SECURITIES & EXCHANGE COMMISSION
                           Washington, D.C. 20549
                           ----------------------

                                 SCHEDULE 13G/A
                                (Rule 13d-102)

            INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
           TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
                              PURSUANT TO 13d-2(b)

                               (Amendment No. 2)*

                              Shoe Carnival, Inc.
                               (Name of Issuer)

                                 Common Stock
                        (Title of Class of Securities)

                                   824889109
                                (CUSIP Number)

                               December 31, 2001
            (Date of event which requires filing of this statement)


     Check the appropriate box to designate the rule pursuant to which this
Schedule 13G is filed:

     [ ]  Rule 13d-1(b)
     [X]  Rule 13d-1(c)
     [ ]  Rule 13d-1(d)





                           (Page 1 of 13 Pages)
---------------
     *The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.

     The information required in the remainder of this cover page shall not be
deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934 ("Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes).








CUSIP No. 824889109                    13G                 Page 2 of 13 Pages

-----------------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NO.
            OF ABOVE PERSONS (ENTITIES ONLY)
                              SAB CAPITAL PARTNERS, L.P.
-----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [X]
                                                                  (b)  [ ]
-----------------------------------------------------------------------------
     (3)    SEC USE ONLY
-----------------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION
                                                           Delaware
-----------------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                                                           -0-
SHARES         --------------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                                                           573,128
OWNED BY       --------------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                                                           -0-
REPORTING      --------------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                                                           573,128
-----------------------------------------------------------------------------
     (9)     AGGREGATE AMOUNT BENEFICIALLY OWNED
             BY EACH REPORTING PERSON
                                                           573,128
-----------------------------------------------------------------------------
     (10)    CHECK BOX IF THE AGGREGATE AMOUNT
             IN ROW (9) EXCLUDES CERTAIN SHARES **                       [ ]
-----------------------------------------------------------------------------
     (11)    PERCENT OF CLASS REPRESENTED
             BY AMOUNT IN ROW (9)
                                                           4.7%
-----------------------------------------------------------------------------
     (12)    TYPE OF REPORTING PERSON **
                                                           PN
-----------------------------------------------------------------------------
                    ** SEE INSTRUCTIONS BEFORE FILLING OUT!







CUSIP No. 824889109                    13G                 Page 3 of 13 Pages

-----------------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NO.
            OF ABOVE PERSONS (ENTITIES ONLY)
                              SAB CAPITAL PARTNERS II, L.P.
-----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [X]
                                                                  (b)  [ ]
-----------------------------------------------------------------------------
     (3)    SEC USE ONLY
-----------------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION
                                                          Delaware
-----------------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                                                          -0-
SHARES         --------------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                                                          26,053
OWNED BY       --------------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                                                          -0-
REPORTING      --------------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                                                          26,053
-----------------------------------------------------------------------------
     (9)     AGGREGATE AMOUNT BENEFICIALLY OWNED
             BY EACH REPORTING PERSON
                                                          26,053
-----------------------------------------------------------------------------
     (10)    CHECK BOX IF THE AGGREGATE AMOUNT
             IN ROW (9) EXCLUDES CERTAIN SHARES **                       [ ]
-----------------------------------------------------------------------------
     (11)    PERCENT OF CLASS REPRESENTED
             BY AMOUNT IN ROW (9)
                                                          0.2%
-----------------------------------------------------------------------------
     (12)    TYPE OF REPORTING PERSON **
                                                          PN
-----------------------------------------------------------------------------
                    ** SEE INSTRUCTIONS BEFORE FILLING OUT!







CUSIP No. 824889109                    13G                 Page 4 of 13 Pages

-----------------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NO.
            OF ABOVE PERSONS (ENTITIES ONLY)
                              SAB CAPITAL ADVISORS, L.L.C.
-----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [X]
                                                                  (b)  [ ]
-----------------------------------------------------------------------------
     (3)    SEC USE ONLY
-----------------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION
                                                          Delaware
-----------------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                                                          -0-
SHARES         --------------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                                                          599,181
OWNED BY       --------------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                                                          -0-
REPORTING      --------------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                                                          599,181
-----------------------------------------------------------------------------
     (9)     AGGREGATE AMOUNT BENEFICIALLY OWNED
             BY EACH REPORTING PERSON
                                                          599,181
-----------------------------------------------------------------------------
     (10)    CHECK BOX IF THE AGGREGATE AMOUNT
             IN ROW (9) EXCLUDES CERTAIN SHARES **                       [ ]
-----------------------------------------------------------------------------
     (11)    PERCENT OF CLASS REPRESENTED
             BY AMOUNT IN ROW (9)
                                                          4.9%
-----------------------------------------------------------------------------
     (12)    TYPE OF REPORTING PERSON **
                                                          OO
-----------------------------------------------------------------------------
                    ** SEE INSTRUCTIONS BEFORE FILLING OUT!







CUSIP No. 824889109                    13G                 Page 5 of 13 Pages

-----------------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NO.
            OF ABOVE PERSONS (ENTITIES ONLY)
                              SAB OVERSEAS CAPITAL MANAGEMENT, L.P.
-----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [X]
                                                                  (b)  [ ]
-----------------------------------------------------------------------------
     (3)    SEC USE ONLY
-----------------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION
                                                           Delaware
-----------------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                                                           -0-
SHARES         --------------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                                                           485,659
OWNED BY       --------------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                                                           -0-
REPORTING      --------------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                                                           485,659
-----------------------------------------------------------------------------
     (9)     AGGREGATE AMOUNT BENEFICIALLY OWNED
             BY EACH REPORTING PERSON
                                                           485,659
-----------------------------------------------------------------------------
     (10)    CHECK BOX IF THE AGGREGATE AMOUNT
             IN ROW (9) EXCLUDES CERTAIN SHARES **                       [ ]
-----------------------------------------------------------------------------
     (11)    PERCENT OF CLASS REPRESENTED
             BY AMOUNT IN ROW (9)
                                                           4.0%
-----------------------------------------------------------------------------
     (12)    TYPE OF REPORTING PERSON **
                                                           PN
-----------------------------------------------------------------------------
                    ** SEE INSTRUCTIONS BEFORE FILLING OUT!






CUSIP No. 824889109                    13G                 Page 6 of 13 Pages

-----------------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NO.
            OF ABOVE PERSONS (ENTITIES ONLY)
                              SAB CAPITAL MANAGEMENT, L.L.C.
-----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [X]
                                                                  (b)  [ ]
-----------------------------------------------------------------------------
     (3)    SEC USE ONLY
-----------------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION
                                                            Delaware
-----------------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                                                            -0-
SHARES         --------------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                                                            485,659
OWNED BY       --------------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                                                            -0-
REPORTING      --------------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                                                            485,659
-----------------------------------------------------------------------------
     (9)     AGGREGATE AMOUNT BENEFICIALLY OWNED
             BY EACH REPORTING PERSON
                                                            485,659
-----------------------------------------------------------------------------
     (10)    CHECK BOX IF THE AGGREGATE AMOUNT
             IN ROW (9) EXCLUDES CERTAIN SHARES **                       [ ]
-----------------------------------------------------------------------------
     (11)    PERCENT OF CLASS REPRESENTED
             BY AMOUNT IN ROW (9)
                                                            4.0%
-----------------------------------------------------------------------------
     (12)    TYPE OF REPORTING PERSON **
                                                            OO
-----------------------------------------------------------------------------
                    ** SEE INSTRUCTIONS BEFORE FILLING OUT!







CUSIP No. 824889109                    13G                 Page 7 of 13 Pages

-----------------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NO.
            OF ABOVE PERSONS (ENTITIES ONLY)
                              SCOTT A BOMMER
-----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [X]
                                                                  (b)  [ ]
-----------------------------------------------------------------------------
     (3)    SEC USE ONLY
-----------------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION
                                                     United States of America
-----------------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                                                     -0-
SHARES         --------------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                                                     1,084,840
OWNED BY       --------------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                                                     -0-
REPORTING      --------------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                                                     1,084,840
-----------------------------------------------------------------------------
     (9)     AGGREGATE AMOUNT BENEFICIALLY OWNED
             BY EACH REPORTING PERSON
                                                     1,084,840
-----------------------------------------------------------------------------
     (10)    CHECK BOX IF THE AGGREGATE AMOUNT
             IN ROW (9) EXCLUDES CERTAIN SHARES **                       [ ]
-----------------------------------------------------------------------------
     (11)    PERCENT OF CLASS REPRESENTED
             BY AMOUNT IN ROW (9)
                                                     8.9%
-----------------------------------------------------------------------------
     (12)    TYPE OF REPORTING PERSON **
                                                     IN
-----------------------------------------------------------------------------
                    ** SEE INSTRUCTIONS BEFORE FILLING OUT!







CUSIP No. 824889109                    13G                 Page 8 of 13 Pages

Item 1(a).     Name of Issuer:

     The name of the issuer is Shoe Carnival, Inc.
     (the "Company").

Item 1(b).     Address of Issuer's Principal Executive Offices:

     The Company's principal executive office is located at
 8233 Baumgart Road
 Evansville, IN 47725
 United States

Item 2(a).     Name of Person Filing:

     This statement is filed by:

            (i)   SAB Capital Partners, L.P., a Delaware limited partnership
                  ("SAB"), with respect to shares of Common Stock (as defined
                  in Item 2(d) below) directly owned by it;

            (ii)  SAB Capital Partners II, L.P., a Delaware limited partnership
                  ("SAB II", and together with SAB, the "Partnerships"), with
                  respect to shares of Common Stock (as defined in Item 2(d)
                  below) directly owned by it;

            (iii) SAB Capital Advisors, L.L.C., a Delaware limited liability
                  company (the "General Partner"), which serves as the general
                  partner of each of the Partnerships, with respect to shares of
                  Common Stock (as defined in Item 2(d) below) directly owned by
                  each of the Partnerships;

            (iv)  SAB Overseas Capital Management, L.P., a Delaware limited
                  partnership (the "Investment Manager"), which serves as
                  investment manager to and has investment discretion over the
                  securities held by SAB Overseas Fund, Ltd., a Cayman Islands
                  exempted company ("SAB Overseas"), with respect to shares of
                  Common Stock directly owned by SAB Overseas;

            (v)   SAB Capital Management, L.L.C., a Delaware limited liability
                  company (the "IMGP"), which serves as the general partner to
                  the Investment Manager, with respect to shares of Common Stock
                  directly owned by SAB Overseas; and

            (vi)  Mr. Scott A. Bommer ("Mr. Bommer"), who serves as the
                  managing member of the General Partner and of the IMGP,
                  with respect to shares of Common Stock directly owed by the
                  Partnerships and SAB Overseas.

     The Partnerships, the General Partner, the Investment Manager, the IMGP and
Mr. Bommer are hereinafter sometimes collectively referred to as the "Reporting
Persons." Any disclosures herein with respect to persons other than the
Reporting Persons are made on information and belief after making inquiry to the
appropriate party.







CUSIP No. 824889109                    13G                 Page 9 of 13 Pages

Item 2(b).     Address of Principal Business Office or, if None, Residence:

     The address of the business office of each of the Reporting Persons is 650
Madison Avenue, 26th Floor, New York, N.Y. 10022.

Item 2(c).     Citizenship:

     Each of the Partnerships,  the General Partner,  the Investment Manager and
the IMGP is organized  under the laws of the State of Delaware.  Mr. Bommer is a
citizen of the United States of America.

Item 2(d).     Title of Class of Securities:

     Common Stock (the "Common Stock")

Item 2(e).  CUSIP Number:

     824889109

Item 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or
(c), check whether the person filing is a:

          (a) [ ]   Broker or dealer registered under Section 15 of the
                    Act,

          (b) [ ]   Bank as defined in Section 3(a)(6) of the Act,

          (c) [ ]   Insurance Company as defined in Section 3(a)(19) of
                    the Act,

          (d) [ ]   Investment Company registered under Section 8 of the
                    Investment Company Act of 1940,

          (e) [ ]   Investment Adviser in accordance with Rule
                    13d-1 (b)(1)(ii)(E),

          (f) [ ]   Employee Benefit Plan or Endowment Fund in accordance
                    with 13d-1 (b)(1)(ii)(F),

          (g) [ ]   Parent Holding Company or control person in accordance
                    with Rule 13d-1(b)(1)(ii)(G),

          (h) [ ]   Savings Association as defined in Section 3(b) of the
                    Federal Deposit Insurance Act,

          (i) [ ]   Church Plan that is excluded from the definition of an
                    investment company under Section 3(c)(14) of the Investment
                    Company Act of 1940,

          (j) [ ]   Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

If this statement is filed pursuant to 13d-1(c), check this box:  [x]







CUSIP No. 824889109                    13G                Page 10 of 13 Pages

Item 4.   Ownership.

     A. SAB Capital Partners, L.P.
          (a) Amount beneficially owned:  573,128
          (b) Percent of class:  4.7%
              The percentages used herein and in the rest of this Schedule 13G
              are calculated based upon the 12,218,127 shares of Common Stock
              issued and outstanding on December 1, 2001, as reflected in the
              Company's Form 10-Q for the quarterly period ended November 3,
              2001.
          (c) Number of shares as to which such person has:
              (i) Sole power to vote or direct the vote:  -0-
              (ii) Shared power to vote or direct the vote:  573,128
              (iii) Sole power to dispose or direct the disposition:  -0-
              (iv) Shared power to dispose or direct the
                   disposition:  573,128

     B. SAB Capital Partners II, L.P.
          (a) Amount beneficially owned:  26,053
          (b) Percent of class:  0.2%
          (c) Number of shares as to which such person has:
              (i) Sole power to vote or direct the vote:  -0-
              (ii) Shared power to vote or direct the vote:  26,053
              (iii) Sole power to dispose or direct the disposition:  -0-
              (iv) Shared power to dispose or direct the
                   disposition:  26,053

     C. SAB Capital Advisors, L.L.C.
          (a) Amount beneficially owned:  599,181
          (b) Percent of class:  4.9%
          (c) Number of shares as to which such person has:
              (i) Sole power to vote or direct the vote:  -0-
              (ii) Shared power to vote or direct the vote:  599,181
              (iii) Sole power to dispose or direct the disposition:  -0-
              (iv) Shared power to dispose or direct the
                   disposition:  599,181

     D. SAB Overseas Capital Management, L.P.
          (a) Amount beneficially owned:  485,659
          (b) Percent of class:  4.0%
          (c) Number of shares as to which such person has:
              (i) Sole power to vote or direct the vote:  -0-
              (ii) Shared power to vote or direct the vote:  485,659
              (iii) Sole power to dispose or direct the disposition:  -0-
              (iv) Shared power to dispose or direct the
                   disposition:  485,659







CUSIP No. 824889109                    13G                Page 11 of 13 Pages

     E. SAB Capital Management, L.L.C.
          (a) Amount beneficially owned:  485,659
          (b) Percent of class:  4.0%
          (c) Number of shares as to which such person has:
              (i) Sole power to vote or direct the vote:  -0-
              (ii) Shared power to vote or direct the vote:  485,659
              (iii) Sole power to dispose or direct the disposition:  -0-
              (iv) Shared power to dispose or direct the
                   disposition:  485,659

     F. Scott A. Bommer
          (a) Amount beneficially owned:  1,084,840
          (b) Percent of class:  8.9%
          (c) Number of shares as to which such person has:
              (i) Sole power to vote or direct the vote:  -0-
              (ii) Shared power to vote or direct the vote:  1,084,840
              (iii) Sole power to dispose or direct the disposition:  -0-
              (iv) Shared power to dispose or direct the
                   disposition:  1,084,840

Item 5.     Ownership of Five Percent or Less of a Class.

     Not applicable.

Item 6.     Ownership of More than Five Percent on Behalf of Another Person.

     SAB Overseas, a client of the Investment Manager, has the right to receive
or the power to direct the receipt of dividends from, or the proceeds from the
sale of, the securities reported in this Schedule 13G. SAB Overseas does not
hold more than five percent of the class of securities reported herein.

Item 7.     Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company.

     Not applicable.

Item 8.  Identification and Classification of Members of the Group.

     Not applicable.

Item 9.  Notice of Dissolution of Group.

     Not applicable.








CUSIP No. 824889109                    13G                Page 12 of 13 Pages

Item 10.  Certification.

     Each of the Reporting Persons hereby makes the following certification:

          By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.


                                    SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.


DATED:  February 14, 2002


                                  /S/ Scott A Bommer
                                  -------------------------------------
                                  Scott A Bommer,
                                  individually and as managing member of
                                  (a) SAB Capital Advisors, L.L.C.,
                                  for itself and as the general partner of
                                  (i) SAB Capital Partners, L.P. and
                                  (ii) SAB Capital Partners II, L.P.; and
                                  (b) SAB Capital Management, L.L.C.,
                                  for itself and as the general partner of
                                  SAB Overseas Capital Management, L.P.






CUSIP No. 824889109                    13G                Page 13 of 13 Pages

                                 EXHIBIT 1

                         JOINT ACQUISITION STATEMENT
                          PURSUANT TO RULE 13d-1(k)


     The undersigned acknowledge and agree that the foregoing statement on
Schedule 13G, is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13G, shall be filed on
behalf of each of the undersigned without the necessity of filing additional
joint acquisition statements. The undersigned acknowledge that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning him or it contained therein, but
shall not be responsible for the completeness and accuracy of the information
concerning the others, except to the extent that he or it knows or has reason to
believe that such information is inaccurate.


DATED:  February 14, 2002


                                  /S/ Scott A Bommer
                                  -------------------------------------
                                  Scott A Bommer,
                                  individually and as managing member of
                                  (a) SAB Capital Advisors, L.L.C.,
                                  for itself and as the general partner of
                                  (i) SAB Capital Partners, L.P. and
                                  (ii) SAB Capital Partners II, L.P.; and
                                  (b) SAB Capital Management, L.L.C.,
                                  for itself and as the general partner of
                                  SAB Overseas Capital Management, L.P.