Outback Steakhouse, Inc. and Affiliates
Consolidated Statements of Stockholders' Equity



(IN THOUSANDS)
                                Common  Common  Additional  Retained    Treasury
                                Stock   Stock     Paid-In   Earnings      Stock      Total   
                                Shares  Amount    Capital                                    
                                                                        
Balance, December 31, 1997     75,028   $ 762    $157,903   $ 292,617   $(13,900)  $ 437,382
Issuance of common stock          946       9      19,112                             19,121
Distributions                                                  (2,639)                (2,639)
Purchase of treasury stock       (300)                                    (6,345)     (6,345)
Reissuance of treasury stock      544                 719      (5,266)     9,420       4,873
Net income                                                     96,048                 96,048 
Balance, December 31, 1998     76,218     771     177,734     380,760    (10,825)    548,440
Issuance of common stock          442       4      16,230                             16,234
Distributions                                                  (2,522)                (2,522)
Purchase of treasury stock       (239)                                    (7,230)     (7,230)
Reissuance of treasury stock      983                 287      (1,177)    14,610      13,720
Net income                                                    124,323                124,323 
Balance, December 31, 1999     77,404     775     194,251     501,384     (3,445)    692,965
Issuance of common stock          995      10      20,290                             20,300
Purchase of treasury stock     (1,980)                                   (48,615)    (48,615)
Reissuance of treasury stock      213                          (4,131)     5,941       1,810
Net income                                                    141,130                141,130 
Balance, December 31, 2000     76,632   $ 785    $214,541   $ 638,383   $(46,119)  $ 807,590 

The accompanying notes are an integral part of these Consolidated Financial Statements.