, is noted in the Distributions to noncontrolling interests
line in the below reconciliation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the third quarter of fiscal year 2011,
Western Mustang Holdings, L.L.C. sold its interests in Mustang Capital Management, L.L.C. and Mustang Capital Advisors, L.P. As
a result of the sale, the Company does not have involvement in the operations of Mustang Capital Management, L.L.C. and Mustang
Capital Advisors, L.P. Although these entities meet the definition of “discontinued operations,” as defined in FASB
ASC paragraph 205-20-45-1, <i>Reporting Discontinued Operations</i> (“ASC paragraph 205-20-45-1”), we have not separated
the results of operations because the amounts are immaterial to our consolidated financial numbers. Net earnings after tax related
to the entities was approximately $1,050 for the twelve weeks ended December 22, 2010, including $1,246 that was attributable to
noncontrolling interests.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the cost and
fair value of the investments held by the consolidated affiliated partnerships, other than holdings of the Company’s equity
securities:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="line-height: 115%; text-align: center"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; line-height: 115%; font-weight: bold; text-align: center">December 21, 2011</td>
<td style="line-height: 115%; font-weight: bold; text-align: center"> </td>
<td colspan="2" style="border-bottom: windowtext 1pt solid; line-height: 115%; text-align: center">September 28, 2011</td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 115%">Equity securities:</td>
<td colspan="2" style="line-height: 115%; font-weight: bold; text-align: right"> </td>
<td style="line-height: 115%; font-weight: bold"> </td>
<td colspan="2" style="line-height: 115%; text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 74%; line-height: 115%; text-indent: 7.9pt">Cost</td>
<td style="width: 2%; line-height: 115%; font-weight: bold">$</td>
<td style="width: 10%; line-height: 115%; font-weight: bold; text-align: right">14,247</td>
<td style="width: 2%; line-height: 115%; font-weight: bold"> </td>
<td style="width: 3%; line-height: 115%">$</td>
<td style="width: 9%; line-height: 115%; text-align: right">19,122</td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 115%; text-indent: 7.9pt">Fair value</td>
<td style="line-height: 115%; font-weight: bold">$</td>
<td style="line-height: 115%; font-weight: bold; text-align: right">14,757</td>
<td style="line-height: 115%; font-weight: bold"> </td>
<td style="line-height: 115%">$</td>
<td style="line-height: 115%; text-align: right">18,783</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Investments held by consolidated affiliated
partnerships on the condensed consolidated Balance Sheet includes $6,630 and $0 of cash that is only available for use by the consolidated
affiliated partnerships at December 21, 2011 and September 28, 2011, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Realized investment gains/losses arise when
investments are sold (as determined on a specific identification basis). The net realized gains/losses from investments held by
consolidated affiliated partnerships, other than holdings of the Company’s equity securities, were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td colspan="3" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center">Twelve Weeks Ended</td>
<td style="vertical-align: top; padding-right: -0.05in; line-height: 115%; font-weight: bold; text-align: center"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-size: 2pt"> </td>
<td colspan="3" style="vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-size: 2pt; font-weight: bold; text-align: center"> </td>
<td style="vertical-align: top; padding-right: -0.05in; line-height: 115%; font-size: 2pt; font-weight: bold; text-align: center"> </td></tr>
<tr>
<td style="width: 74%; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%"> </td>
<td style="width: 12%; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 0.7pt">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 21,</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2011</b></p></td>
<td style="width: 1%; vertical-align: bottom; padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center"> </td>
<td style="width: 12%; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 0.7pt; line-height: 115%; text-align: center">December 22, 2010</td>
<td style="width: 1%; vertical-align: top; padding-right: -0.05in; line-height: 115%; font-weight: bold; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 0.7pt; line-height: 115%">Net unrealized gains/losses</td>
<td style="padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center">$                698</td>
<td style="padding-right: -0.45pt; line-height: 115%; font-weight: bold"> </td>
<td style="padding-right: 0.7pt; line-height: 115%; text-align: right">$                 225</td>
<td style="padding-right: 0.7pt; line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 0.7pt; line-height: 115%">Net realized gains/losses from sale</td>
<td style="padding-right: 0.7pt; line-height: 115%; font-weight: bold; text-align: center">$             1,426</td>
<td style="padding-right: -0.45pt; line-height: 115%; font-weight: bold"> </td>
<td style="padding-right: 0.7pt; line-height: 115%; text-align: right">$              2,462</td>
<td style="padding-right: 0.7pt; line-height: 115%"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The limited partners of each of the investment
funds have the ability to redeem their capital upon certain occurrences; therefore, the ownership of the investment funds held
by the limited partners is presented as Redeemable noncontrolling interests of consolidated affiliated partnerships and measured
at the greater of carrying value or fair value on the accompanying condensed consolidated Balance Sheet. The maximum redemption
amount of the redeemable noncontrolling interests as of December 21, 2011 is $50,005.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is a reconciliation of the redeemable
noncontrolling interests in the consolidated affiliated partnerships.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; line-height: 115%"> </td>
<td style="vertical-align: top; line-height: 115%"> </td>
<td colspan="4" style="border-bottom: windowtext 1pt solid; vertical-align: bottom; line-height: 115%; font-weight: bold; text-align: center">Twelve Weeks Ended</td>
<td style="vertical-align: top; line-height: 115%"> </td></tr>
<tr>
<td style="width: 73%; vertical-align: bottom; line-height: 115%"> </td>
<td style="width: 2%; vertical-align: top; line-height: 115%"> </td>
<td style="width: 11%; vertical-align: bottom; border-bottom: windowtext 1pt solid; line-height: 115%; font-weight: bold; text-align: center">December 21, 2011</td>
<td style="width: 1%; vertical-align: bottom; line-height: 115%"> </td>
<td style="width: 1%; vertical-align: top; line-height: 115%"> </td>
<td style="width: 11%; vertical-align: bottom; border-bottom: windowtext 1pt solid; line-height: 115%; text-align: center">December 22, 2010</td>
<td style="width: 1%; vertical-align: top; line-height: 115%"> </td></tr>
<tr>
<td style="vertical-align: bottom; line-height: 115%">Carrying value at beginning of period</td>
<td style="vertical-align: top; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 1.35pt; line-height: 115%; font-weight: bold; text-align: right">$         45,252</td>
<td style="vertical-align: bottom; line-height: 115%"> </td>
<td style="vertical-align: top; line-height: 115%"> </td>
<td style="vertical-align: bottom; line-height: 115%; text-align: right">$         62,245</td>
<td style="vertical-align: bottom; line-height: 115%"> </td></tr>
<tr>
<td style="vertical-align: bottom; line-height: 115%">Contributions from noncontrolling interests</td>
<td style="vertical-align: top; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 1.35pt; line-height: 115%; font-weight: bold; text-align: right">  927</td>
<td style="vertical-align: bottom; line-height: 115%"> </td>
<td style="vertical-align: top; line-height: 115%"> </td>
<td style="vertical-align: bottom; line-height: 115%; text-align: right">166</td>
<td style="vertical-align: bottom; line-height: 115%"> </td></tr>
<tr>
<td style="vertical-align: bottom; line-height: 115%">Distributions to noncontrolling interests</td>
<td style="vertical-align: top; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 1.35pt; line-height: 115%; font-weight: bold; text-align: right">—</td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: top; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; line-height: 115%; text-align: right">(16,437</td>
<td style="vertical-align: bottom; line-height: 115%">)</td></tr>
<tr>
<td style="vertical-align: bottom; line-height: 115%">Incentive fee</td>
<td style="vertical-align: top; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 1.35pt; line-height: 115%; font-weight: bold; text-align: right">(36</td>
<td style="vertical-align: bottom; line-height: 115%; font-weight: bold">)</td>
<td style="vertical-align: top; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; line-height: 115%; text-align: right">(2,510</td>
<td style="vertical-align: bottom; line-height: 115%">)</td></tr>
<tr>
<td style="vertical-align: bottom; line-height: 115%">Income / loss allocation</td>
<td style="vertical-align: top; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 1.35pt; line-height: 115%; font-weight: bold; text-align: right">1,234</td>
<td style="vertical-align: bottom; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: top; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; line-height: 115%; text-align: right">1,812</td>
<td style="vertical-align: bottom; line-height: 115%"> </td></tr>
<tr>
<td style="vertical-align: bottom; line-height: 115%">Adjustment to redeemable noncontrolling interest to reflect maximum redemption value ...  </td>
<td style="vertical-align: top; line-height: 115%"> </td>
<td style="vertical-align: bottom; padding-right: 1.35pt; line-height: 115%; font-weight: bold; text-align: right">2,628</td>
<td style="vertical-align: bottom; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: top; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: bottom; line-height: 115%; text-align: right">6,130</td>
<td style="vertical-align: bottom; line-height: 115%"> </td></tr>
<tr>
<td style="vertical-align: bottom; line-height: 115%">Carrying value at end of period</td>
<td style="vertical-align: top; line-height: 115%"> </td>
<td style="border-top: windowtext 1pt solid; border-bottom: windowtext 1.5pt double; vertical-align: bottom; padding-right: 1.35pt; line-height: 115%; font-weight: bold; text-align: right">$          50,005</td>
<td style="vertical-align: bottom; line-height: 115%; font-weight: bold"> </td>
<td style="vertical-align: top; line-height: 115%; font-weight: bold"> </td>
<td style="border-top: windowtext 1pt solid; border-bottom: windowtext 1.5pt double; vertical-align: bottom; line-height: 115%; text-align: right">$         51,406</td>
<td style="vertical-align: bottom; line-height: 115%"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company, through its ownership of Biglari
Capital and Western Investments Inc., is entitled to an incentive fee to the extent investment performance of the consolidated
affiliated partnerships exceeds specified hurdle rates. Any such fee is included in net earnings attributable to the Company in
the period the fee is earned.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Biglari Capital, the general partner of the
Lion Fund, earned a $36 incentive reallocation fee at December 31, 2011. At December 31, 2010, Biglari Capital earned a $5,199
incentive reallocation fee; however, $2,689 was eliminated, for that amount represents the Company’s fee as a limited partner,
which was uncharged because the Company owns the general partner. The remaining $2,510 is an incentive fee that was charged and
reallocated from outside limited partners of the Lion Fund. The incentive fee is assessed only once a year, on December 31, and
no predictability of such earnings exists because the Lion Fund annual performance is unpredictable.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net earnings attributable to the Company only
includes the Company’s share of earnings and losses related to our investments in the consolidated affiliated partnerships;
all other earnings or losses from the consolidated affiliated partnerships are allocated to the redeemable noncontrolling interests.</p>
<p style="margin: 0pt"></p>
298083000
279678000
248995000
756000
756000
756000
756000
143521000
137573000
144569000
142422000
195825000
205288000
230390000
239185000
-1152000
564000
-5468000
6289000
-89955000
-89967000
-90569000
-90569000
254214000
-901000
1280000
1280000
-901000
12658000
436000
436000
12658000
20552000
11179000
481000
170000
182000
481000
-12000
-2628000
-6130000
-6130000
-2628000
552000
818000
7758000
279000