FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * RISK J FRED   2. Issuer Name and Ticker or Trading Symbol STEAK & SHAKE CO [SNS] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 7801 N. PENNSYLVANIA ST. 3. Date of Earliest Transaction (Month/Day/Year) 11/13/2006 (Street) INDIANAPOLIS, IN 46240 4. If Amendment, Date Original Filed(Month/Day/Year) 11/16/2006 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 11/13/2006   G V 7,003 (3) D $ 0 723 I Held by Mr. Risk's wife Common Stock 11/13/2006   G V 7,003 (3) A $ 0 109,842 D   Common Stock 11/13/2006   F   2,384 D $ 17.99 107,458 (4) D   Common Stock 11/13/2006   M   5,000 A $ 9.97 112,458 (4) D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Option

$ 18.26

02/09/2005(1)

11/17/2009(1)

Common Stock

5,000

5,000

D

Option

$ 19.22

11/08/2005(1)

11/08/2010(1)

Common Stock

5,000

5,000

D

Option

$ 9.97

11/13/2006

M

5,000

11/13/2002(2)

11/13/2007(2)

Common Stock

5,000

$ 0

0

D

Option

$ 17.98

11/12/2003

11/12/2008(2)

Common Stock

5,000

5,000

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
RISK J FRED 7801 N. PENNSYLVANIA ST. INDIANAPOLIS, IN 46240	X

Signatures

David C. Milne; Attorney-in-fact		11/17/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	These options were conditionally granted on 11-17-04, subject to shareholder approval on 2-9-05. 20% vested on the date of shareholder approval and an additional 20% vest on each anniversary of the conditional grant date.
(2)	These Options vest at a rate of 20% on date of grant and 20% each anniversary thereafter until fully vested.
(3)	Due to a communication error the number of shares given to Mr. Risk by his wife was incorrectly inflated by 133 shares in the original Form 4 filed to report this transaction.
(4)	The number of shares given to Mr. Risk by his wife was erroneously inflated by 133 shares in the original Form 4 filed to report this transaction. The number of shares reported herein reflects the correct number of shares given to Mr. Risk by his wife.

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