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 Carey, W. R. 280 Preston Oaks Drive, Suite A Alpharetta, GA 30022 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 01/22/03 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|- |- |-|- |- |- |0(1) |D | | 1 | | | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| ___________________________________________________________________________________________________________________________________| ___________________________________________________________________________________________________________________________________ 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 |01/22|A |-|137.52 - |A,D|(2) |(2) |Common Stock|137.52 |$34.54 |3625.15(1)(3|D | | | |/03 | | | | | | | | | |) | | | -----------------------------------------------------------------------------------------------------------------------------------| Stock Option (right to|$10.67 |- |- |-|- - |A,D|(4) |01/27|Common Stock|45,000 |$10.67 |45,000(1) |D | | buy) | | | | | | | |/03 | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | | | ___________________________________________________________________________________________________________________________________| Explanation of Responses: (1) Represents number of shares beneficially owned immediately after the reported transaction. (2) 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. (3) 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; (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; (iv) 788.10 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 upon cessation as a director of the Company; and (v) 676.74 phantom stock units accrued in fiscal year 2002 ranging in stock prices from $28.00 to $37.38, and are each settled 100% in the Company's common stock upon cessation as a director of the Company. (4) Currently exercisable. The option vested in three equal annual installments beginning on January 27, 1993. SIGNATURE OF REPORTING PERSON Joseph J. Kadow, Attorney-in-Fact DATE January 24, 2003