SECURITIES AND EXCHANGE COMMISSION
                            Washington D.C.  20549


                                 SCHEDULE 13G
                                (Rule 13d-102)


           INFORMATION TO BE INCLUDED IN STATEMENT FILED PURSUANT TO
       RULES 13d-1(b) AND (c) AND AMENDMENTS FILED PURSUANT TO 13d-2(b)
                               (AMENDMENT No. 1)


                                  IHOP CORP.
                       --------------------------------
                               (Name of Issuer)



                    Common Stock, par value $.01 per share
          ----------------------------------------------------------
                        (Title of Class of Securities)



                                  449623-10-7
                   -----------------------------------------
                                (CUSIP Number)



                          ---------------------------

                               Page 1 of 5 Pages

 
- -----------------------                                  ---------------------
  CUSIP NO. 449623-10-7                 13G               PAGE 2 OF 5 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

      International House of Pancakes Employee Stock Ownership Plan;
      IRS ID # 95-3038279

- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
                                                                (b) [_]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4    
      United States of America

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5   
     NUMBER OF            
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6
                          
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7    
    REPORTING             
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8
                          

- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9  
      

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10                  
                                                                          [_]
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11    
      

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
      EP

- ------------------------------------------------------------------------------
                     *See Instructions before filling out!

                               Page 2 of 5 Pages

 
ITEM 1(a).     NAME OF ISSUER:

               IHOP Corp.

ITEM 1(b).     ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:

               525 North Brand Boulevard
               Glendale CA 91203-1903

ITEM 2(a).     NAME OF PERSON FILING:

               International House of Pancakes Employee Stock Ownership Plan;
               IRS ID # 95-3038279

ITEM 2(b).     ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:

               525 North Brand Boulevard
               Glendale CA 91203-1903

ITEM 2(c).     CITIZENSHIP:

               United States of America

ITEM 2(d).     TITLE OF CLASS OF SECURITIES:

               Common Stock, par value $.01 per share

ITEM 2(e).     CUSIP NUMBER:

               449623-10-7

ITEM 3.        IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b), OR 13d-
               2(b), CHECK WHETHER THE PERSON FILING IS A:

               Not applicable

ITEM 4.        OWNERSHIP:

               If the percent of the class owned, as of December 31 of the year
               covered by the statement, or as of the last day of any month
               described in Rule 13d-1(b)(2), if applicable, exceeds five
               percent, provide the following information as of that date and
               identify those shares which there is a right to acquire.
 
                    (a)  Amount Beneficially Owned:   N/A
                    (b)  Percent of Class:            N/A
                    (c)  Number of shares as to which such person has:
 
                    (i)  sole power to vote or to direct the vote:  N/A

                               Page 3 of 5 Pages

 
                    (ii)   shared power to vote or to direct the vote:  N/A
                    (iii)  sole power to dispose or to direct the disposition 
                           of:  N/A
                    (iv)   shared power to dispose or to direct the disposition 
                           of:  N/A

ITEM 5.   OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.

          If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities, check the following  [x].

ITEM 6.   OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.

          Not applicable.

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.

ITEM 10.  CERTIFICATION.

          Not applicable.

                               Page 4 of 5 Pages

 
                                   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.

  
                                                February 13, 1998
                                       ---------------------------------------- 
                                                      (Date)
                                       International House of Pancakes
                                       Employee Stock Ownership Plan


                                        /s/ Mark D. Weisberger 
                                       ---------------------------------------- 
                                       By   Mark D. Weisberger
                                            Member, Administrative Committee

                               Page 5 of 5 Pages