UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Selmon, Lee Roy
4202 East Fowler, PED 214
Tampa, FL 33620
2. Issuer Name and Ticker or Trading Symbol
Outback Steakhouse, Inc.
OSI
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
05/31/02
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 Filing (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 |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
___________________________________________________________________________________________________________________________________|
Common Stock, par value $.0|05/06/|M |-|3,000 |A |$17.50 | | | |
1 |02 | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Common Stock, par value $.0|05/06/|S |-|3,000 |D |$36.75 |0 |D | |
1 |02 | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
___________________________________________________________________________________________________________________________________
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 | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price 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 |Date |Code|V| Amount | |ble | | | |Month |(I)| |
___________________________________________________________________________________________________________________________________|
Phantom Stock Units |1-1 |- |- |-|- - |A,D|(1) |(1) |Common Stock|(1) |(1) |2.063.02(1) |D | |
-----------------------------------------------------------------------------------------------------------------------------------|
Stock Option (right to|$17.50 |05/06|M |-|- 3,000 |A,D|(2) |7/19/|Common Stock|3,000 |$17.50 |12,000 |D | |
buy) | |/02 | | | | | |04 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
Explanation of Responses:
(1) Derivative securities beneficially owned include (i) 512.11 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 on
January 1, 2003; (ii) 470.64 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 on January
1, 2003; (iii) 346.61 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 on January 1, 2003; (iv) 349.98 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 on
January 1, 2003; and (v) 383.68 phantom stock units accrued in fiscal year
2001 ranging in stock prices from
$24.85 to $27.98, and are each settled 100% in the Company's common stock on
January 1, 2003.
(2) Currently exercisable. The option vested in three equal annual installments
beginning on October 19, 1994.
SIGNATURE OF REPORTING PERSON
Lee Roy Selmon