UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
( ) Form 3 Holdings Reported
( ) Form 4 Transactions Reported
1. Name and Address of Reporting Person
Carey, W. R.
4401 Northside Parkway, Suite 100
Atlanta, GA 30327
2. Issuer Name and Ticker or Trading Symbol
Outback Steakhouse, Inc.
OSI
3. IRS or Social Security Number of Reporting Person (Voluntary)
157-36-8434
4. Statement for Month/Year
12/31/01
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
7. Individual or Joint/Group Reporting (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
|Transaction| or Disposed of (D) | Securities |ect | Beneficial Ownership |
|Date |Code| | Beneficially |(D)or | |
| | | | A/| | Owned at |Indir | |
| | | Amount | D | Price | End of Year |ect(I)| |
___________________________________________________________________________________________________________________________________|
___________________________________________________________________________________________________________________________________|
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Con |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer |Date |Code| rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise Pr | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|ice of | | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity | | | Amount | |ble | | | |Year |(I)| |
___________________________________________________________________________________________________________________________________|
Phantom Stock Units |1-1 |1/24/|A |231.39 |A |(1) |(1) |Common Stock|231.39 |$24.85 | |D | |
| |01 | | | | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Phantom Stock Units |1-1 |4/25/|A |206.21 |A |(1) |(1) |Common Stock|206.21 |$25.46 | |D | |
| |01 | | | | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Phantom Stock Units |1-1 |7/25/|A |169.76 |A |(1) |(1) |Common Stock|169.76 |$27.98 | |D | |
| |01 | | | | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Phantom Stock Units |1-1 |10/24|A |180.75 |A |(1) |(1) |Common Stock|180.75 |$26.28 |2810.89(2) |D | |
| |/01 | | | | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Stock Option (right to b|$10.67 | | | | |(3) |1/27/|Common Stock|45,000 | |45,000 |D | |
uy) | | | | | | |03 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
Explanation of Responses:
(1) The phantom stock units were accrued under the Company's Deferred
Compensation and Stock Plan and are settled 100% in the Company's common stock
upon the reporting person's
cessation as a director of the
Company.
(2) Derivative securities beneficially owned at end of year include (i) 568.70
phantom stock units accrued in fiscal year 1997 ranging in stock prices from
$15.840 to $17.669 and are each settled
100% in the Company's common stock upon cessation as a director of the Company;
(ii) 466.93 phantom stock units accrued in fiscal year 1998 ranging in stock
prices from $18.070 to $24.697,
and are each settled 100% in the Company's common stock upon cessation as a
director of the Company; (iii) 336.37 phantom stock units accrued in fiscal
year 1999 ranging in stock prices from
$25.33 to $36.68, and are each settled 100% in the Company's common stock upon
cessation as a director of the Company; and (iv) 650.79 phantom stock units
accrued in fiscal year 2000 ranging
in stock prices from$23.603 to $29.821, and are each settled 100% in the
Company's common stock upon cessation as a director of the Company.
(3) Currently exercisable. The option vested in three equal annual installments
beginning on January 27, 1993.
SIGNATURE OF REPORTING PERSON
W. R. Carey
DATE
January 23, 2002