Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2015	Feb. 26, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	ST JOE CO
Trading Symbol	JOE
Entity Central Index Key	0000745308
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Common Stock, Shares Outstanding		74,349,612
Entity Public Float			$ 574.8

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Investment in real estate, net	$ 313,599	$ 321,812
Cash and cash equivalents	212,773	34,515
Investments	191,240	636,878
Restricted investments	7,072	7,940
Notes receivable, net	2,555	24,270
Pledged treasury securities	0	25,670
Property and equipment, net of accumulated depreciation of $57.1 million and $60.3 million at December 31, 2015 and 2014, respectively	10,145	10,203
Other assets	38,644	31,990
Investments held by special purpose entities	208,785	209,857
Total assets	984,813	1,303,135
LIABILITIES:
Debt	55,194	63,804
Accounts payable	6,159	12,554
Accrued liabilities and deferred credits	35,721	34,911
Deferred tax liabilities	36,847	34,824
Senior Notes held by special purpose entity	177,445	177,341
Total liabilities	311,366	323,434
EQUITY:
Common stock, no par value; 180,000,000 shares authorized; 92,332,565 and 92,322,905 issued at December 31, 2015 and 2014, respectively; 75,329,557 and 92,302,636 outstanding at December 31, 2015 and 2014, respectively	892,387	892,237
Retained earnings	78,851	80,582
Accumulated other comprehensive loss	(686)	(1,325)
Treasury stock at cost, 17,003,008 and 20,269 shares held at December 31, 2015 and 2014, respectively	(305,289)	(285)
Total stockholders’ equity	665,263	971,209
Non-controlling interest	8,184	8,492
Total equity	673,447	979,701
Total liabilities and equity	984,813	1,303,135
Variable Interest Entities
ASSETS
Investment in real estate, net	46,156	43,709
Cash and cash equivalents	4,067	3,455
Other assets	14,924	8,781
Investments held by special purpose entities	208,785	209,857
Total assets	273,932	265,802
LIABILITIES:
Debt	48,200	31,618
Accounts payable	177	1,511
Accrued liabilities and deferred credits	4,239	4,142
Senior Notes held by special purpose entity	177,445	177,341
Total liabilities	$ 230,061	$ 214,612

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Property and equipment, Accumulated depreciation	$ 57,103	$ 60,284
Common stock, shares authorized (in shares)	180,000,000	180,000,000
Common stock, issued (in shares)	92,332,565	92,322,905
Common stock, outstanding (in shares)	75,329,557	92,302,636
Treasury stock, shares (in shares)	17,003,008	20,269

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Real estate sales	$ 33,704	$ 634,976	$ 45,076
Resorts and leisure revenues	54,488	48,414	46,424
Leasing revenues	8,978	6,977	4,306
Timber sales	6,701	11,506	35,450
Total revenues	103,871	701,873	131,256
Expenses:
Cost of real estate sales	16,399	87,132	24,701
Cost of resorts and leisure revenues	47,069	42,900	39,014
Cost of leasing revenues	2,792	2,253	1,671
Cost of timber sales	834	4,513	21,527
Other operating and corporate expenses	33,426	26,128	27,855
Pension charges	0	13,529	1,500
Administrative costs associated with special purpose entities	0	3,746	0
Depreciation, depletion and amortization	9,486	8,422	9,131
Impairment losses	0	0	5,080
Total expenses	110,006	188,623	130,479
Operating (loss) income	(6,135)	513,250	777
Other income (expense):
Investment income, net	22,688	12,691	1,498
Interest expense	(11,429)	(8,608)	(2,040)
Other, net	(6,287)	4,488	4,210
Total other income	4,972	8,571	3,668
(Loss) income before equity in (loss) income from unconsolidated affiliates and income taxes	(1,163)	521,821	4,445
Equity in (loss) income from unconsolidated affiliates	0	(32)	112
Income tax (expense) benefit	(808)	(115,507)	409
Net (loss) income	(1,971)	406,282	4,966
Net loss attributable to non-controlling interest	240	171	24
Net (loss) income attributable to the Company	$ (1,731)	$ 406,453	$ 4,990
Basic and Diluted
Weighted average shares outstanding (in shares)	87,827,869	92,297,467	92,285,888
Net income (loss) per share attributable to the Company (in dollars per share)	$ (0.02)	$ 4.40	$ 0.05

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net (loss) income:	$ (1,971)	$ 406,282	$ 4,966
Available-for-sale investment items:
Net unrealized gains (losses) on available-for-sale investments	5,650	(1,455)	(2,032)
Reclassification of other-than-temporary impairment losses included in earnings	0	1,295	0
Reclassification of realized (gains) losses included in earnings	(5,311)	833	(93)
Total before income taxes	339	673	(2,125)
Income tax	300	127	0
Total	639	800	(2,125)
Defined benefit pension items:
Net (loss) gain arising during the period	0	(2,180)	2,191
Amortization and settlement included in net periodic cost	0	7,107	743
Amortization of loss included in net periodic cost	0	465	326
Total before income taxes	0	5,392	3,260
Income tax	0	0	0
Total	0	5,392	3,260
Total other comprehensive income, net of tax	639	6,192	1,135
Total comprehensive (loss) income	$ (1,332)	$ 412,474	$ 6,101

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Retained (Deficit) Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Non-controlling Interest
Beginning Balance (in shares) at Dec. 31, 2012		92,285,408
Beginning Balance at Dec. 31, 2012	$ 552,334	$ 891,798	$ (330,861)	$ (8,652)	$ (260)	$ 309
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	4,966		4,990			(24)
Other comprehensive income	1,135			1,135
Capital contributions (distributions) to special purpose entity from non-controlling interest	4,886					4,886
Issuance of common stock for director's fees (in shares)		11,898
Issuance of common stock for director’s fees	244	$ 244
Amortization of stock based compensation	3	3
Reduction in excise tax benefits on stock options	(18)	$ (18)
Treasury shares received in lieu of taxes to be remitted on share award (in shares)		(4,393)
Treasury shares received in lieu of taxes to be remitted on vesting of restricted stock awards	(25)				(25)
Ending Balance (in shares) at Dec. 31, 2013		92,292,913
Ending Balance at Dec. 31, 2013	563,525	$ 892,027	(325,871)	(7,517)	(285)	5,171
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	406,282		406,453			(171)
Other comprehensive income	6,192			6,192
Capital contributions (distributions) to special purpose entity from non-controlling interest	3,492					3,492
Issuance of common stock for director's fees (in shares)		9,723
Issuance of common stock for director’s fees	210	$ 210
Ending Balance (in shares) at Dec. 31, 2014		92,302,636
Ending Balance at Dec. 31, 2014	979,701	$ 892,237	80,582	(1,325)	(285)	8,492
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(1,971)		(1,731)			(240)
Other comprehensive income	639			639
Capital contributions (distributions) to special purpose entity from non-controlling interest	(68)					(68)
Repurchase of common shares (in shares)		(16,982,739)
Repurchase of common shares	(305,004)				(305,004)
Issuance of common stock for director's fees (in shares)		9,660
Issuance of common stock for director’s fees	150	$ 150
Ending Balance (in shares) at Dec. 31, 2015		75,329,557
Ending Balance at Dec. 31, 2015	$ 673,447	$ 892,387	$ 78,851	$ (686)	$ (305,289)	$ 8,184

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net (loss) income:	$ (1,971)	$ 406,282	$ 4,966
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization	9,486	8,422	9,131
Stock based compensation	150	210	247
Pension charges	0	8,749	1,500
(Gain) loss on sale of investments	(5,311)	833	(93)
Other-than-temporary impairment loss	0	1,295	0
Equity in loss (income) from unconsolidated joint ventures	0	32	(112)
Deferred income tax expense (benefit)	2,323	46,127	(909)
Impairment losses	0	0	5,080
Gain (loss) on disposal of real estate and property and equipment	77	(202)	(528)
Cost of real estate sold	14,584	76,060	22,022
Expenditures for and acquisition of real estate to be sold	(8,378)	(7,368)	(19,165)
Notes financed by the Company for operating properties sold	0	(19,600)	(5,248)
Timber Note	0	(200,000)	0
Deferred revenue	(65)	(13,562)	0
Accretion income and other	(1,780)	(2,129)	(966)
Changes in operating assets and liabilities:
Pension Plan assets reverted to the Company	0	23,820	0
Payments received on notes receivable	21,780	3,242	1,562
Other assets	(3,650)	(5,010)	(1,596)
Accounts payable and accrued liabilities	(3,330)	4,946	(96)
Income taxes	(1,497)	(1,112)	538
Net cash provided by operating activities	22,418	331,035	16,333
Cash flows from investing activities:
Expenditures for Pier Park North joint venture	(5,783)	(22,592)	(19,301)
Purchases of property and equipment	(3,304)	(2,483)	(3,594)
Purchases of investments	(341,994)	(723,099)	(256,730)
Maturities of investments	410,000	150,319	100,000
Sales of investments	385,695	83,239	7,725
Sales of unconsolidated affiliates	0	3,000	0
Investment and maturities of assets held by special purpose entities	787	(6,921)	0
Other	0	(148)	514
Net cash provided by (used in) investing activities	445,401	(518,685)	(171,386)
Cash flows from financing activities:
Borrowings on construction/refinanced loan in Pier Park North joint venture	48,200	25,173	6,445
(Distribution) contribution to Pier Park North joint venture from non-controlling interest	(68)	0	4,886
Repurchase of common shares	(305,004)	0	0
Principal payments for debt	(31,942)	(627)	(321)
Proceeds from issuance of Senior Notes by special purpose entity	0	177,269	0
Debt issuance costs	(747)	(1,544)	0
Other	0	0	(43)
Net cash (used in) provided by financing activities	(289,561)	200,271	10,967
Net increase (decrease) in cash and cash equivalents	178,258	12,621	(144,086)
Cash and cash equivalents at beginning of the year	34,515	21,894	165,980
Cash and cash equivalents at end of the year	212,773	34,515	21,894
Cash paid during the period for:
Interest	10,569	1,733	2,413
Income taxes	0	70,491	(22)
Non-cash financing and investment activities:
(Decrease) increase in Community Development District Debt	(768)	(4,369)	2,589
Decrease in pledged treasury securities related to defeased debt	(25,670)	(590)	(558)
Expenditures for operating properties and property and equipment financed through accounts payable	1,138	4,866	4,497
Exchange of Timber Note for investments held by special purpose entity	0	200,000	0
Capital contributions to special purpose entity from non-controlling interest	0	3,492	0
Pension Plan assets transferred to the Company’s 401(k) Plan and invested in restricted investments	0	7,940	0
Settlement of note receivable	0	0	312
Non-monetary receipt of real estate from an unconsolidated affiliate	$ 0	$ 0	$ 398

Nature of Operations	12 Months Ended
Nature of Operations	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations The St. Joe Company together with its consolidated subsidiaries (the “Company”) is a Florida real estate development, asset management, and operating company with real estate assets and operations concentrated primarily between Tallahassee and Destin, Florida. The Company conducts primarily all of its business in the following five reportable operating segments: 1) residential real estate, 2) commercial real estate, 3) resorts and leisure, 4) leasing operations and 5) forestry. In prior periods, the Company’s reportable operating segments were 1) residential real estate, 2) commercial real estate, 3) resorts, leisure and leasing operations and 4) forestry. The Company’s leasing operations segment currently meets the quantitative and qualitative factors as a reportable operating segment; therefore, the Company has changed its segment presentation to include leasing operations as a reportable operating segment. Leasing operations were historically included with the Company’s resorts, leisure and leasing operating segment. All prior year’s segment information has been reclassified to conform to the 2015 presentation. The change in reporting segments had no effect on the Consolidated Balance Sheets, Statements of Operations, Statements of Comprehensive (Loss) Income or Statements of Cash Flows for the periods presented. See Note 20, Segment Information.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company is the primary beneficiary. Investments in joint ventures and limited partnerships in which the Company has significant influence, but not a controlling interest are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period’s presentation.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions including investment in real estate, impairment assessments, investments, other-than-temporarily impairment assessments, retained interest investments, accruals and deferred income taxes. Actual results could differ from those estimates.

Revenue Recognition

Revenues consist primarily of real estate sales, resorts and leisure operations, leasing operations, and timber sales. Taxes collected from customers and remitted to governmental authorities (e.g. sales tax) are excluded from revenues and costs and expenses.

Real estate sales

Revenues from real estate sales, including sales of homesites, commercial properties and rural or timberland, are recognized when a sale is closed and title transfers to the buyer, the buyer’s initial investment is adequate, any receivables are probable of collection, the usual risks and rewards of ownership have been transferred to the buyer, and the Company does not have significant continuing involvement with the real estate sold.

The buyer’s minimum initial investment requirement is typically the receipt of cash for approximately twenty to twenty-five percent of the sales value depending on the type and use of the property purchased. If the minimum initial investment requirement is not met, revenues may be deferred depending on the circumstances. In addition, revenue is not recognized until title transfers and any consideration received is deferred until title is transferred.

Percentage-of-completion accounting, where revenue is recognized in proportion to the percentage of total costs incurred in relation to estimated total costs, is used for our homesite sales when required development is not complete at the time of sale and for commercial and other land sales if there are uncompleted development costs yet to be incurred for the property sold.

As part of the purchase price consideration for a homesite from sales to homebuilders, the Company may receive a percentage of the sale price of the completed home if the home price or gross profit of the home exceeds a negotiated threshold. These lot residuals are recognized in revenue when consideration is received by the Company in periods subsequent to the initial recognition of revenue for the sale of the homesite.

Resorts and leisure revenues

Resorts and leisure revenues include service and rental fees associated with the WaterColor Inn and the Company’s vacation rental programs in WaterColor Inn, WaterColor, WaterSound Beach and surrounding communities and other resort, golf club, marina, and management services of The Pearl Hotel. These revenues are generally recognized as services are provided. Vacation rental revenues include the entire rental fee collected from the customer, including the homeowner’s portion. A percentage of the fee is remitted to the homeowner and presented in cost of resorts and leisure revenues. The Company is the principal in its vacation rental business and has determined that it is the primary obligor to the guest, as it has sole discretion in establishing prices and provides the majority of the services to the guest. Club membership revenues are recognized when billed to the member and the non-refundable initiation fee is deferred and recognized ratably over the estimated membership period. Revenues generated from our management services of The Pearl Hotel include a management fee, fifty percent of certain resort fees and a percentage of The Pearl Hotel’s gross operating profit.

Leasing revenues

Leasing revenues consist of long term rental revenues from retail/commercial leasing operations, including properties located in our consolidated joint venture at Pier Park North and our industrial park, VentureCrossings, which are recognized as earned, using the straight-line method over the life of the lease. Certain leases provide for tenant occupancy during periods for which no rent is due or where minimum rent payments change during the lease term. Accordingly, a receivable or liability is recorded representing the difference between the straight-line rent and the rent that is contractually due from the tenant. Minimum future base rents on non-cancelable leases for the next five years are $6.8 million in 2016, $6.7 million in 2017, $6.5 million in 2018, $6.2 million in 2019, and $5.9 million in 2020.

Forestry product sales

Revenues from the sale of the Company’s forestry products are primarily delivered under pay-as-cut sales contracts or timber bid sales, which risk of loss and title to the trees transfer to the buyer when cut by the buyer. Under a pay-as-cut sales contract, the buyer or some other third party is responsible for all logging and hauling costs, if any. Prior to the AgReserves Sale, sales of forestry products were recognized generally on delivery of the product to the customer.

Timber bid sales are agreements in which the buyer agrees to purchase and harvest specified timber (i.e. mature pulpwood and/or sawlogs) on a tract of land over the term of the contract. Unlike a pay-as-cut sales contract, risk of loss and title to the trees transfer to the buyer when the contract is signed. The buyer pays the full purchase price when the contract is signed and the Company does not have any additional performance obligations. Under a timber bid sale, the buyer or some other third party is responsible for all logging and hauling costs, if any, and the timing of such activity. Revenue from a timber bid sale is recognized when the contract is signed since the earnings process is complete.

Comprehensive (Loss) Income

The Company’s comprehensive (loss) income includes unrealized gains and temporary losses on available-for-sale securities. During 2014 and 2013, comprehensive income also included changes in the funded status of the Company’s terminated pension plan, which were initially recognized in other comprehensive income and amortized into net income or recognized at the time of a specific event, such as the curtailment of benefit plan obligations or the pension plan termination during 2014. See Note 18, Employee Benefit Plans.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, bank demand accounts, money market instruments and short term commercial paper having original maturities at acquisition date of ninety days or less.

Investments

Investments consist of available-for-sale securities and are recorded at fair value, which is based on observable market inputs. Unrealized gains and temporary losses on investments, net of tax, are recorded in Other comprehensive (loss) income. Realized gains and losses are determined using the specific identification method.

The Company evaluates investments classified as available-for-sale with unrealized losses to determine if they are other-than-temporary impaired. This evaluation is based on various factors, including the financial condition, business prospects, industry and creditworthiness of the issuer, severity and length of time the securities were in a loss position, the Company’s ability and intent to hold investments until unrealized losses are recovered or until maturity and amount of the unrealized loss. If a decline in fair value is considered other-than-temporary, the decline is then bifurcated into its credit and non-credit related components. The amount of the credit-related component is recognized in earnings, and the amount of the non-credit related component is recognized in other comprehensive loss, unless the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security prior to its anticipated recovery. Based on these factors, the unrealized losses related to the Company's debt securities of $1.1 million were determined to be temporary at December 31, 2015. During 2014, the Company determined that certain unrealized losses were other than temporarily impaired and recorded an other-than-temporary impairment of $1.3 million related to credit-related losses in Investment income, net on the Company’s Consolidated Statements of Operations. The non-credit component of $1.5 million remained in Accumulated other comprehensive loss as of December 31, 2014.

Restricted Investments

The Company’s restricted investments are related to the Company’s deferred compensation plan. As part of the Pension Plan termination in 2014, the Company directed the Pension Plan to transfer the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) Plan. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s Consolidated Balance Sheets until they are allocated to current and future 401(k) plan participants for up to the next six years. See Note 18, Employee Benefit Plans.

Notes Receivable

The Company’s notes receivable are due from customers or homebuilders located within the United States. The Company evaluates the carrying value of notes receivable at each reporting date. Notes receivable balances are adjusted to net realizable value based upon a review of entity specific facts or when terms are modified. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The allowance for doubtful accounts is based on a review of specifically identified accounts in addition to an overall aging analysis. As of December 31, 2015 and 2014 there was no allowance for doubtful accounts. Judgments are made with respect to the collectability of accounts based on historical experience and current economic trends. Actual losses could differ from those estimates.

Investment in Real Estate

The Company capitalizes costs directly associated with development and construction of identified real estate projects. The Company also capitalizes those indirect costs that relate to the projects under development or construction. These indirect costs include construction and development administration, legal fees, capitalized interest, and project administration to the extent that such costs are related to a specific project. Interest is capitalized (up to total interest expense) based on the amount of underlying expenditures and real estate taxes on real estate projects under development.

Real estate development costs also include land and common development costs (such as roads, sewers and amenities), capitalized property taxes, capitalized interest and certain indirect costs. A portion of real estate inventory costs and estimates for costs to complete are allocated to each unit based on the relative sales value of each unit as compared to the estimated sales value of the total project. These estimates are reevaluated at least annually and more frequently if warranted by market conditions, changes in the project’s scope or other factors, with any adjustments being allocated prospectively to the remaining units available for sale.

The capitalization period relating to direct and indirect project costs is the period in which activities necessary to ready a property for its intended use are in progress. The period begins when such activities commence, typically when the Company begins the entitlement processes for land already owned, and ends when the asset is substantially complete and ready for its intended use. Determination of when construction of a project is substantially complete and ready for its intended use requires judgment. The Company determines when the capitalization period begins and ends through communication with project and other managers responsible for the tracking and oversight of individual projects. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed. If the Company determines not to complete a project, any previously capitalized costs are expensed in the period in which the determination is made and recovery is not deemed reasonable. The Company has capitalized indirect development costs of $0.2 million, $0.6 million and $0.7 million during 2015, 2014 and 2013, respectively. These capitalized indirect development costs are primarily related to the consolidated joint venture at Pier Park North.

Investment in real estate is carried at cost, net of depreciation and timber depletion, unless circumstances indicate that the carrying value of the assets may not be recoverable. If the Company determines that an impairment exists due to the inability to recover an asset’s carrying value, an impairment charge is recorded to the extent that the carrying value exceeds estimated fair value. If such assets were held for sale, the provision for loss would be recorded to the extent that the carrying value exceeds estimated fair value less costs to sell.

Depreciation is computed on straight-line method over the useful lives of the assets ranging from five to forty years.

Long-Lived Assets

The Company reviews its long-lived assets for impairment quarterly to determine whether events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Long-lived assets include the Company’s investments in operating and development property and property and equipment, net. As part of the Company’s review for impairment of its long-lived assets, the Company reviews long-lived asset’s carrying value, current period actual financial results as compared to prior period and forecast contained in the Company’s business plan and other events or changes in circumstances to identify whether an indicator of potential impairment may exist. Some of the events or changes in circumstances that are considered by the Company as indicators of potential impairment include:


•	a prolonged decrease in the fair value or demand for the Company’s properties;


•	a change in the expected use or development plans for the Company’s properties;


•	a material change in strategy that would affect the fair value of the Company’s properties;


•	continuing operating or cash flow losses for an operating property;


•	an accumulation of costs in excess of the projected costs for a development property; and


•	any other adverse change that may affect the fair value of the property.

The Company uses varying methods to determine if an impairment exists, such as (i) considering indicators of potential impairment, (ii) analyzing expected future cash flows and comparing the expected future undiscounted cash flows of the property to its carrying value or (iii) determining market resale values.

For projects under development, an estimate of undiscounted future cash flows is performed using estimated future expenditures necessary to develop and maintain the existing project and using management’s best estimates about future sales prices and holding periods. The projection of undiscounted cash flows requires that management develop various assumptions including:


•	the projected pace of sales of homesites based on estimated market conditions and the Company’s development plans;


•	estimated pricing and projected price appreciation over time;


•	the amount and trajectory of price appreciation over the estimate selling period;


•	the length of the estimated development and selling periods, which can differ depending on the size of the development and the number of phases to be developed;


•	the amount of remaining development costs, including the extent of infrastructure or amenities included in such development costs;


•	holding costs to be incurred over the selling period;


•	for bulk land sales of undeveloped and developed parcels future pricing is based upon estimated developed lot pricing less estimated development costs and estimated developer profit;


•	for commercial development property, future pricing is based on sales of comparable property in similar markets; and


•	whether liquidity is available to fund continued development.

For operating properties, an estimate of undiscounted cash flows also requires management to make assumptions about the use and disposition of such properties. These assumptions include:


•	for investments in inns and rental condominium units, average occupancy and room rates, revenues from food and beverage and other amenity operations, operating expenses and capital expenditures, and eventual disposition of such properties as private residence vacation units or condominiums, based on current prices for similar units appreciated to the expected sale date;


•	for investments in commercial or retail property, future occupancy and rental rates and the amount of proceeds to be realized upon eventual disposition of such property at a terminal capitalization rate; and,


•	for investments in golf courses, memberships, future rounds and greens fees, operating expenses and capital expenditures, and the amount of proceeds to be realized upon eventual disposition of such properties at a multiple of terminal year cash flows.

Homesites substantially completed and ready for sale are measured at the lower of carrying value or fair value less costs to sell. Management identifies homesites as being substantially completed and ready for sale when the properties are being actively marketed with intent to sell such properties in the near term and under current market conditions. Other homesites for which management does not intend to sell in the near term under current market conditions are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of such property.

Other properties that management does not intend to sell in the near term under current market conditions and has the

ability to hold are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of the property. The results of impairment analyses for development and operating properties are particularly dependent on the estimated holding and selling period for each asset group.

If a property is considered impaired, the impairment charge is determined by the amount the property’s carrying value exceeds its fair value. The Company uses varying methods to determine fair value, such as (i) analyzing expected future cash flows, (ii) determining resale values by market (iii) applying a capitalization rate to net operating income using prevailing rates in a given market or (iv) applying a multiplier to revenue using prevailing rates in a given market. The fair value of a property may be derived either from discounting projected cash flows at an appropriate discount rate, through appraisals of the underlying property, or a combination thereof.

The Company classifies the assets and liabilities of a long-lived asset as held-for-sale when management approves and commits to a formal plan of sale and it is probable that a sale will be completed. The carrying value of the assets held-for-sale are then recorded at the lower of their carrying value or fair value less estimated costs to sell.

Timber Inventory

The Company estimates its standing timber inventory on an annual basis utilizing a process referred to as a “timber cruise.” Specifically, the Company conducts field measurements of the number of trees, tree height and tree diameter on a sample area equal to approximately 20% of our timber holdings each year. Inventory data is used to calculate volumes and products along with growth projections to maintain accurate data. Industry practices are used for modeling including growth projections, volume and product classifications. Depletion is adjusted based on current volumes and accounting practices.

Property and Equipment, net

Property and equipment is stated at cost, net of accumulated depreciation. Major improvements are capitalized while maintenance and repairs are expensed in the period the cost is incurred. Depreciation is computed using the straight-line method over the useful lives of various assets, generally three to thirty years.

Income Taxes

The Company follows the asset and liability method of accounting for deferred income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than fifty percent likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits, if any, in interest expense and penalties in Other income (expense).

A valuation allowance is recorded if based on the weight of available evidence it is more likely than not that some portion or all of the deferred tax asset will not be realized. Realization of the Company’s deferred tax assets is dependent upon the Company generating sufficient taxable income in future years in the appropriate tax jurisdictions to obtain a benefit from the reversal of deductible temporary differences and from loss carryforwards. The Company records a valuation allowance based on the timing of reversal of existing taxable temporary differences and the Company’s history of losses and future expectations of reporting taxable losses, if management does not believe it met the requirements to realize the benefits of certain of its deferred tax assets.

Concentration of Risks and Uncertainties

The Company’s real estate investments are concentrated in Northwest Florida in a number of specific development projects. Uncertain economic conditions could have an adverse impact on the Company’s real estate values and could cause the Company to sell assets at depressed values in order to pay ongoing obligations.

Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, notes receivable, investments held by special purpose entities, and investments in retained interests. The Company deposits and invests cash with a major financial institution in the United States, which balances exceed the amount of F.D.I.C. insurance provided on such deposits. As of December 31, 2015, the Company had $184.7 million invested in U.S. Treasury securities, $6.3 million invested in one issuer of corporate debt securities that is non-investment grade and the Company had investments in short term commercial paper from eight issuers of $175.0 million.

Earnings Per Share

Basic earnings per share is calculated by dividing net income by the average number of common shares outstanding for the period. Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding for the period, including all potentially dilutive shares issuable under outstanding stock options. Stock options are not considered in any diluted earnings per share calculation when the Company has a loss from operations as their effect would be anti-dilutive. Non-vested restricted stock is included in outstanding shares at the time of grant. For the three years ended December 31, 2015 basic average shares outstanding were the same as diluted shares outstanding.

Recently Issued Accounting Pronouncements

Revenue recognition

In May 2014, the FASB issued an ASU that establishes the principles used to recognize revenue for all entities. The new guidance will be effective for annual and interim periods beginning after December 15, 2017. Early application will be permitted, but not before annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact that the adoption of this guidance will have on its Consolidated Balance Sheets, Statements of Operations, Statements of Comprehensive (Loss) Income or Statements of Cash Flows.

Consolidation

In February 2015, the FASB issued an ASU that amends the existing consolidation guidance related to (i) limited partnerships and similar legal entities, (ii) the evaluation of variable interests for fees paid to decision makers or service providers, (iii) the effect of fee arrangements and related parties on the primary beneficiary determination, and (iv) certain investment funds. These changes are expected to limit the number of consolidation models and place more emphasis on risk of loss when determining a controlling financial interest. The new guidance will be effective for the Company as of January 1, 2016. Early adoption is permitted, including early adoption in an interim period. The Company has evaluated the impact of the adoption of this guidance and determined there will be no impact on the Consolidated Balance Sheets, Statements of Operations, Statements of Comprehensive (Loss) Income or Statements of Cash Flows. The Company had not adopted this ASU as of December 31, 2015.

Debt issuance costs

In April 2015, the FASB issued an ASU that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendment does not affect the recognition and measurement guidance for debt issuance costs. The new guidance should be applied on a retrospective basis and is effective for the Company as of January 1, 2016. Early adoption is permitted for financial statements that have not been previously issued. The Company has evaluated the impact of the adoption of this guidance and determined that the adoption will not have a material impact on its Consolidated Balance Sheets, Statements of Operations, Statements of Comprehensive (Loss) Income or Statements of Cash Flows. The Company had not adopted this ASU as of December 31, 2015.

Financial Instruments

In January 2016, the FASB issued an ASU that amends existing guidance to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The new guidance will require equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. Additionally, certain disclosure requirements and other aspects of accounting for financial instruments will change as a result of the new guidance, which is effective for interim and annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact that the adoption of the new guidance will have on its financial condition and results of operations.

Investment in Real Estate

12 Months Ended

Dec. 31, 2015

Real Estate [Abstract]

Investment in Real Estate

Real estate by property type and segment includes the following:



	December 31, 2015		December 31, 2014
Development property:
Residential real estate	$	99,413	$	102,408
Commercial real estate	56,587		59,405
Leasing operations ⁽¹⁾	360		3,680
Forestry	2,681		3,278
Corporate	2,211		2,019
Total development property	161,252		170,790

Operating property:
Residential real estate	$	8,091	$	8,084
Resorts and leisure	109,425		110,136
Leasing operations ⁽²⁾	79,550		72,045
Forestry	19,300		18,839
Other	50		50
Total operating property	216,416		209,154
Less: Accumulated depreciation	64,069		58,132
Net operating property	152,347		151,022

Investment in real estate, net	$	313,599	$	321,812



(1	)	Includes $0.3 million and $3.1 million for the Pier Park North joint venture as of December 31, 2015 and 2014, respectively.
(2	)	Includes $49.0 million and $41.6 million for the Pier Park North joint venture as of December 31, 2015 and 2014, respectively.

Development property consists of land the Company is developing or intends to develop for sale or future operations. Residential real estate includes mixed-use resort, primary and seasonal residential communities and includes costs directly associated with the land, development and construction of these communities, including common development costs such as roads, sewers, and amenities and indirect costs such as development overhead, capitalized interest, marketing and project administration. Commercial real estate includes land for commercial and industrial uses, including land holdings near the Northwest Florida Beaches International Airport and Port of Port St. Joe, and includes costs directly associated with the land and development costs for these properties, which also include common development costs such as roads and sewers. Leasing development property primarily includes the land and construction under development for the consolidated joint venture at Pier Park North. This development property is being reclassified as operating property as tenants commence operations at Pier Park North.

Operating property includes the following components:



	December 31, 2015		December 31, 2014		Estimated Useful Life (in years)
Land and land improvements	$	73,161	$	72,286	5 - 20
Buildings and building improvements	133,399		127,577		20 - 40
Timber	9,856		9,291		N/A
	216,416		209,154
Less: Accumulated depreciation	64,069		58,132
Total operating property, net	$	152,347	$	151,022

Operating property includes property that the Company uses for operations and activities. The resorts and leisure operating property includes the WaterColor Inn, golf courses and marinas. Leasing operating property includes property developed or purchased by the Company and used for retail and commercial rental purposes, including property in our consolidated joint venture at Pier Park North. Operating property may be sold in the future as part of the Company’s principal real estate business. Forestry operating property includes the Company’s timberlands.

Depreciation expense related to real estate investments was $6.3 million, $5.7 million, and $5.3 million in 2015, 2014 and 2013, respectively. Depletion expense related to our timber operations was $0.4 million, $0.5 million, and $1.2 million in 2015, 2014 and 2013, respectively.

Real Estate Sales

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Real Estate Sales

AgReserves Sale

On March 5, 2014, the Company completed its previously announced AgReserves Sale for $562 million and recorded pre-tax income of $511.1 million for the AgReserves Sale, which includes $1.2 million of severance costs recorded in Other operating and corporate expenses during 2014. As a result of certain adjustments to the purchase price, consideration received for the AgReserves Sale was (1) $358.5 million in cash, (2) a $200 million fifteen year installment note (the “Timber Note”) issued by Panama City Timber Finance Company, LLC, a buyer-sponsored special purpose entity (the “Buyer SPE”), and (3) an Irrevocable Standby Letter of Credit issued by JPMorgan Chase Bank, N.A. (the “Letter of Credit”) at the request of the Buyer SPE, in favor of the Company. The Buyer SPE was created by AgReserves with financial instruments with an aggregate principal balance of $203.5 million that secure the Letter of Credit.

In April 2014, the Company contributed the Timber Note and assigned its rights as a beneficiary under the Letter of Credit to Northwest Florida Timber Finance, LLC, a bankruptcy-remote, qualified special purpose entity wholly owned by the Company (“NFTF”). NFTF monetized the Timber Note by issuing $180 million aggregate principal amount of its 4.750% Senior Secured Notes due 2029 (the “Senior Notes”) at an issue price of 98.483% of the face value to third party investors. The Senior Notes are payable solely by the property of NFTF, which consists solely of (i) the Timber Note, (ii) the Letter of Credit, (iii) any cash, securities and other property in certain NFTF accounts, (iv) the rights of NFTF under the contribution agreement with the Company (which was solely to contribute the Timber Note and the Letter of Credit) and (v) any proceeds relating to the property listed in (i) through (iv) above. The investors holding the Senior Notes of NFTF have no recourse against the Company for payment of the Senior Notes or the related interest expense.

The Company received $165.0 million in cash, net of $15.0 million in costs, from the monetization and expects to receive the remaining $20.0 million upon maturity of the Timber Note in 2029 and after payment of the Senior Notes and any other liabilities of NFTF. The $15.0 million of costs from the monetization include (1) a total of $4.3 million for the discount and issuance costs for the Senior Notes, which will be amortized over the term of the Senior Notes, (2) $7.0 million for U.S. Treasury securities and cash that the Company contributed to NFTF to be used for interest and operating expenses over the fifteen year period and which are recorded in Investments held by special purpose entities on the Company’s Consolidated Balance Sheets and (3) $3.7 million of costs related to the monetization that were expensed during 2014 and are recorded in Administrative costs associated with special purpose entities on the Company’s Consolidated Statements of Operations.

The Company owns the equity interest in NFTF, but no equity interest in the Buyer SPE. Both the Buyer SPE and NFTF are distinct legal entities and the assets of the Buyer SPE and NFTF are not available to satisfy the Company's liabilities or obligations and the liabilities of the Buyer SPE and NFTF are not the Company's liabilities or obligations. In the event that proceeds from the financial instruments are insufficient to settle all of the liabilities of the Buyer SPE or NFTF, the Company is not obligated to contribute any funds to either the Buyer SPE or NFTF.

The Company has determined that it was the primary beneficiary of the Buyer SPE and NFTF as of December 31, 2015 and December 31, 2014, and therefore, the Buyer SPE’s and NFTF’s assets and liabilities are consolidated in the Company’s financial statements as of December 31, 2015 and December 31, 2014. The carrying amounts of the Buyer SPE’s and NFTF’s assets and non-recourse liabilities were $213.5 million and $180.3 million, respectively, as of December 31, 2015. The consolidated assets of the Buyer SPE and NFTF consist of a $200 million time deposit that subsequent to April 2, 2014 pays interest at 4.006% and matures in March 2029, accrued interest of $3.3 million on the time deposit, U.S. Treasuries of $8.5 million, and cash of $0.3 million and deferred issuance costs of $1.4 million for the Senior Notes. The consolidated liabilities include the Senior Notes issued by NFTF of $177.4 million net of the $2.5 million discount and $2.9 million accrued interest expense on the Senior Notes.

The Company’s Consolidated Statements of Operations includes the following amounts related to the Buyer SPE and NFTF for (i) interest income on the time deposit and amortization of the discounts on the U.S. Treasuries and (ii) interest expense for the Senior Notes, amortization of the discount and issuance costs:



	2015			2014
Investment income, net	$	8,217		$	6,116
Interest expense	$	(8,755	)	$	(6,584	)

The Company has classified the U.S. Treasury securities held by the Buyer SPE and NFTF as held-to-maturity based on their intent and ability to hold these securities to maturity. Accordingly, the debt securities, which mature at various dates over the remaining fourteen year period, are recorded at amortized cost, which approximates fair value as of December 31, 2015. The U.S. Treasuries mature over the remaining fourteen year period or $0.8 million within one year, $3.6 million after one year through five years, $3.0 million after five years through ten years and $1.1 million after ten years.

RiverTown Sale

On April 2, 2014, the Company completed its sale to an affiliate of Mattamy (Jacksonville) Partnership d/b/a Mattamy Homes (“Mattamy”), of approximately 4,057 acres of real property, which constitutes the RiverTown community in St. Johns County, Florida, along with all of the Company’s related development or developer rights, founder’s rights and certain tangible and intangible personal property in exchange for (1) $24.0 million in cash, (2) $19.6 million in the form of a purchase money note (the “RiverTown Note”), (3) the assumption of the Company’s Rivers Edge Community Development District (“Rivers Edge CDD”) assessments and (4) the obligation to purchase certain RiverTown community related impact fee credits from the Company as the RiverTown community is developed (the “RiverTown Sale”). The $19.6 million purchase money note was paid in full as of June 30, 2015.

Based on Mattamy’s current development plans and St. Johns County’s current costs for impact fees, the Company estimates that it may receive $20 million to $26 million for the impact fees over the remaining four-year period (most of which, the Company expects to receive at the end of that remaining four-year period). However, the actual additional consideration received for the impact fees, will be based on Mattamy’s actual development of the RiverTown community, the timing of Mattamy’s development of the RiverTown community and the impact fee rates at the time of such development (as determined by St. Johns County’s then current impact fee rate schedule), which are all factors beyond the Company's control. The Company cannot provide any assurance as to the amount or timing of any payments it may receive for the impact fees. The Company received $0.1 million for these impact fees during 2015 and 2014.

The Company recorded net earnings of $26.0 million before income taxes for the RiverTown Sale in the second quarter of 2014. Mattamy also assumed the Company’s total outstanding Rivers Edge CDD assessments, which were $11.0 million, of which $5.4 million was recorded on the Company’s Consolidated Balance Sheet as of March 31, 2014.

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2941-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1474-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760

+ Details

Investments

12 Months Ended

Dec. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Investments

Investments and restricted investments consist of available-for-sale securities and are recorded at fair value, which is based on quoted market prices. Unrealized gains and temporary losses on investments, net of tax, are recorded in Other comprehensive (loss) income. Realized gains and losses are determined using the specific identification method. The amortized cost of debt securities are adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization is included in Investment income, net. In addition, at December 31, 2015, the Company had investments in short term commercial paper that are classified as cash equivalents, since they had maturity dates of ninety days or less from the date of purchase.

At December 31, 2015 investments and restricted investments classified as available-for-sale securities were as follows:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt Securities:
U.S. Treasury securities	$	184,819	$	—	$	79	$	184,740
Corporate debt securities	7,273		—		981		6,292
Preferred stock	265		—		57		208
	192,357		—		1,117		191,240
Restricted investments:
Guaranteed income fund	7,072		—		—		7,072
	$	199,429	$	—	$	1,117	$	198,312

At December 31, 2014 investments and restricted investments classified as available-for-sale securities were as follows:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt Securities:
U.S. Treasury securities	$	509,783	$	32	$	—	$	509,815
Corporate debt securities	101,587		—		1,482		100,105
Preferred stock	26,963		—		5		26,958
	638,333		32		1,487		636,878
Restricted investments:
Guaranteed income fund	7,940		—		—		7,940
	$	646,273	$	32	$	1,487	$	644,818

Fairholme Capital has served as an investment advisor to the Company since April 2013. As of December 31, 2015, funds managed by Fairholme Capital beneficially owned approximately 32.5% of the Company’s common stock. Mr. Bruce Berkowitz is the Managing Member of Fairholme Capital and the Chairman of the Company’s Board of Directors. Fairholme Capital receives no compensation for their services as the Company’s investment advisor.

Pursuant to the terms of the Company's Investment Management Agreement as amended (the “Agreement”) with Fairholme Capital, Fairholme Capital agreed to supervise and direct the investments of investment accounts established by the Company in accordance with the investment guidelines and restrictions approved by the Investment Committee of the Company’s Board of Directors. The investment guidelines are set forth in the Agreement and require that, as of the date of any investment: (i) at least 50% of the investment account be held in cash or cash equivalents, as defined in the Agreement, (ii) no more than 15% of the investment account may be invested in securities of any one issuer (excluding the U.S. Government) and (iii) any investment in any one issuer (excluding the U.S. Government) that exceeds 10% but not 15%, requires the consent of at least two members of the Investment Committee. The investment account may not be invested in common stock securities.

During 2015, realized gains from the sale of available-for-sale securities were $5.3 million and proceeds from the sale of available-for-sale securities were $385.7 million and proceeds from the maturity of available-for-sale securities were $410.0 million. During 2014, realized losses from the sale of available-for-sale securities were $0.8 million, proceeds from the sale of available-for-sale securities were $83.2 million and proceeds from the maturity of available-for-sale securities were $150.0 million.

As of December 31, 2015, certain of the Company’s U.S. Treasuries, corporate debt securities and preferred stock had unrealized losses. As of December 31, 2014, certain of the Company’s corporate debt securities and preferred stock had unrealized losses. As of December 31, 2015, corporate debt securities that had been in a continuous unrealized loss position for less than twelve months, had a fair value of $6.3 million and had $1.0 million of unrealized losses. As of December 31, 2014, corporate debt securities that have been in an unrealized loss position for less than twelve months, had a fair value of $85.8 million and had $1.3 million of unrealized losses. Corporate debt securities that had been in an unrealized loss position for twelve months or greater had a fair value of $14.3 million and had $0.2 million of unrealized losses.

At December 31, 2015, the unrealized losses related to the U.S. Treasury securities, corporate debt securities and preferred stock of $1.1 million were deemed temporary and included in Accumulated other comprehensive loss as of December 31, 2015. As of December 31, 2015, corporate debt securities had unrealized losses of $1.0 million, U.S. Treasury securities had unrealized losses of less than $0.1 million and preferred stock investments had unrealized losses of less than $0.1 million. As of December 31, 2014, certain of the Company’s U.S. Treasuries and preferred stock had immaterial unrealized losses. The Company previously reported in its Annual Report on Form 10-K that it had no continuous unrealized losses greater than twelve months as a result of recognizing a portion of the unrealized loss in earnings as of December 31, 2014. The Company has revised this disclosure in the following table that provides the corporate debt securities in continuous unrealized loss position and their related fair values:



	As of December 31, 2015								As of December 31, 2014
	Less Than 12 Months				12 Months or Greater				Less Than 12 Months				12 Months or Greater
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Debt securities:
U.S. Treasury securities	$	184,740	$	79	$	—	$	—	$	109,984	$	6	$	—	$	—
Corporate debt securities	6,292		981		—		—		85,845		1,294		14,260		188
Preferred stock	208		57		—		—		23,683		10		—		—
	$	191,240	$	1,117	$	—	$	—	$	219,512	$	1,310	$	14,260	$	188

The Company had unrealized losses of $1.1 million as of December 31, 2015 related to U.S. Treasury Securities, corporate debt securities and preferred stock. The Company’s unrealized losses as of December 31, 2014 relate primarily to investments in senior secured debt securities in one issuer that is a national retail chain that is non-investment grade. The Company purchased these investments between the second quarter of 2013 through the second quarter of 2014. During the third quarter of 2014, the Company determined that these investments were other-than-temporarily impaired and recorded $1.3 million related to credit-related losses in Investment income, net on the Company's Consolidated Statements of Operations. The credit-losses were measured as the difference between the present value of the expected cash flows of the corporate debt securities discounted using the effective interest rate at the date of purchase and the amortized cost of the corporate debt securities. The non-credit component of was recorded in Accumulated other comprehensive loss as of December 31, 2014. The Company sold these investments during 2015 and recorded a realized gain of $5.3 million.

As of December 31, 2015 and 2014, the Company did not intend to sell the investments with unrealized losses and it was not likely that the Company would have been required to sell the security prior to its anticipated recovery, which could have been maturity; therefore, the Company does not believe that its investment in the corporate debt securities was other-than-temporarily impaired at December 31, 2015 and 2014.

The net carrying value and estimated fair value of investments and restricted investments classified as available-for-sale at December 31, 2015, by contractual maturity are shown in the following table. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations.



	Cost		Fair Value
Due in one year or less	$	184,819	$	184,740
Due after one year through five years	7,175		6,205
Due after ten through fifteen years	98		87
	192,092		191,032
Preferred stock	265		208
Restricted investments	7,072		7,072
	$	199,429	$	198,312

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

Other Income (Expense)

12 Months Ended

Dec. 31, 2015

Other Income and Expenses [Abstract]

Other Income (Expense)

Other income (expense) consists of the following during the three years ended December 31, 2015:



	2015			2014			2013
Investment income, net
Net investment income from available-for-sale securities
Interest and dividend income	$	5,900		$	6,258		$	1,171
Accretion income	2,566			1,455			—
Realized gains (losses) on the sale of investments	5,311			(833		)	93
Other-than-temporary impairment losses	—			(1,295		)	—
Total net investment income from available-for-sale securities	13,777			5,585			1,264
Interest income from investments in special purpose entities	8,217			6,116			—
Interest accrued on notes receivable and other interest	694			990			234
Total investment income, net	22,688			12,691			1,498
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by special purpose entity	(8,755		)	(6,584		)	—
Interest expense	(2,674		)	(2,024		)	(2,040		)
Total interest expense	(11,429		)	(8,608		)	(2,040		)
Other, net
Fees and expenses for the SEC investigation	(8,161		)	—			—
Accretion income from retained interest investments	913			889			793
Hunting lease income	738			938			1,850
Litigation and insurance proceeds received	—			1,814			560
Other income, net	223			847			1,007
Other, net	(6,287		)	4,488			4,210
Total other income	$	4,972		$	8,571		$	3,668

Investment income, net

Interest and dividend income includes interest income accrued on the Company’s corporate debt securities and dividend income received from the Company’s preferred stock investments. Accretion income includes the amortization of the premium or accretion of discount related to the Company’s available-for-sale securities, which is amortized based on an effective interest rate method over the term of the available-for-sale security. Realized gains (losses) on the sale of investments includes the gain or loss recognized on the sale of an available for sale security prior to maturity. Other-than-temporary impairment losses include the credit-related losses on the Company’s corporate debt securities. See Note 6, Investments.

Interest income from investments in special purpose entities primarily includes interest accrued on the Timber Note, which is used to pay the interest expense for the Senior Notes issued by special purpose entity. See Note 5, Real Estate Sales.

Interest expense

Interest expense includes interest expense related to the Company’s Community Development District debt and the construction loan and Refinanced Loan in the Pier Park North joint venture. Borrowing costs, including the discount and issuance costs for the Senior Notes issued by special purpose entity, are amortized based on the effective interest method at an effective rate of 4.9%.

Other, net

During 2015, the Company expensed a total of $8.2 million related to the recently resolved SEC investigation. This amount was included in Other, net in the Consolidated Statements of Operations. The $8.2 million of fees and expenses for the SEC investigation consisted of (i) $3.5 million for penalties, disgorgements and interest relating to the SEC investigation and (ii) $4.7 million of legal expenses associated with the SEC investigation. On October 27, 2015, the Company fully resolved the SEC investigation and entered into a settlement with the SEC. Without admitting or denying any factual allegations, the Company consented to the SEC’s issuance of an administrative order pursuant to which the Company agreed to pay penalties, disgorgements and interest of approximately $3.5 million, including a civil penalty assessed on the Company of $2.75 million and other disgorgements and interest subject to indemnification by the Company. During 2015, the Company received correspondence from an insurance carrier related to non-coverage of certain fees and expenses incurred in the SEC investigation and, as a result of this correspondence, the Company recorded $4.7 million in legal costs during 2015. See Note 21, Commitments and Contingencies.

Litigation and insurance proceeds include the cash receipt of $1.8 million as a settlement for a real estate easement litigation during 2014 and the cash receipt of $0.6 million for insurance proceeds during 2013, as compared to no recoveries in 2015. As of December 31, 2015, the Company did not possess necessary data to determine any insurance or litigation receivables.

The Company records the accretion of investment income from its retained interest investment over the life of the retained interest using the effective yield method with rates ranging from 3.7% to 11.7%. Hunting lease income is recognized as income over the term of the lease.

Financial Instruments and Fair Value Measurements

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value:

Level 1. Quoted prices in active markets for identical assets or liabilities;

Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3. Unobservable inputs in which there is little or no market data, such as internally-developed valuation models which require the reporting entity to develop its own assumptions.

The financial instruments measured at fair value on a recurring basis at December 31, 2015 were as follows:



	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	18,233	$	—	$	—	$	18,233
Commercial paper	174,973		—		—		174,973
Debt securities:
U.S. Treasury securities	184,740		—		—		184,740
Corporate debt securities	—		6,292		—		6,292
Preferred stock	—		208		—		208
Restricted investments:
Guaranteed income fund	—		7,072		—		7,072
	$	377,946	$	13,572	$	—	$	391,518

The financial instruments measured at fair value on a recurring basis at December 31, 2014 were as follows:



	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	19,971	$	—	$	—	$	19,971
Debt securities:
U.S. treasury securities	509,815		—		—		509,815
Corporate debt securities	—		100,105		—		100,105
Preferred stock	—		26,958		—		26,958
Restricted investments:
Guaranteed income fund	—		7,940		—		7,940
	$	529,786	$	135,003	$	—	$	664,789

Money market funds, U.S. Treasury securities and commercial paper are measured based on quoted market prices in an active market and categorized within level 1 of the fair value hierarchy. Money market funds and commercial paper with a maturity date of 90 days or less from the date of purchase are classified as cash equivalents in the Company’s Consolidated Balance Sheets.

Corporate debt securities and preferred stock are measured primarily using pricing data from external pricing services that use prices observed for recently executed market transactions for the corporate debt security or the preferred stock that the Company owns. Corporate debt securities and preferred stock are not traded on a nationally recognized exchange but rather are traded in the U.S. over the counter market where there is less trading activity. For these reasons, the Company has determined that the corporate debt securities and preferred stock are categorized as level 2 financial instruments since their fair values were determined from market inputs in an inactive market.

Restricted investments include certain of the surplus assets that were transferred from the Company’s Pension Plan to a suspense account in the Company’s 401(k) Plan in December 2014. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s Consolidated Balance Sheets until they are allocated to participants. As of December 31, 2015 and December 31, 2014, the assets held in the suspense account were invested in the Prudential Guaranteed Income Fund, which is a stable value fund designed to provide safety of principal, liquidity, and a rate of return. The Prudential Guaranteed Income Fund is valued based upon the contributions made to the fund, plus earnings at guaranteed crediting rates, less withdrawals and fees and are categorized as level 2 financial instruments. The Company’s Retirement Plan Investment Committee is responsible for investing decisions and allocation decisions of the suspense account. Refer to Note 18, Employee Benefit Plans.

Long-lived Assets

The Company reviews its long lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Homes are measured at lower of carrying value or fair value. The fair value of these homes is determined based upon final sales prices of inventory sold during the period (level 2 inputs) or estimates of selling prices based on current market data (level 3 inputs). Operating properties are evaluated for impairment based on management’s best estimate of undiscounted cash flows and eventual disposition of such properties (level 3 inputs).

The Company uses varying methods to determine fair value, such as (i) analyzing expected future cash flows, (ii) determining resale values by market, (iii) applying a capitalization rate to net operating income using prevailing rates in a given market or (iv) applying a multiple to revenue using prevailing rates in a given market. The fair value of a property may be derived either from discounting projected cash flows at an appropriate discount rate, through appraisals of the underlying property, or a combination thereof.

The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and impairments during the year. There were no non-financial assets measured at fair value on a nonrecurring basis at December 31, 2015 or 2014. The Company’s non-financial assets measured at fair value on a nonrecurring basis and level 3 inputs are as follows at December 31, 2013.



Financial Statement Line	Level 3 Fair Value		Total Impairment Charge		Unobservable Input(s)	Range of Inputs Used
December 31, 2013
Investment in real estate, net	$	2,420	$	4,911	Revenue growth rates	5% - 16%
					Discount rate	14%
					Cap rate	11.8%
Investment in real estate, net	$	722	$	169	Estimated selling price based on market data	$0.7 million - $0.9 million

One of the Company’s golf courses incurred negative operating cash flows in 2013 and the future estimated undiscounted cash flows were less than the carrying value of its operating assets; therefore, the Company recorded an impairment charge of $4.9 million. The fair value of the property was determined by discounting projected cash flows. In addition, during 2013, the Company wrote down a residential property to its current fair value less estimated selling costs.

Fair Value of Financial Instruments

The Company uses the following methods and assumptions in estimating fair value for financial instruments:


•	The fair value of the Company’s pledged treasury securities is based on quoted market prices in an active market.


•	The fair value of the Company’s retained interest investments is based on the present value of the expected future cash flows at the effective yield.


•	The fair value of the Investments held by special purpose entities - time deposit is based on the present value of future cash flows at the current market rate. See Note 5, Real Estate Sales.


•	The fair value of the Investments held by special purpose entities - U.S. Treasury securities are measured based on quoted market prices in an active market. See Note 5, Real Estate Sales.


•	The fair value of the Senior Notes held by special purpose entity is based on the present value of future cash flows at the current market rate. See Note 5, Real Estate Sales.

The carrying amount and fair value of the Company’s financial instruments were as follows:



	December 31, 2015					December 31, 2014
	Carrying value		Fair value		Level	Carrying value		Fair value		Level
Assets
Pledged treasury securities	$	—	$	—	N/A	$	25,670	$	26,501	1
Retained interest investments	$	10,246	$	13,333	3	$	9,932	$	13,026	3
Investments held by special purpose entities (Note 5)	$	208,785	$	209,033	3	$	209,857	$	209,679	3
Liabilities
Senior Notes held by special purpose entity (Note 5)	$	177,445	$	178,035	3	$	177,341	$	177,940	3

Pledged Treasury Securities

In connection with a sale of the Company’s office portfolio in 2007, the Company completed an in-substance defeasance of approximately $29.3 million of mortgage debt that was collateralized by one of the commercial buildings. The Company assigned the mortgage debt and deposited sufficient funds with a trustee solely to satisfy the principal and remaining interest obligations on the mortgage debt when due. The interest yield on the pledged securities and the interest expense on the debt are closely related. The transaction did not qualify as an extinguishment of debt, since the Company was responsible if there had been a shortfall in the funds deposited into the trust, which are invested in government backed securities. The trust was not in the Company’s control and the trustee could not sell the securities prior to maturity.

As such, the government backed securities and the related debt (see Note 13, Debt) remained on the Company’s Consolidated Balance Sheets at December 31, 2014. In October 2015, the trustee made the final balloon payment on the mortgage debt in the amount of $25.3 million, utilizing the pledged treasury securities and cash. There was no shortfall on the payment.

Retained Interest Investments

The Company has a beneficial interest in certain bankruptcy remote qualified special purpose entities (the “SPEs”) used in the installment sale monetization of certain sales of timberlands in 2007 and 2008. The SPEs’ assets are not available to satisfy the Company’s liabilities or obligations and the liabilities of the SPEs are not the Company’s liabilities or obligations. In the event that proceeds from the financial instruments are insufficient to settle all of the liabilities of the SPEs, the Company is not obligated to contribute any funds to the SPEs. The Company has determined that it is not the primary beneficiary of the SPEs, since the Company is not the primary decision maker with respect to activities that could significantly impact the economic performance of the SPEs, nor does the Company perform any service activity related to the SPEs. Therefore, the SPEs’ assets and liabilities are not consolidated in the Company’s financial statements as of December 31, 2015.

The Company has a beneficial or retained interest investment related to these SPEs of $10.2 million and $9.9 million as of December 31, 2015 and 2014, respectively, recorded in Other assets on the Company’s Consolidated Balance Sheets. The Company has classified its retained interest investment as held-to-maturity because the Company has both the intent and the ability to hold its interest in the SPEs to maturity. Accordingly, the Company has recorded the retained interest investment at cost, adjusted for the accretion of investment income over the life of the retained interest using the effective yield method with rates ranging from 3.7% - 11.7%. The Company continues to update the expectation of cash flows to be collected over the term of the retained interest. Changes to the previously projected cash flows are accounted for prospectively, unless based on management’s assessment of current information and events, it is determined that there is an other-than-temporary impairment. The Company has not recorded an other-than-temporary impairment related to its retained interest investments during the years ended December 31, 2015 and 2014.

In the event of a failure and liquidation of the counterparties involved in the installment sales, the Company could be required to write-off the remaining retained interest recorded on its Consolidated Balance Sheets in connection with the installment sale monetization transactions in 2007 and 2008.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Real Estate Joint Ventures

12 Months Ended

Dec. 31, 2015

Real Estate Joint Ventures [Abstract]

Real Estate Joint Ventures

The Company enters into real estate joint ventures, from time to time, for the purpose of developing real estate in which the Company may or may not have a controlling financial interest. GAAP requires consolidation of variable interest entities (“VIE”) in which an enterprise has a controlling financial interest and is the primary beneficiary. A controlling financial interest will have both of the following characteristics: (a) the power to direct the VIE activities that most significantly impact economic performance and (b) the obligation to absorb the VIE losses and right to receive benefits that are significant to the VIE. The Company examines specific criteria and uses judgment when determining whether the Company is the primary beneficiary and must consolidate a VIE. The Company continues to assess whether it is the primary beneficiary on an ongoing basis.

Consolidated VIEs

During 2012, the Company entered into a joint venture agreement with a partner to develop a retail center at Pier Park North. The Company and its partner have contributed total cash of approximately $14.4 million to the joint venture, of which the Company contributed $9.5 million, or 66%, and the Company’s partner contributed $4.9 million, or 34%. Additionally, during 2013 the Company contributed land with an agreed upon value of $6.0 million to the joint venture. During 2013, the Company received a cash distribution of $2.3 million as the result of a sale of a portion of the property in the joint venture.

In February 2013, the joint venture entered into a $41.0 million construction loan agreement that would have matured in February 2016 with the possibility of an option for a two year extension. As of December 31, 2014, $31.6 million was outstanding on the construction loan. In connection with the construction loan agreement the Company had entered into certain limited guarantees. In addition, the Company had agreed to maintain minimum liquidity of $25 million and net worth of $350 million under the construction loan.

In October 2015, the Pier Park North joint venture refinanced the construction loan and entered into a $48.2 million loan. As of December 31, 2015, $48.2 million was outstanding on the Refinanced Loan. The Refinanced Loan accrues interest at a rate of 4.1% per annum and matures in November 2025 (the “Refinanced Loan”). The Refinanced Loan provides for interest only payments during the first twelve months and principal and interest payments thereafter with a final balloon payment at maturity. The Refinanced Loan is secured by a first lien on, and security interest in, a majority of Pier Park North joint venture’s property and a short term $6.62 million letter of credit.

Upon refinancing of the construction loan, $6.3 million was distributed to the Company, including $3.7 million as the remaining return for contributed land. As contemplated by the Pier Park North joint venture’s operating agreement, the remaining distribution was used to rebalance the equity ownership in the joint venture, such that the ownership percentage of the Company and its partner was adjusted to 60% and 40%, respectively.

In connection with the closing of the Refinanced Loan, each of the Pier Park North joint venture partners executed a limited guarantee in favor of the lender, based on their percentage ownership of the joint venture. The limited guarantee covers losses arising out of certain events, including (i) tenant security deposits; (ii) tenant rents; (iii) costs and expenses related to any environmental clean-up; (iv) liability for fraud or material breach of warranty with respect to the financing; (v) unpaid real estate taxes assessed against the property; (vi) failure to maintain required insurance; (vii) foreclosure of the security instrument; or (viii) failure of the joint venture to comply with certain covenants in the security instrument. In addition, the guarantee can become full recourse in the case of any fraud or intentional misrepresentation by the Pier Park North joint venture; any voluntary transfer or encumbrance of the property in violation of the due-on-sale clause in the security instrument; upon commencement of voluntary or insolvency proceedings; and upon breach of covenants in the security instrument. Pursuant to the guarantee, the Pier Park North joint venture partners are required to maintain a minimum of $36 million in combined net worth, not including the value of each partner’s respective equity in the Pier Park North property.

As of December 31, 2015, the Company’s capital account represents 60% of the total equity in the joint venture. The Company’s partner is responsible for the day-to-day activities; however, the Company has significant involvement in the design of the related development plan and approves all major decisions including the project development, annual budgets and loan refinancing. The Company has evaluated the VIE consolidation requirements with respect to this transaction and has determined that the Company is the primary beneficiary as the Company has both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses and the right to receive benefits that are significant to the VIE; therefore, the results of the VIE have been consolidated within the financial results of the Company as of December 31, 2015.

In addition, the Company is the primary beneficiary of another real estate joint venture, Artisan Park, L.L.C, that is consolidated within the financial results of the Company. The Company is entitled to 74% of the profits or losses of this VIE and is responsible for the day-to-day activities of the joint venture. The Company has determined that the Company is the primary beneficiary as it has the power to direct the activities that most significantly impact the joint venture’s economic performance; therefore, the results of the VIE have been consolidated within the financial results of the Company.

As of December 31, 2015 and 2014, the carrying amounts of the real estate VIEs’ assets that are consolidated were $60.5 million and $51.6 million and non-recourse liabilities $49.8 million and $34.4 million, including debt. The Refinanced Loan is secured by a first lien on, and security interest in, a majority of the Pier Park North joint venture’s property and a short term $6.62 million letter of credit. The VIE’s assets can only be used to settle obligations of that VIE. Those assets are owned by, and those liabilities are obligations of, the VIE, and not the Company.

Unconsolidated VIEs

During 2015, the Company was a partner in ALP Liquidating Trust (“ALP”) that is accounted for using the equity method. The joint venture was entered into to develop and sell certain mixed use residential and commercial projects. The Company has evaluated the VIE consolidation requirements with respect to this joint venture and has determined that the Company is not the primary beneficiary, since the Company does not have the power to direct the activities that most significantly impact the economic performance of the VIE. The Company is not required to contribute additional funds to ALP.

Summarized financial information for ALP is as follows:



	December 31, 2015		December 31, 2014
BALANCE SHEETS:
Cash and cash equivalents	$	13,760	$	15,461
Other assets	58		57
Total assets	$	13,818	$	15,518

Accounts payable and other liabilities	$	1,978	$	605
Equity⁽¹⁾	11,840		14,913
Total liabilities and equity	$	13,818	$	15,518

(1) In 2008, the Company wrote-off its investment in ALP as a result of ALP reserving its assets to satisfy potential claims and obligations in accordance with its publicly reported liquidation basis of accounting. Subsequently, ALP changed its method of accounting to a going concern basis and reinstated its equity and stated it would report certain expenses as they are incurred. The Company has not recorded any additional equity income as a result of the ALP’s change in accounting.



	2015		2014		2013
STATEMENTS OF OPERATIONS:
Total expenses, net	$	3,073	$	1,952	$	1,014
Net loss	$	3,073	$	1,952	$	1,014

Notes Receivable, net

12 Months Ended

Dec. 31, 2015

Receivables [Abstract]

Notes Receivable, net

Notes receivable, net consists of the following:



	December 31, 2015		December 31, 2014
Interest bearing homebuilder note for the RiverTown Sale, secured by the real estate sold — 5.25% interest rate, all accrued interest and remaining principal and interest payment due and paid in June 2015	$	—	$	19,600
Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% — 8.0%	1,985		2,147
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, any remaining payments outstanding are due August 2016	90		2,011
Various mortgage notes, secured by certain real estate bearing interest at various rates	480		512
Total notes receivable, net	$	2,555	$	24,270

The Company evaluates the carrying value of the notes receivable and the need for an allowance for doubtful notes receivable at each reporting date.

Property and Equipment, net

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consists of the following:



	December 31, 2015		December 31, 2014		Estimated Useful Life (in years)
Railroad and equipment	$	33,626	$	33,627	15-30
Machinery and equipment	15,587		16,498		3-10
Office equipment	16,662		18,844		3-10
Autos and trucks	1,044		866		3-10
	66,919		69,835
Less: Accumulated depreciation	57,103		60,284
	9,816		9,551
Construction in progress	329		652
Total property and equipment, net	$	10,145	$	10,203

Depreciation expense on property and equipment was $2.8 million in 2015, $2.2 million in 2014 and $2.5 million in 2013.

Debt

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Debt

Debt consists of the following:



	December 31, 2015		December 31, 2014
Refinanced Loan in the Pier Park North joint venture, due November 2025, bearing interest at 4.1% at December 31, 2015	$	48,200	$	—
Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2016 — May 2039, bearing interest at 2.80% to 7.0% at December 31, 2015 and 2.55% to 7.0% at December 31, 2014	6,994		6,516
Construction loan in the Pier Park North joint venture, paid in October 2015, bearing interest at LIBOR plus 210 basis points, or 2.26% at December 31, 2014	—		31,618
In-substance defeased debt, interest payable at 5.62%, secured and paid by pledged cash and treasury securities, due and paid October 1, 2015	—		25,670
Total debt	$	55,194	$	63,804

In February 2013, the Company’s Pier Park North joint venture entered into a construction loan agreement for $41.0 million that was intended to mature in February 2016 with the possibility of an option for a two year extension. As of December 31, 2014, $31.6 million was outstanding on the construction loan. In October 2015, the Pier Park North joint venture refinanced its February 2013 construction loan and entered into a $48.2 million loan. As of December 31, 2015 $48.2 million was outstanding on the Refinanced Loan. The Refinanced Loan accrues interest at a rate of 4.1% per annum and will mature on November 1, 2025. See Note 9, Real Estate Joint Ventures for details on the Refinanced Loan.

Community Development District (“CDD”) bonds financed the construction of infrastructure improvements at several of the Company’s projects. The principal and interest payments on the bonds are paid by assessments on, or from sales proceeds of, the properties benefited by the improvements financed by the bonds. The Company has recorded a liability for CDD assessments that are associated with platted property, which is the point at which the assessments become fixed or determinable. Additionally, the Company has recorded a liability for the balance of the CDD assessment that is associated with unplatted property if it is probable and reasonably estimable that the Company will ultimately be responsible for repaying. The Company has recorded debt of $7.0 million and $6.5 million related to CDD assessments as of December 31, 2015 and 2014, respectively. The Company’s total outstanding CDD assessments were $22.5 million and $22.7 million at December 31, 2015 and 2014, respectively. The Company pays interest on the total outstanding CDD assessments.

In connection with the sale of the Company’s office building portfolio in 2007, the Company completed an in-substance defeasance of debt of approximately $29.3 million of mortgage debt, which had a final balloon payment that was made in October 2015. The Company assigned the mortgage debt and deposited sufficient funds with a trustee solely to satisfy the principal and remaining interest obligations on the mortgage debt when due. The indebtedness remained on the Company’s Consolidated Balance Sheets at December 31, 2014 since the transaction was not considered to be an extinguishment of debt because the Company is liable if, for any reason, the government securities are insufficient to repay the debt. In October 2015, the trustee made the final balloon payment on the mortgage debt in the amount of $25.3 million, utilizing the pledged treasury securities and cash. There was no shortfall on the payment.

The aggregate maturities of debt subsequent to December 31, 2015 are:



	December 31, 2015
2016	$	248
2017	988
2018	1,029
2019	1,071
2020	1,116
Thereafter	50,742
	$	55,194

Income Taxes

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

Income tax expense (benefit) for the years ended December 31, 2015, 2014, and 2013 consist of the following:



	2015			2014		2013
Current:
Federal	$	(1,377	)	$	69,245	$	349
State	(138		)	135		169
Total	(1,515		)	69,380		518
Deferred:
Federal	2,261			35,314		(366		)
State	62			10,813		(561		)
Total	2,323			46,127		(927		)
Income tax expense (benefit)	$	808		$	115,507	$	(409	)

Total income tax expense (benefit) for the years ended December 31, 2015, 2014, and 2013 was allocated in the consolidated financial statements as follows:



	2015		2014		2013
Income tax expense (benefit)	$	808	$	115,507	$	(409	)
Income tax recorded in Accumulated other comprehensive income
Income tax benefit	300		127		—
Total income tax expense (benefit)	$	508	$	115,380	$	(409	)

Income tax expense (benefit) attributable to income from operations differed from the amount computed by applying the statutory federal income tax rate of 35% to pre-tax income as a result of the following:



	2015			2014			2013
Tax at the statutory federal rate	$	(323	)	$	182,700		$	1,603
State income taxes (net of federal benefit)	(32		)	18,270			160
Decrease in valuation allowance	(164		)	(86,882		)	(2,218		)
Fees and expenses for SEC investigation	1,092			—			—
Other	235			1,419			46
Total income tax expense (benefit)	$	808		$	115,507		$	(409	)

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of December 31, 2015 and 2014 are presented below:



	2015			2014
Deferred tax assets:
State net operating loss carryforwards	$	11,400		$	11,336
Impairment losses	112,143			116,451
Prepaid income from land sales	5,490			5,507
Other	1,358			1,398
Total gross deferred tax assets	130,391			134,692
Valuation allowance	(6,012		)	(6,176		)
Total net deferred tax assets	124,379			128,516
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences	3,071			2,484
Deferred gain on land sales and involuntary conversions	28,691			31,574
Installment sales	126,741			126,225
Pension Plan assets transferred to the 401(k) Plan	2,723			3,057
Total gross deferred tax liabilities	161,226			163,340
Net deferred tax liability	$	(36,847	)	$	(34,824	)

The Company had no federal net operating loss carryforwards at December 31, 2015 and 2014. At December 31, 2015 and 2014, the Company had state net operating loss carryforwards of $325.7 million and $323.9 million, respectively. The majority of state net operating losses are available to offset future taxable income through 2031.

In general, a valuation allowance is recorded if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. Realization of the Company’s deferred tax assets is dependent upon the Company generating sufficient taxable income in future years in the appropriate tax jurisdictions to obtain a benefit from the reversal of deductible temporary differences and from loss carryforwards. As of December 31, 2015, based on the timing of reversal of future taxable amounts and the Company’s history of losses, management did not believe it met the requirements to realize the benefits of certain of its deferred tax assets; therefore, the Company had maintained a valuation allowance of $6.0 million.

As of December 31, 2015 and 2014, management believed it had not met the requirements to realize the benefits for a portion of its deferred tax assets for state net operating loss carryforwards; therefore, the Company has maintained a valuation allowance of $6.0 million and $6.2 million, respectively, related to state net operating losses. During 2015, the Company decreased the valuation allowance by $0.2 million to $6.0 million.

At December 31, 2013, other deferred tax assets includes a valuation allowance to offset the deferred tax component recognized in Accumulated other comprehensive loss of $2.1 million. This valuation allowance was reversed during 2014 and there was no valuation allowance in Accumulated other comprehensive loss as of December 31, 2014.

The Company had approximately $1.7 million of total unrecognized tax benefits as of December 31, 2015 and 2014, respectively. Of this total, there are no amounts of unrecognized tax benefits that, if recognized, would affect the effective income tax rate. There were no decreases or increases related to prior year or current year tax positions. In addition, as a result of the adoption of the guidance that was effective for the Company on January 1, 2014 related to the presentation of an unrecognized tax benefit, when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists, the Company reclassified $1.7 million of its unrecognized tax benefit from Accrued liabilities and deferred credits to Deferred tax liabilities as of December 31, 2015 and 2014.

There were no penalties required to be accrued at December 31, 2015 and 2014. The Company recognizes interest and/or penalties related to income tax matters in Income tax (expense) benefit.

The Company is currently open to examination by taxing authorities for the years ended December 31, 2012 through 2014. The IRS has completed the examination of the Company’s tax return for 2013 without adjustment.

Stock Repurchase Program	12 Months Ended
Stock Repurchase Program	Dec. 31, 2015
Equity [Abstract]
Stock Repurchase Program	Stock Repurchase Program As of January 1, 2015, the Company had $103.8 million remaining under its Stock Repurchase Program. From January 1 through August 15, 2015, the Company repurchased 634,596 shares of its common stock in open market transactions at an average weighted price of $16.03, for a total of $10.2 million. On August 15, 2015 the Company’s Board of Directors increased the Stock Repurchase Program authorization to permit the repurchase of up to $300.0 million (including $93.6 million that remained unused from the previous authorization). On August 21, 2015, the Company commenced a tender offer to purchase up to 16,666,666 shares of its common stock at a price of $18.00 per share. Upon consummation of this tender offer, the Company purchased 16,348,143 of its common stock at a purchase price of $18.00 per share, for a total purchase price of $294.3 million and $0.5 million in related costs. In October 2015, the Company’s Board of Directors again increased the Stock Repurchase Program authorization to permit the repurchase of an additional $200.0 million. As of December 31, 2015, the Company had a total of $205.7 million available for purchase of shares under its Stock Repurchase Program. The Company may repurchase stock in open market purchases from time to time pursuant to Rule 10b-18, in privately negotiated transactions or otherwise. The timing and amount of any additional shares to be repurchased will depend upon a variety of factors, including market and business conditions, applicable legal requirements and other factors. Repurchases may be commenced or suspended at any time or from time to time without prior notice. The Stock Repurchase Program will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in its sole discretion. Subsequent to December 31, 2015 but prior to the filing of this annual report, the Company purchased an additional 995,650 shares for an aggregate purchase price of $14.8 million.

Stock Based Compensation

12 Months Ended

Dec. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Based Compensation

The Company previously offered a stock incentive plan whereby awards were granted to certain employees and non-employee directors of the Company in various forms including restricted shares of Company common stock and options to purchase Company common stock. Awards were discretionary and were determined by the Compensation Committee of the Board of Directors. Stock based compensation cost is measured at the grant date based on the fair value of the award and is typically recognized as expense on a straight-line basis over the requisite service period, which is the vesting period. Upon exercise of stock options or vesting of restricted stock, the Company will use treasury stock or issue new common stock.

During 2015, the Company had two equity plans available for issuance of equity compensation instruments, including restricted shares of Company common stock and options to purchase Company common stock, the 2009 Equity Incentive Plan (the “2009 Plan”) and the 2015 Performance and Equity Incentive Plan (the “2015 Plan”). Upon adoption of the 2015 Plan, the remaining shares available for awards under the 2009 Plan were included in the 1.5 million shares approved under the 2015 Plan. As of December 31, 2015, 1.5 million shares were available under the 2015 Plan. Stock options previously granted under the 2009 Plan are still outstanding and to the extent that such options are exercised prior to their expiration, shares will be issued under the 2009 Plan.

Total stock-based compensation recorded in Corporate expense, net, on the Consolidated Statements of Operations for the three years ended December 31, 2015 is as follows:



	2015			2014			2013
Stock compensation expense before tax benefit	$	150		$	210		$	247
Income tax benefit	(58		)	(81		)	(95		)
	$	92		$	129		$	152

The following table sets forth the summary of option activity outstanding under the stock option program for 2015:



	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value ($000)
Balance at December 31, 2014	99,775	$	54.15	1.9	—
Forfeited or expired	—	—		—	—
Balance at December 31, 2015	99,775	$	54.15	0.9	—
Vested or expected to vest at December 31, 2015	99,775	$	54.15	0.9	—
Exercisable at December 31, 2015	99,775	$	54.15	0.9	—

As of December 31, 2015 the Company did not have any unvested restricted stock units outstanding and did not issue any restricted stock units under either the 2009 Plan or 2015 Plan. The weighted average grant date fair value of restricted stock units during 2015, 2014 and 2013 were $15.53, $21.59 and $20.49, respectively. The total fair values of restricted stock units and stock options which vested were zero during 2015 and 2014 and $0.5 million during 2013. In 2015, the Company granted less than 0.1 million of vested restricted stock awards granted to certain of the Company’s directors as fees for services rendered under the 2009 Plan.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

The Company previously sponsored a cash balance defined benefit pension plan that covered substantially all of its salaried employees (the “Pension Plan”). In November 2012, the Board of Directors approved the termination of the Pension Plan. The Pension Plan was frozen in March 2013 pending regulatory approvals, which were received in August 2014. As of December 31, 2014, the Pension Plan assets were distributed to Pension Plan participants and $7.9 million was distributed to the Company’s 401(k) Plan to pay additional future benefits to current and future 401(k) plan participants over a period of up to seven years. Subsequent to these distributions, the remaining Pension Plan assets of $23.8 million were reverted to the Company in December 2014. As a result of the Pension Plan termination, the Company had no prepaid pension asset or accumulated benefit obligation at December 31, 2015 and 2014.

There were no pension charges in 2015. During 2014, the Company recorded a total of $13.5 million in Pension charges on the Company’s Consolidated Statements of Operations, which included $8.7 million for net periodic pension costs, including settlements related to the termination of the Pension Plan and $4.8 million of excise tax.

During 2013, the Company incurred settlement losses of $0.7 million related to cash distributions made to certain participants.

Obligations and Funded Status

Change in projected benefit obligation and plan assets:



	2014
Projected benefit obligation, beginning of year	$	23,531
Interest cost	625
Actuarial loss	2,245
Benefits paid	(95		)
Settlements	(26,306		)
Projected benefit obligation, end of year	$	—

Fair value of assets, beginning of year	$	58,648
Actual return on assets	14
Benefits and expenses paid	(595		)
Settlements	(26,306		)
Assets contributed to 401(k) Plan	(7,940		)
Assets reverted to the Company	(23,821		)
Fair value of assets, end of year	$	—

Funded status at end of year	$	—

Ratio of plan assets to projected benefit obligation	—		%

A summary of the net periodic pension cost and other amounts recognized in other comprehensive income (loss) are as follows:



	2014			2013
Service cost	$	—		$	225
Interest cost	625			653
Expected return on assets	550			(443		)
Amortization of loss	465			326
Settlement charges	7,107			739
Net periodic pension cost	$	8,747		$	1,500

Other changes in plan assets and obligations recognized in Other comprehensive income:
Gain	(5,392		)	(3,260		)
Total other comprehensive income	(5,392		)	(3,260		)
Total net periodic pension cost and other comprehensive income (loss)	$	3,355		$	(1,760	)

As of December 31, 2015 and 2014 there were no actuarial loss amounts not yet reflected in net periodic pension cost and included in Accumulated other comprehensive loss as they were recognized in net periodic cost during 2014 due to the final settlement of the Pension Plan in 2014. As of December 31, 2013, actuarial loss amounts not yet reflected in net periodic pension cost and included in accumulated other comprehensive loss were $5.4 million. In 2014, pension charges on the Consolidated Statements of Operations include $4.8 million of excise tax.

Assumptions

Assumptions used to develop net periodic pension cost:



	2014	2013
Discount rate	3.75%	4.37%
Expected long-term rate on plan assets	—%	—%
Rate of compensation increase	N/A	N/A

The Pension Plan was terminated in 2014. Prior to that, to develop the expected long-term rate of return on assets assumption, the Company considered the current level of expected returns on risk free investments (primarily government bonds), the historical level of the risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns of each asset class. The expected return for each asset class was then weighted based on the target asset allocation to develop the expected long-term rate of return on assets assumption for the portfolio. This resulted in the selection of the 0.00% assumption in 2013. Early in 2014, the Pension Plan transferred the majority of its investments held in plan assets to U.S. Treasury securities to maintain the Pension Plan asset balance, which resulted in the selection of a minimal expected long-term rate on plan assets as the U.S. Treasury securities in 2014 and 2013.

Plan Assets

During 2014, the Pension Plan transferred the majority of its investments held in plan assets to U.S. Treasury securities to maintain the Pension Plan asset balance. There were no Plan assets at December 31, 2014. At December 31, 2013, U.S. Treasury securities are fair valued based on quoted market prices in an active market. The following tables sets forth by level within the fair value hierarchy for Plan assets at December 31, 2013.

Assets at Fair Value as of December 31, 2013



Asset Category:	Level 1		Level 2		Level 3		Total
Cash	$	115	$	—	$	—	$	115
Money market funds	697		—		—		697
U.S. Treasuries	57,836		—		—		57,836
Total	$	58,648	$	—	$	—	$	58,648

The following table sets forth a summary of changes in the fair value of the Pension Plan’s level 3 assets for the year ended December 31, 2013. There were no level 3 assets in the Pension Plan during 2014.



	2013
Balance, beginning of year	$	927
Sales	(1,648		)
Realized gain on sale	721
Unrealized gains relating to instruments still held at the reporting date	—
Balance, end of year	$	—

Deferred Compensation Plan

The Company maintains a 401(k) retirement plan covering substantially all officers and employees, which permits participants to defer up to the maximum allowable amount determined by the IRS of their eligible compensation.

As part of the 2014 Pension Plan termination, the Company directed the Pension Plan to transfer $7.9 million of the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) Plan. The Company expects to use the $7.9 million, including any income earned on the assets held in the suspense account, for Company contributions under the Company’s 401(k) Plan within the next six years. At December 31, 2015 and December 31, 2014, the fair values of these assets were recorded in Restricted investments on the Company’s Consolidated Balance Sheets and were $7.1 million and $7.9 million, respectively.

The Company retains the risks and rewards of ownership of the assets held in the suspense account since they have not been allocated to participants as of December 31, 2015; therefore, the $7.1 million of unallocated assets held in the suspense account are recorded on the Company’s Consolidated Balance Sheet as Restricted investments. The Company will record expense for the fair value of the assets at the time the assets are allocated to participants.

During 2015, the Company recorded an expense of $1.0 million for the fair value of the assets that were allocated to participants. Any gains and losses on unallocated assets are reflected in the Company’s Consolidated Statements of Operations and were a $0.1 million gain for 2015. In addition, the Company expects to record additional expenses of approximately $7.1 million as the assets in our 401(k) Plan are allocated to participants over the next six years. Refer to Note 8, Financial Instruments and Fair Value Measurements.

As of December 31, 2015, the assets held in the suspense account were invested in the Guaranteed Income Fund. The Guaranteed Income Fund is valued based upon the contributions made to the fund, plus earnings at guaranteed crediting rates, less withdrawals and fees, and is categorized as a level 2 financial instrument. The Company’s Retirement Plan Investment Committee is responsible for investing decisions and allocation decisions of the suspense account. Refer to Note 8, Financial Instruments and Fair Value Measurements for further information on the three-tier fair value hierarchy.

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Accumulated Other Comprehensive Loss

Following is a summary of the changes in the accumulated balances for each component of accumulated other comprehensive loss, which is presented net of tax, for the year ended December 31, 2015 and 2014:



	Defined Benefit Pension Items		Unrealized Gains and (Losses) on Available-for-Sale Securities			Total
Accumulated other comprehensive loss at December 31, 2014	$	—	$	(1,325	)	$	(1,325	)
Other comprehensive income before reclassifications	—		3,428			3,428
Amounts reclassified from accumulated other comprehensive loss	—		(2,789		)	(2,789		)
Net current year other comprehensive income	—		639			639
Accumulated other comprehensive loss at December 31, 2015	$	—	$	(686	)	$	(686	)



	Defined Benefit Pension Items			Unrealized Gains and (Losses) on Available-for-Sale Securities			Total
Accumulated other comprehensive loss at December 31, 2013	$	(5,392	)	$	(2,125	)	$	(7,517	)
Other comprehensive loss before reclassifications	(2,180		)	(509		)	(2,689		)
Amounts reclassified from accumulated other comprehensive loss	7,572			1,309			8,881
Net current year other comprehensive income	5,392			800			6,192
Accumulated other comprehensive loss at December 31, 2014	$	—		$	(1,325	)	$	(1,325	)

The following is a summary of the tax effects allocated to each component of other comprehensive income for the year ended December 31, 2015:



	Year Ended December 31, 2015
	Before-Tax Amount			Tax Benefit or (Expense)			Net-of-Tax Amount
Unrealized gains on debt securities:
Unrealized gains on available-for-sale investments	$	5,650		$	(2,222	)	$	3,428
Less: reclassification adjustment for gains included in earnings	(5,311		)	2,522			(2,789		)
Net unrealized gains	339			300			639
Other comprehensive income	$	339		$	300		$	639

The following is a summary of the tax effects allocated to each component of other comprehensive income for the year ended December 31, 2014:



	Year Ended December 31, 2014
	Before-Tax Amount			Tax Benefit or (Expense)			Net-of-Tax Amount
Unrealized gains on debt securities:
Unrealized losses on available-for-sale investments	$	(1,455	)	$	947		$	(508	)
Less: reclassification adjustment for other-than-temporary impairment losses included in earnings	1,295			(499		)	796
Less: reclassification adjustment for losses included in earnings	833			(321		)	512
Net unrealized gains	673			127			800

Defined benefit pension plan:
Settlement included in net periodic cost	7,107			—			7,107
Less: amortization of loss included in net periodic pension cost	465			—			465
Net periodic pension cost arising during period	7,572			—			7,572
Net loss arising during period	(2,180		)	—			(2,180		)
Defined benefit pension plan, net	5,392			—			5,392
Other comprehensive income	$	6,065		$	127		$	6,192

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Section S99
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 210
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
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+ Details

Segment Information

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Segment Information

The Company currently conducts primarily all of its business in the following five operating segments: 1) residential real estate, 2) commercial real estate, 3) resorts and leisure, 4) leasing operations and 5) forestry. In prior periods, the Company’s reportable operating segments were 1) residential real estate, 2) commercial real estate, 3) resorts, leisure and leasing operations and 4) forestry. The Company’s leasing operations segment currently meets the quantitative and qualitative factors as a reportable operating segment; therefore, the Company has changed its segment presentation to include leasing operations as an operating segment. Leasing operations were historically included with the Company’s resorts, leisure and leasing operating segment. All prior year segment information has been reclassified to conform to the 2015 presentation. The change in reporting segments had no effect on the Consolidated Balance Sheets, Statements of Operations, Statements of Comprehensive (Loss) Income or Statements of Cash Flows for the periods presented.

The residential real estate segment generates revenues from the development and sale of homes and homesites and the sale of parcels of entitled, undeveloped lots. The commercial real estate segment sells undeveloped or developed land and commercial operating property. The resorts and leisure segment generates revenues and costs from the WaterColor Inn and Resort, vacation rental programs, management of The Pearl Hotel, four golf courses, marina operations and other related resort activities. The leasing segment generates revenues from retail and commercial leasing operations, including the Company’s consolidated joint venture at Pier Park North. The forestry segment produces and sells woodfiber, sawtimber and other forest products and may sell the Company’s timber or rural land holdings.

The Company’s reportable segments are strategic business units that offer different products and services. They are each managed separately and decisions about allocations of resources are determined by management based on these strategic business units.

The Company uses income from operations before equity in (loss) income from unconsolidated affiliates, income taxes and non-controlling interest for purposes of making decisions about allocating resources to each segment and assessing each segment’s performance, which the Company believes represents current performance measures.

The accounting policies of the segments are the same as those described herein and in the Company’s Form 10-K. Total revenues represent sales to unaffiliated customers, as reported in the Company’s Consolidated Statements of Operations. All intercompany transactions have been eliminated.

Information by business segment is as follows:



	2015			2014			2013
OPERATING REVENUES:
Residential real estate ^(a)	$	21,203		$	61,444		$	33,735
Commercial real estate	7,160			3,265			10,881
Resorts and leisure	54,488			48,414			46,424
Leasing operations	8,978			6,977			4,306
Forestry ^(b)	12,042			581,442			35,450
Other	—			331			460
Consolidated operating revenues	$	103,871		$	701,873		$	131,256

DEPRECIATION, DEPLETION AND AMORTIZATION:
Residential real estate	$	544		$	662		$	863
Resorts and leisure	5,096			4,143			4,211
Leasing operations	3,118			2,685			2,126
Forestry	581			729			1,775
Other reportable segments	147			203			156
Consolidated depreciation, depletion and amortization	$	9,486		$	8,422		$	9,131

INVESTMENT INCOME, NET
Residential real estate and other	$	571		$	994		$	113
Corporate ^(c)	22,117			11,697			1,385
Consolidated investment income, net	$	22,688		$	12,691		$	1,498

INTEREST EXPENSE
Residential real estate	$	(1,174	)	$	(1,316	)	$	(1,999	)
Commercial and other	(1,489		)	(696		)	(41		)
Corporate ^(d)	(8,766		)	(6,596		)	—
Consolidated interest expense	$	(11,429	)	$	(8,608	)	$	(2,040	)

(LOSS) INCOME BEFORE EQUITY IN LOSS FROM UNCONSOLDIATED AFFILIATES AND INCOME TAXES:
Residential real estate^(a)(e)	$	(821	)	$	24,854		$	4,087
Commercial real estate	126			(163		)	3,298
Resorts and leisure ^(f)	1,819			1,559			(1,561		)
Leasing operations	676			1,165			324
Forestry ^(b)	10,259			517,087			13,406
Corporate ^(c)(d)(g)	(13,222		)	(22,681		)	(15,109		)
Consolidated (loss) income before equity in loss from unconsolidated affiliates and income taxes	$	(1,163	)	$	521,821		$	4,445



	2015		2014		2013
CAPITAL EXPENDITURES:
Residential real estate	$	4,923	$	4,981	$	12,284
Commercial real estate	2,165		854		2,388
Resorts and leisure	2,526		2,198		3,517
Leasing operations	5,849		22,600		19,969
Forestry	1,366		1,537		3,678
Other	636		271		224
Total capital expenditures	$	17,465	$	32,441	$	42,060



	December 31, 2015		December 31, 2014
TOTAL ASSETS:
Residential real estate	$	109,791	$	135,317
Commercial real estate	62,649		62,931
Resorts and leisure	75,441		79,021
Leasing operations	82,120		74,800
Forestry	20,244		20,521
Other	634,568		930,545
Total assets	$	984,813	$	1,303,135



(a)	Includes revenues of $43.6 million from the RiverTown Sale in 2014.
(b)	Includes revenues of $570.9 million from the AgReserves Sale in 2014.
(c)	Includes interest income of $8.2 million and $6.1 million from investments in special purpose entities in 2015 and 2014, respectively.
(d)	Includes interest expense of $8.8 million and $6.6 million from Senior Note issued by a special purpose entity in 2015 and 2014, respectively.
(e)	Includes impairment losses of $0.2 million in 2013.
(f)	Includes impairment losses of $4.9 million in 2013.
(g)	Includes pension charges of $13.5 million and $1.5 million in 2014 and 2013, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company establishes an accrued liability when it is both probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The Company will evaluate the range of reasonably estimated losses and record an accrued liability based on the minimum amount in the range, unless an amount within the range is a better estimate than any other amount. In such cases, there may be an exposure to loss in excess of the amounts accrued. The Company evaluates quarterly whether further developments could affect the amount of the accrued liability previously established or would make a loss contingency both probable and reasonably estimable. The Company also provides disclosure when it is reasonably possible that a loss will be incurred or when it is reasonably possible that the amount of a loss will exceed the recorded liability. The Company reviews loss contingencies at least quarterly to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. This estimated range of possible loss is based upon currently available information and is subject to significant judgment and a variety of assumptions, and known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. The Company is subject to a variety of litigation, claims, other disputes and governmental proceedings that arise from time to time in the ordinary course of its business. The Company cannot assure that it will be successful in defending these matters. Based on current knowledge, the Company does not believe that loss contingencies arising from pending litigation, claims other disputes and governmental proceedings, including those described herein, will have a material adverse effect on the consolidated financial condition or liquidity of the Company. However, in light of the inherent uncertainties involved in these matters, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. On January 4, 2011 the Company received notice from the Staff (the “Staff”) of the SEC of the initiation of an inquiry into the Company’s policies and practices concerning impairment of investment in real estate assets. In January 2015, the Company received a Wells Notice from the Staff related to historical accounting and disclosure practices and real estate asset valuations principally as reflected in the Company’s financial results for 2010, 2009 and prior periods. In June 2015, the Company established a reserve of $3.5 million for penalties, disgorgements and interest relating to the SEC investigation. On October 27, 2015, the Company fully resolved the SEC investigation and entered into a settlement with the SEC. Without admitting or denying any factual allegations, the Company consented to the SEC’s issuance of an administrative order pursuant to which the Company agreed to pay penalties, disgorgements and interest of approximately $3.5 million, including a civil penalty assessed on the Company of $2.75 million and other disgorgements and interest subject to indemnification by the Company. The Company is subject to costs arising out of environmental laws and regulations, which include obligations to remove or limit the effects on the environment of the disposal or release of certain wastes or substances at various sites, including sites which have been previously sold. It is the Company’s policy to accrue and charge against earnings environmental cleanup costs when it is probable that a liability has been incurred or range of loss can be reasonably estimated. As assessments and cleanups proceed, these accruals are reviewed and adjusted, if necessary, as additional information becomes available. The Company’s former paper mill site in Gulf County and certain adjacent properties are subject to various Consent Agreements and Brownfield Site Rehabilitation Agreements with the Florida Department of Environmental Protection. The paper mill site has been rehabilitated by Smurfit-Stone Container Corporation in accordance with these agreements and a final Site Rehabilitation Completion Order (SRCO) issued by the Florida Department of Environmental Protection (FDEP) has been received. The Company is in the process of assessing certain neighboring properties. Management is unable to quantify future rehabilitation costs above present accruals at this time or provide a reasonably estimated range of loss. Other litigation, claims, other disputes and governmental proceedings, including environmental matters, are pending against the Company. Accrued aggregate liabilities related to the matters described above and other litigation matters were $2.5 million, including the $1.2 million accrual related to the SEC investigation discussed above, and $1.4 million at December 31, 2015 and 2014, respectively. Although the final resolution of the environmental litigation matters or governmental proceedings is not expected to have a material effect on the Company’s consolidated financial condition, it is possible that any final outcome could have a material impact on the results of operations or cash flows of the Company. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage, including our timber assets. At December 31, 2015 and 2014, the Company was required to provide surety bonds that guarantee completion of certain infrastructure in certain development projects and mitigation banks of $7.1 million and $8.3 million, respectively and standby letters of credit in the amount of $0.5 million, which may potentially result in liability to the Company if certain obligations of the Company are not met. At December 31, 2015, the Company has a total of $1.4 million in purchase obligations, of which $0.7 million are for 2016, $0.2 million are for 2017 and $0.5 million are for 2018. In connection with the Refinanced Loan, the Company guaranteed the joint venture’s obligations under a short term $6.62 million letter of credit which is securing a portion of the joint venture’s obligations under the Refinanced Loan. See Note 9, Real Estate Joint Ventures for a further discussion or the Refinanced Loan. As part of the AgReserves Sale and certain sales of timberlands in 2007 and 2008, the Company generated significant tax gains. The installment notes structure allowed the Company to defer the resulting tax liability of $61.8 million until 2022 - 2024 and $69.3 million until 2029, respectively, the maturity dates for the installment notes. The Company has a deferred tax liability related to the gains in connection with these sales.

Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (unaudited)



	Quarters Ended
	December 31			September 30			June 30			March 31
2015
Operating revenues	$	21,104		$	27,830		$	37,846		$	17,091
Operating (loss) income	$	(3,861	)	$	(2,383	)	$	5,811		$	(5,702	)
Net (loss) income attributable to the Company	$	(2,541	)	$	2,772		$	(224	)	$	(1,738	)
Basic and diluted (loss) income per share attributable to the Company	$	(0.03	)	$	0.03		$	—		$	(0.02	)
2014
Operating revenues	$	15,676		$	23,947		$	68,164		$	594,086
Operating (loss) income	$	(15,946	)	$	(1,335	)	$	21,038		$	509,493
Net (loss) income attributable to the Company	$	(11,101	)	$	(50	)	$	14,609		$	402,995
Basic and diluted (loss) income per share attributable to the Company	$	(0.12	)	$	—		$	0.16		$	4.36

Schedule III (Consolidated) - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2015

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION

THE ST. JOE COMPANY

SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2015

(in thousands)



			Initial Cost to Company							Gross Amount at December 31, 2015
Description	Encumbrances		Land & Improvements		Buildings & Improvements		Costs Capitalized Subsequent to Acquisition or Construction ⁽¹⁾			Land & Land Improvements		Buildings and Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition	Depreciation Life (In Years)
Residential development	$	3,016	$	43,153	$	—	$	56,260		$	99,413	$	—	$	99,413	$	—	n/a	n/a
Commercial development	3,944		47,745		—		9,202			56,947		—		56,947		42		n/a	n/a
Resorts and leisure
WaterColor Inn	—		1,202		14,000		5,497			1,558		19,140		20,698		7,558		2002	10 - 40
Clubs and golf courses	—		38,447		24,053		(4,058		)	34,863		23,579		58,442		24,868		2001 - 2007	10 - 25
Marinas	—		6,252		9,619		261			6,469		9,663		16,132		3,993		2006 - 2007	10 - 25
Other	—		—		32,925		(18,772		)	—		14,154		14,154		6,246		2008 - 2009	10 - 30
Commercial leasing
Pier Park North	48,200		2,641		—		45,807			13,632		34,816		48,448		2,581		2014 - 2015	15 - 40
Towncenters	—		777		30,904		(12,166		)	784		18,731		19,515		12,752		2001 - 2008	10 - 25
VentureCrossings	—		1,566		7,899		—			1,566		7,899		9,465		—		2012	10 - 25
Other	34		7,999		8,862		(7,176		)	7,129		2,596		9,725		3,983		through 2011	10 - 25
Timberlands	—		6,494		1,872		10,976			7,201		12,142		19,343		2,046		n/a	n/a
Unimproved land	—		—		—		5,386			5,386		—		5,386		—		n/a	n/a
Total	$	55,194	$	156,276	$	130,134	$	91,217		$	234,948	$	142,720	$	377,668	$	64,069



(1)	Includes cumulative impairments.

Notes:



(A)	The aggregate cost of real estate owned at December 31, 2015 for federal income tax purposes is approximately $535 million.
(B)	Reconciliation of real estate owned (in thousands of dollars):



	2015			2014			2013
Balance at beginning of the year	$	379,944		$	436,264		$	418,197
Amounts capitalized	13,372			26,047			44,795
Impairments	—			—			(5,080		)
Cost of real estate sold	(14,584		)	(76,060		)	(22,022		)
Amounts retired or adjusted	(1,064		)	(6,307		)	374
Balance at the end of the year	$	377,668		$	379,944		$	436,264



(C)	Reconciliation of accumulated depreciation (in thousands of dollars):



	2015			2014			2013
Balance at beginning of the year	$	58,132		$	53,496		$	49,772
Depreciation expense	6,689			6,170			6,547
Amounts retired or adjusted	(752		)	(1,534		)	(2,823		)
Balance at the end of the year	$	64,069		$	58,132		$	53,496

Schedule IV (Consolidated) - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2015

Mortgage Loans on Real Estate [Abstract]

SCHEDULE IV (CONSOLIDATED) - MORTGAGE LOANS ON REAL ESTATE

THE ST. JOE COMPANY

SCHEDULE IV (CONSOLIDATED) - MORTAGE LOANS ON REAL ESTATE

DECEMBER 31, 2015

(in thousands)



Description	Interest Rate	Final Maturity Date	Periodic Payment Terms	Prior Liens	Carrying Amount of Mortgages		Principal Amount of Loans Subject to Delinquent Principal or Interest
Seller financing	4%	August 2016	P&I ^(a)	—	$	90	—
Various other seller financing	4.80% to 7.81%	October 2016 through November 2023	P&I ^(b)	—	480		—
Total ^(c)					$	570



(a)	Principal is paid at the closing of each lot together with interest applicable to each lot. On the maturity date, all outstanding principal, all accrued interest and any other customary charges shall be due and payable in full.
(b)	Principal and interest is paid monthly.
(c)	The aggregate cost for federal income tax purposes approximates the amount of unpaid principal.

The summarized changes in the carrying amount of mortgage loans are as follows:



	2015		2014		2013
Balance at beginning of the year	$	22,122	$	5,354	$	1,158
Additions during the year - new mortgage loans	—		19,600		5,854
Deductions during the year:
Collections of principal	21,552		2,832		1,363
Foreclosures	—		—		295
Balance at the end of the year	$	570	$	22,122	$	5,354

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Use of Estimates

Revenue Recognition

Investment in Real Estate and Real Estate Sales

Investment in Real Estate

Depreciation is computed on straight-line method over the useful lives of the assets ranging from five to forty years.

Real estate sales

Resorts and leisure revenues

Leasing revenues

Forestry product sales

Comprehensive (Loss) Income

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, bank demand accounts, money market instruments and short term commercial paper having original maturities at acquisition date of ninety days or less.

Investments

Restricted Investments

Notes Receivable

Long-Lived Assets


•	a prolonged decrease in the fair value or demand for the Company’s properties;


•	a change in the expected use or development plans for the Company’s properties;


•	a material change in strategy that would affect the fair value of the Company’s properties;


•	continuing operating or cash flow losses for an operating property;


•	an accumulation of costs in excess of the projected costs for a development property; and


•	any other adverse change that may affect the fair value of the property.


•	the projected pace of sales of homesites based on estimated market conditions and the Company’s development plans;


•	estimated pricing and projected price appreciation over time;


•	the amount and trajectory of price appreciation over the estimate selling period;


•	the length of the estimated development and selling periods, which can differ depending on the size of the development and the number of phases to be developed;


•	the amount of remaining development costs, including the extent of infrastructure or amenities included in such development costs;


•	holding costs to be incurred over the selling period;


•	for bulk land sales of undeveloped and developed parcels future pricing is based upon estimated developed lot pricing less estimated development costs and estimated developer profit;


•	for commercial development property, future pricing is based on sales of comparable property in similar markets; and


•	whether liquidity is available to fund continued development.

For operating properties, an estimate of undiscounted cash flows also requires management to make assumptions about the use and disposition of such properties. These assumptions include:


•	for investments in inns and rental condominium units, average occupancy and room rates, revenues from food and beverage and other amenity operations, operating expenses and capital expenditures, and eventual disposition of such properties as private residence vacation units or condominiums, based on current prices for similar units appreciated to the expected sale date;


•	for investments in commercial or retail property, future occupancy and rental rates and the amount of proceeds to be realized upon eventual disposition of such property at a terminal capitalization rate; and,


•	for investments in golf courses, memberships, future rounds and greens fees, operating expenses and capital expenditures, and the amount of proceeds to be realized upon eventual disposition of such properties at a multiple of terminal year cash flows.

Other properties that management does not intend to sell in the near term under current market conditions and has the

Real Estate Held for Development and Sale

Timber Inventory

Property and Equipment, net

Income Taxes

Concentration of Risks and Uncertainties

Earnings Per Share

Recently Issued Accounting Pronouncements

Revenue recognition

Consolidation

Debt issuance costs

Financial Instruments

Investments

Investment in Real Estate (Tables)

12 Months Ended

Dec. 31, 2015

Real Estate [Abstract]

Real Estate by Property Type and Segment

Real estate by property type and segment includes the following:



	December 31, 2015		December 31, 2014
Development property:
Residential real estate	$	99,413	$	102,408
Commercial real estate	56,587		59,405
Leasing operations ⁽¹⁾	360		3,680
Forestry	2,681		3,278
Corporate	2,211		2,019
Total development property	161,252		170,790

Operating property:
Residential real estate	$	8,091	$	8,084
Resorts and leisure	109,425		110,136
Leasing operations ⁽²⁾	79,550		72,045
Forestry	19,300		18,839
Other	50		50
Total operating property	216,416		209,154
Less: Accumulated depreciation	64,069		58,132
Net operating property	152,347		151,022

Investment in real estate, net	$	313,599	$	321,812



(1	)	Includes $0.3 million and $3.1 million for the Pier Park North joint venture as of December 31, 2015 and 2014, respectively.
(2	)	Includes $49.0 million and $41.6 million for the Pier Park North joint venture as of December 31, 2015 and 2014, respectively.

Property, Plant and Equipment

Operating property includes the following components:



	December 31, 2015		December 31, 2014		Estimated Useful Life (in years)
Land and land improvements	$	73,161	$	72,286	5 - 20
Buildings and building improvements	133,399		127,577		20 - 40
Timber	9,856		9,291		N/A
	216,416		209,154
Less: Accumulated depreciation	64,069		58,132
Total operating property, net	$	152,347	$	151,022

Property and equipment, net consists of the following:



	December 31, 2015		December 31, 2014		Estimated Useful Life (in years)
Railroad and equipment	$	33,626	$	33,627	15-30
Machinery and equipment	15,587		16,498		3-10
Office equipment	16,662		18,844		3-10
Autos and trucks	1,044		866		3-10
	66,919		69,835
Less: Accumulated depreciation	57,103		60,284
	9,816		9,551
Construction in progress	329		652
Total property and equipment, net	$	10,145	$	10,203

Real Estate Sales (Tables)

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures



	2015			2014
Investment income, net	$	8,217		$	6,116
Interest expense	$	(8,755	)	$	(6,584	)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Investments (Tables)

12 Months Ended

Dec. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments and Restricted Investments

At December 31, 2015 investments and restricted investments classified as available-for-sale securities were as follows:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt Securities:
U.S. Treasury securities	$	184,819	$	—	$	79	$	184,740
Corporate debt securities	7,273		—		981		6,292
Preferred stock	265		—		57		208
	192,357		—		1,117		191,240
Restricted investments:
Guaranteed income fund	7,072		—		—		7,072
	$	199,429	$	—	$	1,117	$	198,312

At December 31, 2014 investments and restricted investments classified as available-for-sale securities were as follows:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt Securities:
U.S. Treasury securities	$	509,783	$	32	$	—	$	509,815
Corporate debt securities	101,587		—		1,482		100,105
Preferred stock	26,963		—		5		26,958
	638,333		32		1,487		636,878
Restricted investments:
Guaranteed income fund	7,940		—		—		7,940
	$	646,273	$	32	$	1,487	$	644,818

Continuous Unrealized Loss Position

The Company has revised this disclosure in the following table that provides the corporate debt securities in continuous unrealized loss position and their related fair values:



	As of December 31, 2015								As of December 31, 2014
	Less Than 12 Months				12 Months or Greater				Less Than 12 Months				12 Months or Greater
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Debt securities:
U.S. Treasury securities	$	184,740	$	79	$	—	$	—	$	109,984	$	6	$	—	$	—
Corporate debt securities	6,292		981		—		—		85,845		1,294		14,260		188
Preferred stock	208		57		—		—		23,683		10		—		—
	$	191,240	$	1,117	$	—	$	—	$	219,512	$	1,310	$	14,260	$	188

Contractual Maturities of Investments



	Cost		Fair Value
Due in one year or less	$	184,819	$	184,740
Due after one year through five years	7,175		6,205
Due after ten through fifteen years	98		87
	192,092		191,032
Preferred stock	265		208
Restricted investments	7,072		7,072
	$	199,429	$	198,312

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details

Other Income (Expense) (Tables)

12 Months Ended

Dec. 31, 2015

Other Income and Expenses [Abstract]

Other Income (Expense)

Other income (expense) consists of the following during the three years ended December 31, 2015:



	2015			2014			2013
Investment income, net
Net investment income from available-for-sale securities
Interest and dividend income	$	5,900		$	6,258		$	1,171
Accretion income	2,566			1,455			—
Realized gains (losses) on the sale of investments	5,311			(833		)	93
Other-than-temporary impairment losses	—			(1,295		)	—
Total net investment income from available-for-sale securities	13,777			5,585			1,264
Interest income from investments in special purpose entities	8,217			6,116			—
Interest accrued on notes receivable and other interest	694			990			234
Total investment income, net	22,688			12,691			1,498
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by special purpose entity	(8,755		)	(6,584		)	—
Interest expense	(2,674		)	(2,024		)	(2,040		)
Total interest expense	(11,429		)	(8,608		)	(2,040		)
Other, net
Fees and expenses for the SEC investigation	(8,161		)	—			—
Accretion income from retained interest investments	913			889			793
Hunting lease income	738			938			1,850
Litigation and insurance proceeds received	—			1,814			560
Other income, net	223			847			1,007
Other, net	(6,287		)	4,488			4,210
Total other income	$	4,972		$	8,571		$	3,668

Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis

The financial instruments measured at fair value on a recurring basis at December 31, 2015 were as follows:



	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	18,233	$	—	$	—	$	18,233
Commercial paper	174,973		—		—		174,973
Debt securities:
U.S. Treasury securities	184,740		—		—		184,740
Corporate debt securities	—		6,292		—		6,292
Preferred stock	—		208		—		208
Restricted investments:
Guaranteed income fund	—		7,072		—		7,072
	$	377,946	$	13,572	$	—	$	391,518

The financial instruments measured at fair value on a recurring basis at December 31, 2014 were as follows:



	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	19,971	$	—	$	—	$	19,971
Debt securities:
U.S. treasury securities	509,815		—		—		509,815
Corporate debt securities	—		100,105		—		100,105
Preferred stock	—		26,958		—		26,958
Restricted investments:
Guaranteed income fund	—		7,940		—		7,940
	$	529,786	$	135,003	$	—	$	664,789

Non Financial Assets Measured at Fair Value on Nonrecurring Basis

The Company’s non-financial assets measured at fair value on a nonrecurring basis and level 3 inputs are as follows at December 31, 2013.



Financial Statement Line	Level 3 Fair Value		Total Impairment Charge		Unobservable Input(s)	Range of Inputs Used
December 31, 2013
Investment in real estate, net	$	2,420	$	4,911	Revenue growth rates	5% - 16%
					Discount rate	14%
					Cap rate	11.8%
Investment in real estate, net	$	722	$	169	Estimated selling price based on market data	$0.7 million - $0.9 million

Carrying Amount and Fair Value of Financial Instruments

The carrying amount and fair value of the Company’s financial instruments were as follows:



	December 31, 2015					December 31, 2014
	Carrying value		Fair value		Level	Carrying value		Fair value		Level
Assets
Pledged treasury securities	$	—	$	—	N/A	$	25,670	$	26,501	1
Retained interest investments	$	10,246	$	13,333	3	$	9,932	$	13,026	3
Investments held by special purpose entities (Note 5)	$	208,785	$	209,033	3	$	209,857	$	209,679	3
Liabilities
Senior Notes held by special purpose entity (Note 5)	$	177,445	$	178,035	3	$	177,341	$	177,940	3

Real Estate Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2015

Real Estate Joint Ventures [Abstract]

Summarized Balance Sheets for Unconsolidated Investments

Summarized financial information for ALP is as follows:



	December 31, 2015		December 31, 2014
BALANCE SHEETS:
Cash and cash equivalents	$	13,760	$	15,461
Other assets	58		57
Total assets	$	13,818	$	15,518

Accounts payable and other liabilities	$	1,978	$	605
Equity⁽¹⁾	11,840		14,913
Total liabilities and equity	$	13,818	$	15,518

Summarized Statements of Operations for Unconsolidated Investments



	2015		2014		2013
STATEMENTS OF OPERATIONS:
Total expenses, net	$	3,073	$	1,952	$	1,014
Net loss	$	3,073	$	1,952	$	1,014

Notes Receivable, net (Tables)

12 Months Ended

Dec. 31, 2015

Receivables [Abstract]

Notes Receivable, Net

Notes receivable, net consists of the following:



	December 31, 2015		December 31, 2014
Interest bearing homebuilder note for the RiverTown Sale, secured by the real estate sold — 5.25% interest rate, all accrued interest and remaining principal and interest payment due and paid in June 2015	$	—	$	19,600
Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% — 8.0%	1,985		2,147
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, any remaining payments outstanding are due August 2016	90		2,011
Various mortgage notes, secured by certain real estate bearing interest at various rates	480		512
Total notes receivable, net	$	2,555	$	24,270

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Operating property includes the following components:



	December 31, 2015		December 31, 2014		Estimated Useful Life (in years)
Land and land improvements	$	73,161	$	72,286	5 - 20
Buildings and building improvements	133,399		127,577		20 - 40
Timber	9,856		9,291		N/A
	216,416		209,154
Less: Accumulated depreciation	64,069		58,132
Total operating property, net	$	152,347	$	151,022

Property and equipment, net consists of the following:



	December 31, 2015		December 31, 2014		Estimated Useful Life (in years)
Railroad and equipment	$	33,626	$	33,627	15-30
Machinery and equipment	15,587		16,498		3-10
Office equipment	16,662		18,844		3-10
Autos and trucks	1,044		866		3-10
	66,919		69,835
Less: Accumulated depreciation	57,103		60,284
	9,816		9,551
Construction in progress	329		652
Total property and equipment, net	$	10,145	$	10,203

Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Debt

Debt consists of the following:



	December 31, 2015		December 31, 2014
Refinanced Loan in the Pier Park North joint venture, due November 2025, bearing interest at 4.1% at December 31, 2015	$	48,200	$	—
Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2016 — May 2039, bearing interest at 2.80% to 7.0% at December 31, 2015 and 2.55% to 7.0% at December 31, 2014	6,994		6,516
Construction loan in the Pier Park North joint venture, paid in October 2015, bearing interest at LIBOR plus 210 basis points, or 2.26% at December 31, 2014	—		31,618
In-substance defeased debt, interest payable at 5.62%, secured and paid by pledged cash and treasury securities, due and paid October 1, 2015	—		25,670
Total debt	$	55,194	$	63,804

Maturities of Debt

The aggregate maturities of debt subsequent to December 31, 2015 are:



	December 31, 2015
2016	$	248
2017	988
2018	1,029
2019	1,071
2020	1,116
Thereafter	50,742
	$	55,194

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Summary of the provision for income tax expense (benefit)

Income tax expense (benefit) for the years ended December 31, 2015, 2014, and 2013 consist of the following:



	2015			2014		2013
Current:
Federal	$	(1,377	)	$	69,245	$	349
State	(138		)	135		169
Total	(1,515		)	69,380		518
Deferred:
Federal	2,261			35,314		(366		)
State	62			10,813		(561		)
Total	2,323			46,127		(927		)
Income tax expense (benefit)	$	808		$	115,507	$	(409	)

Summary of total income tax expense (benefit) allocated in the consolidated financial statements

Total income tax expense (benefit) for the years ended December 31, 2015, 2014, and 2013 was allocated in the consolidated financial statements as follows:



	2015		2014		2013
Income tax expense (benefit)	$	808	$	115,507	$	(409	)
Income tax recorded in Accumulated other comprehensive income
Income tax benefit	300		127		—
Total income tax expense (benefit)	$	508	$	115,380	$	(409	)

Schedule of effective income tax rate reconciliation



	2015			2014			2013
Tax at the statutory federal rate	$	(323	)	$	182,700		$	1,603
State income taxes (net of federal benefit)	(32		)	18,270			160
Decrease in valuation allowance	(164		)	(86,882		)	(2,218		)
Fees and expenses for SEC investigation	1,092			—			—
Other	235			1,419			46
Total income tax expense (benefit)	$	808		$	115,507		$	(409	)

Schedule of deferred tax assets and liabilities

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of December 31, 2015 and 2014 are presented below:



	2015			2014
Deferred tax assets:
State net operating loss carryforwards	$	11,400		$	11,336
Impairment losses	112,143			116,451
Prepaid income from land sales	5,490			5,507
Other	1,358			1,398
Total gross deferred tax assets	130,391			134,692
Valuation allowance	(6,012		)	(6,176		)
Total net deferred tax assets	124,379			128,516
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences	3,071			2,484
Deferred gain on land sales and involuntary conversions	28,691			31,574
Installment sales	126,741			126,225
Pension Plan assets transferred to the 401(k) Plan	2,723			3,057
Total gross deferred tax liabilities	161,226			163,340
Net deferred tax liability	$	(36,847	)	$	(34,824	)

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation Recognized as Expense

Total stock-based compensation recorded in Corporate expense, net, on the Consolidated Statements of Operations for the three years ended December 31, 2015 is as follows:



	2015			2014			2013
Stock compensation expense before tax benefit	$	150		$	210		$	247
Income tax benefit	(58		)	(81		)	(95		)
	$	92		$	129		$	152

Summary of Option Activity Outstanding

The following table sets forth the summary of option activity outstanding under the stock option program for 2015:



	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value ($000)
Balance at December 31, 2014	99,775	$	54.15	1.9	—
Forfeited or expired	—	—		—	—
Balance at December 31, 2015	99,775	$	54.15	0.9	—
Vested or expected to vest at December 31, 2015	99,775	$	54.15	0.9	—
Exercisable at December 31, 2015	99,775	$	54.15	0.9	—

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Change in Projected Benefit Obligation and Plan Assets

Change in projected benefit obligation and plan assets:



	2014
Projected benefit obligation, beginning of year	$	23,531
Interest cost	625
Actuarial loss	2,245
Benefits paid	(95		)
Settlements	(26,306		)
Projected benefit obligation, end of year	$	—

Fair value of assets, beginning of year	$	58,648
Actual return on assets	14
Benefits and expenses paid	(595		)
Settlements	(26,306		)
Assets contributed to 401(k) Plan	(7,940		)
Assets reverted to the Company	(23,821		)
Fair value of assets, end of year	$	—

Funded status at end of year	$	—

Ratio of plan assets to projected benefit obligation	—		%

Summary of Components of Net Periodic Pension Cost (Benefit)

A summary of the net periodic pension cost and other amounts recognized in other comprehensive income (loss) are as follows:



	2014			2013
Service cost	$	—		$	225
Interest cost	625			653
Expected return on assets	550			(443		)
Amortization of loss	465			326
Settlement charges	7,107			739
Net periodic pension cost	$	8,747		$	1,500

Other changes in plan assets and obligations recognized in Other comprehensive income:
Gain	(5,392		)	(3,260		)
Total other comprehensive income	(5,392		)	(3,260		)
Total net periodic pension cost and other comprehensive income (loss)	$	3,355		$	(1,760	)

Schedule of Assumptions Used

Assumptions used to develop net periodic pension cost:



	2014	2013
Discount rate	3.75%	4.37%
Expected long-term rate on plan assets	—%	—%
Rate of compensation increase	N/A	N/A

Plan Assets at Fair Value

The following tables sets forth by level within the fair value hierarchy for Plan assets at December 31, 2013.

Assets at Fair Value as of December 31, 2013



Asset Category:	Level 1		Level 2		Level 3		Total
Cash	$	115	$	—	$	—	$	115
Money market funds	697		—		—		697
U.S. Treasuries	57,836		—		—		57,836
Total	$	58,648	$	—	$	—	$	58,648

Changes in the Fair Value of the Plan’s Level 3 Assets



	2013
Balance, beginning of year	$	927
Sales	(1,648		)
Realized gain on sale	721
Unrealized gains relating to instruments still held at the reporting date	—
Balance, end of year	$	—

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Summary of Changes in Accumulated Other Comprehensive Loss



	Defined Benefit Pension Items		Unrealized Gains and (Losses) on Available-for-Sale Securities			Total
Accumulated other comprehensive loss at December 31, 2014	$	—	$	(1,325	)	$	(1,325	)
Other comprehensive income before reclassifications	—		3,428			3,428
Amounts reclassified from accumulated other comprehensive loss	—		(2,789		)	(2,789		)
Net current year other comprehensive income	—		639			639
Accumulated other comprehensive loss at December 31, 2015	$	—	$	(686	)	$	(686	)



	Defined Benefit Pension Items			Unrealized Gains and (Losses) on Available-for-Sale Securities			Total
Accumulated other comprehensive loss at December 31, 2013	$	(5,392	)	$	(2,125	)	$	(7,517	)
Other comprehensive loss before reclassifications	(2,180		)	(509		)	(2,689		)
Amounts reclassified from accumulated other comprehensive loss	7,572			1,309			8,881
Net current year other comprehensive income	5,392			800			6,192
Accumulated other comprehensive loss at December 31, 2014	$	—		$	(1,325	)	$	(1,325	)

Reclassification out of Accumulated Other Comprehensive Loss

The following is a summary of the tax effects allocated to each component of other comprehensive income for the year ended December 31, 2015:



	Year Ended December 31, 2015
	Before-Tax Amount			Tax Benefit or (Expense)			Net-of-Tax Amount
Unrealized gains on debt securities:
Unrealized gains on available-for-sale investments	$	5,650		$	(2,222	)	$	3,428
Less: reclassification adjustment for gains included in earnings	(5,311		)	2,522			(2,789		)
Net unrealized gains	339			300			639
Other comprehensive income	$	339		$	300		$	639

The following is a summary of the tax effects allocated to each component of other comprehensive income for the year ended December 31, 2014:



	Year Ended December 31, 2014
	Before-Tax Amount			Tax Benefit or (Expense)			Net-of-Tax Amount
Unrealized gains on debt securities:
Unrealized losses on available-for-sale investments	$	(1,455	)	$	947		$	(508	)
Less: reclassification adjustment for other-than-temporary impairment losses included in earnings	1,295			(499		)	796
Less: reclassification adjustment for losses included in earnings	833			(321		)	512
Net unrealized gains	673			127			800

Defined benefit pension plan:
Settlement included in net periodic cost	7,107			—			7,107
Less: amortization of loss included in net periodic pension cost	465			—			465
Net periodic pension cost arising during period	7,572			—			7,572
Net loss arising during period	(2,180		)	—			(2,180		)
Defined benefit pension plan, net	5,392			—			5,392
Other comprehensive income	$	6,065		$	127		$	6,192

Segment Information (Tables)

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Information by Business Segment

Information by business segment is as follows:



	2015			2014			2013
OPERATING REVENUES:
Residential real estate ^(a)	$	21,203		$	61,444		$	33,735
Commercial real estate	7,160			3,265			10,881
Resorts and leisure	54,488			48,414			46,424
Leasing operations	8,978			6,977			4,306
Forestry ^(b)	12,042			581,442			35,450
Other	—			331			460
Consolidated operating revenues	$	103,871		$	701,873		$	131,256

DEPRECIATION, DEPLETION AND AMORTIZATION:
Residential real estate	$	544		$	662		$	863
Resorts and leisure	5,096			4,143			4,211
Leasing operations	3,118			2,685			2,126
Forestry	581			729			1,775
Other reportable segments	147			203			156
Consolidated depreciation, depletion and amortization	$	9,486		$	8,422		$	9,131

INVESTMENT INCOME, NET
Residential real estate and other	$	571		$	994		$	113
Corporate ^(c)	22,117			11,697			1,385
Consolidated investment income, net	$	22,688		$	12,691		$	1,498

INTEREST EXPENSE
Residential real estate	$	(1,174	)	$	(1,316	)	$	(1,999	)
Commercial and other	(1,489		)	(696		)	(41		)
Corporate ^(d)	(8,766		)	(6,596		)	—
Consolidated interest expense	$	(11,429	)	$	(8,608	)	$	(2,040	)

(LOSS) INCOME BEFORE EQUITY IN LOSS FROM UNCONSOLDIATED AFFILIATES AND INCOME TAXES:
Residential real estate^(a)(e)	$	(821	)	$	24,854		$	4,087
Commercial real estate	126			(163		)	3,298
Resorts and leisure ^(f)	1,819			1,559			(1,561		)
Leasing operations	676			1,165			324
Forestry ^(b)	10,259			517,087			13,406
Corporate ^(c)(d)(g)	(13,222		)	(22,681		)	(15,109		)
Consolidated (loss) income before equity in loss from unconsolidated affiliates and income taxes	$	(1,163	)	$	521,821		$	4,445



	2015		2014		2013
CAPITAL EXPENDITURES:
Residential real estate	$	4,923	$	4,981	$	12,284
Commercial real estate	2,165		854		2,388
Resorts and leisure	2,526		2,198		3,517
Leasing operations	5,849		22,600		19,969
Forestry	1,366		1,537		3,678
Other	636		271		224
Total capital expenditures	$	17,465	$	32,441	$	42,060



	December 31, 2015		December 31, 2014
TOTAL ASSETS:
Residential real estate	$	109,791	$	135,317
Commercial real estate	62,649		62,931
Resorts and leisure	75,441		79,021
Leasing operations	82,120		74,800
Forestry	20,244		20,521
Other	634,568		930,545
Total assets	$	984,813	$	1,303,135



(a)	Includes revenues of $43.6 million from the RiverTown Sale in 2014.
(b)	Includes revenues of $570.9 million from the AgReserves Sale in 2014.
(c)	Includes interest income of $8.2 million and $6.1 million from investments in special purpose entities in 2015 and 2014, respectively.
(d)	Includes interest expense of $8.8 million and $6.6 million from Senior Note issued by a special purpose entity in 2015 and 2014, respectively.
(e)	Includes impairment losses of $0.2 million in 2013.
(f)	Includes impairment losses of $4.9 million in 2013.
(g)	Includes pension charges of $13.5 million and $1.5 million in 2014 and 2013, respectively.

Quarterly Financial Data (unaudited) (Tables)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data



	Quarters Ended
	December 31			September 30			June 30			March 31
2015
Operating revenues	$	21,104		$	27,830		$	37,846		$	17,091
Operating (loss) income	$	(3,861	)	$	(2,383	)	$	5,811		$	(5,702	)
Net (loss) income attributable to the Company	$	(2,541	)	$	2,772		$	(224	)	$	(1,738	)
Basic and diluted (loss) income per share attributable to the Company	$	(0.03	)	$	0.03		$	—		$	(0.02	)
2014
Operating revenues	$	15,676		$	23,947		$	68,164		$	594,086
Operating (loss) income	$	(15,946	)	$	(1,335	)	$	21,038		$	509,493
Net (loss) income attributable to the Company	$	(11,101	)	$	(50	)	$	14,609		$	402,995
Basic and diluted (loss) income per share attributable to the Company	$	(0.12	)	$	—		$	0.16		$	4.36

Significant Accounting Policies (Details)	3 Months Ended	12 Months Ended
Significant Accounting Policies (Details)	Sep. 30, 2014 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Percentage of certain resort fees included in management services revenues		50.00%
Minimum future base rent on non-cancelable leases due in 2016		$ 6,800,000
Minimum future base rent on non-cancelable leases due in 2017		6,700,000
Minimum future base rent on non-cancelable leases due in 2018		6,500,000
Minimum future base rent on non-cancelable leases due in 2019		6,200,000
Minimum future base rent on non-cancelable leases due in 2020		5,900,000
Temporary unrealized losses related to debt securities		1,117,000	$ 1,487,000
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, No Previous Impairment	$ 1,300,000	$ 0	1,295,000	$ 0
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities			$ 1,500,000
Period restricted investments are to be allocated to 401(k) plan participants		6 years	7 years
Allowance for doubtful accounts		$ 0	$ 0
Capitalized indirect costs incurred		$ 200,000	600,000	$ 700,000
Timber holdings valuation sample		20.00%
Debt securities, fair value		$ 191,032,000
U.S. Treasury securities
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Temporary unrealized losses related to debt securities		79,000	0
U.S. Treasury securities		184,700,000
Corporate debt securities
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Temporary unrealized losses related to debt securities		981,000	$ 1,482,000
Debt securities, fair value		$ 6,300,000
Number of Issuers		1
Commercial paper
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Debt securities, fair value		$ 175,000,000
Number of Issuers		8
Minimum
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Estimated useful life (in years)		3 years
Minimum \| Real Estate
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Estimated useful life (in years)		5 years
Maximum
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Estimated useful life (in years)		30 years
Maximum \| Real Estate
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Estimated useful life (in years)		40 years

Investment in Real Estate - Real Estate by Property Type and Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Development property	$ 161,252	$ 170,790
Operating property	216,416	209,154
Less: Accumulated depreciation	64,069	58,132
Net operating property	152,347	151,022
Investment in real estate, net	313,599	321,812
Residential real estate
Real Estate Properties [Line Items]
Development property	99,413	102,408
Operating property	8,091	8,084
Commercial real estate
Real Estate Properties [Line Items]
Development property	56,587	59,405
Resorts and leisure
Real Estate Properties [Line Items]
Operating property	109,425	110,136
Leasing operations
Real Estate Properties [Line Items]
Development property	360	3,680
Operating property	79,550	72,045
Forestry
Real Estate Properties [Line Items]
Development property	2,681	3,278
Operating property	19,300	18,839
Corporate
Real Estate Properties [Line Items]
Development property	2,211	2,019
Other
Real Estate Properties [Line Items]
Operating property	50	50
Pier Park North
Real Estate Properties [Line Items]
Development property	300	3,100
Operating property	$ 49,000	$ 41,600

Investment in Real Estate - Operating Property (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Land and land improvements	$ 73,161	$ 72,286
Buildings and building improvements	133,399	127,577
Timber	9,856	9,291
Operating property	216,416	209,154
Less: Accumulated depreciation	64,069	58,132
Net operating property	$ 152,347	$ 151,022
Minimum
Real Estate Properties [Line Items]
Estimated Useful Life (in years)	3 years
Maximum
Real Estate Properties [Line Items]
Estimated Useful Life (in years)	30 years
Land and land improvements \| Minimum
Real Estate Properties [Line Items]
Estimated Useful Life (in years)	5 years
Land and land improvements \| Maximum
Real Estate Properties [Line Items]
Estimated Useful Life (in years)	20 years
Buildings and building improvements \| Minimum
Real Estate Properties [Line Items]
Estimated Useful Life (in years)	20 years
Buildings and building improvements \| Maximum
Real Estate Properties [Line Items]
Estimated Useful Life (in years)	40 years

Investment in Real Estate - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate [Abstract]
Depreciation expense related to real estate investments	$ 6.3	$ 5.7	$ 5.3
Depletion expense	$ 0.4	$ 0.5	$ 1.2

Real Estate Sales - AgReserves Sales (Details) - USD ($)		1 Months Ended	12 Months Ended
	Mar. 05, 2014	Apr. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other operating expenses			$ 33,426,000	$ 26,128,000	$ 27,855,000
Investments held by special purpose entities	$ 203,500,000		208,785,000	209,857,000
Debt principal amount		$ 180,000,000
Debt interest rate		4.75%
Proceeds from monetization		$ 165,000,000
Cost of monetization		$ 15,000,000
Expected amount to receive upon maturity of note after payment of note and any other liabilities			20,000,000
Administrative costs associated with special purpose entities			$ 0	3,746,000	0
Percent Ownership in Special Purpose Entity			0.00%
Senior Notes held by special purpose entity			$ 177,445,000	177,341,000
Interest income from investments in special purpose entities			8,217,000	6,116,000	0
Interest expense and amortization of discount and issuance costs for Senior Notes issued by special purpose entity			(8,755,000)	(6,584,000)	$ 0
Subsidiaries \| Notes Receivable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Issue price of Senior Secured Notes		98.483%
Special Purpose Entities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt discount and issuance costs		$ 4,300,000
Investments Contributed to Special Purpose Entity by the Company		$ 7,000,000
Assets Held by Special Purpose Entities			213,500,000
Liabilities Held by Special Purpose Entities			180,300,000
U.S. Treasury securities			8,500,000
Cash			300,000
Deferred issuance costs			1,400,000
Senior Notes held by special purpose entity			177,400,000
Debt unamortized discount			2,500,000
Accrued interest expense for Senior Notes held by special purpose entity			$ 2,850,000	2,852,000
Held-To-Maturity Security, Term			14 years
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount			$ 800,000
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value			3,600,000
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount			3,000,000
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount			$ 1,100,000
Special Purpose Entities \| Notes Receivable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt interest rate			4.006%
Buyer Special Purpose Entity
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Time Deposits			$ 200,000,000
Accrued Investment Income Receivable			$ 3,300,000
AgReserves Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received for real estate sale	562,000,000
Pre-tax income on real estate sale	511,100,000
Other operating expenses				$ 1,200,000
Cash proceeds from sale of real estate	358,500,000
Notes received in sale of real estate	$ 200,000,000
Maturity of notes receivables	15 years

Real Estate Sales - RiverTown Sale (Details) $ in Thousands		3 Months Ended	12 Months Ended
Real Estate Sales - RiverTown Sale (Details) $ in Thousands	Apr. 02, 2014 USD ($) a	Jun. 30, 2014 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Mar. 31, 2014 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impact Fees Received			$ 100	$ 100
Long term debt			55,194	63,804
Total Community Development District debt			$ 22,500	$ 22,700
RiverTown Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proposed land sale, area of land (in acres) \| a	4,057
Cash proceeds from sale of real estate	$ 24,000
Notes received in sale of real estate	19,600
Proposed land sale, expected impact fee credit, period for recognition			4 years
Net earnings before income taxes for real estate sale		$ 26,000
Minimum \| RiverTown Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proposed land sale, expected impact fee credit	20,000
Maximum \| RiverTown Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proposed land sale, expected impact fee credit	26,000
Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2016 — May 2039, bearing interest at 2.80% to 7.0% at December 31, 2015 and 2.55% to 7.0% at December 31, 2014 \| Rivers Edge CDD Assessments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Long term debt	$ 11,000
Total Community Development District debt					$ 5,400

Investments - Investments Classified as Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 199,429	$ 646,273
Gross Unrealized Gains	0	32
Gross Unrealized Losses	1,117	1,487
Fair Value	198,312	644,818
U.S. Treasury securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	184,819	509,783
Gross Unrealized Gains	0	32
Gross Unrealized Losses	79	0
Fair Value	184,740	509,815
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	7,273	101,587
Gross Unrealized Gains	0	0
Gross Unrealized Losses	981	1,482
Fair Value	6,292	100,105
Preferred stock
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	265	26,963
Gross Unrealized Gains	0	0
Gross Unrealized Losses	57	5
Fair Value	208	26,958
Debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	192,357	638,333
Gross Unrealized Gains	0	32
Gross Unrealized Losses	1,117	1,487
Fair Value	191,240	636,878
Guaranteed income fund
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	7,072	7,940
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	$ 7,072	$ 7,940

Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Investments - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Realized gains (losses) on sale of securities		$ 5,311	$ (833)	$ 93
Proceeds from sales of securities		385,695	83,239	7,725
Maturities of securities		410,000	150,000
Available-for-sale securities, continuous unrealized loss position, less than twelve months, fair value		191,240	219,512
Available-for-sale securities, continuous unrealized loss position, less than twelve months, unrealized loss		1,117	1,310
Available-for-sale securities, continuous unrealized loss position, twelve months or longer, fair value		0	14,260
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss		0	188
Gross Unrealized Losses		1,117	1,487
Other-than-temporary impairment losses	$ 1,300	0	1,295	$ 0
U.S. Treasury securities
Schedule of Available-for-sale Securities [Line Items]
U.S. Treasury securities		184,700
Available-for-sale securities, continuous unrealized loss position, less than twelve months, fair value		184,740	109,984
Available-for-sale securities, continuous unrealized loss position, less than twelve months, unrealized loss		79	6
Available-for-sale securities, continuous unrealized loss position, twelve months or longer, fair value		0	0
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss		0	0
Gross Unrealized Losses		79	0
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, continuous unrealized loss position, less than twelve months, fair value		6,292	85,845
Available-for-sale securities, continuous unrealized loss position, less than twelve months, unrealized loss		981	1,294
Available-for-sale securities, continuous unrealized loss position, twelve months or longer, fair value		0	14,260
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss		0	188
Gross Unrealized Losses		981	1,482
Realized gain from the sale of available-for-sale securities		5,300
Preferred stock
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, continuous unrealized loss position, less than twelve months, fair value		208	23,683
Available-for-sale securities, continuous unrealized loss position, less than twelve months, unrealized loss		57	10
Available-for-sale securities, continuous unrealized loss position, twelve months or longer, fair value		0	0
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss		0	0
Gross Unrealized Losses		$ 57	$ 5
Cash, investment grade cash equivalents or U.S. treasury securities \| Minimum
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations		50.00%
Corporate debt securities \| Maximum
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations		15.00%
Other aggregated investments \| Minimum \| Securities of any one issuer (excluding the U.S. Government)
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations		10.00%
Other aggregated investments \| Maximum \| Securities of any one issuer (excluding the U.S. Government)
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations		15.00%
Investor \| Fairholme Capital Management, L.L.C.
Schedule of Available-for-sale Securities [Line Items]
Common stock ownership percentage		32.50%

Investments - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	$ 191,240	$ 219,512
Less Than 12 Months, Unrealized Losses	1,117	1,310
12 Months or Greater, Fair Value	0	14,260
12 Months or Greater, Unrealized Losses	0	188
U.S. Treasury securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	184,740	109,984
Less Than 12 Months, Unrealized Losses	79	6
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Unrealized Losses	0	0
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	6,292	85,845
Less Than 12 Months, Unrealized Losses	981	1,294
12 Months or Greater, Fair Value	0	14,260
12 Months or Greater, Unrealized Losses	0	188
Preferred stock
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	208	23,683
Less Than 12 Months, Unrealized Losses	57	10
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Unrealized Losses	$ 0	$ 0

Investments - Contractual Maturities of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Cost
Due in one year or less	$ 184,819
Due after one year through five years	7,175
Due after ten through fifteen years	98
Cost	192,092
Preferred stock	265
Restricted investments	7,072
Amortized Cost	199,429	$ 646,273
Fair Value
Due in one year or less	184,740
Due after one year through five years	6,205
Due after ten through fifteen years	87
Fair Value	191,032
Preferred stock	208
Restricted investments	7,072
Available-for-sale Securities	$ 198,312	$ 644,818

Other Income (Expense) - Other income (expense) summary (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Other Income and Expenses [Abstract]
Interest and dividend income		$ 5,900	$ 6,258	$ 1,171
Accretion income		2,566	1,455	0
Realized gains (losses) on the sale of investments		5,311	(833)	93
Other-than-temporary impairment losses	$ (1,300)	0	(1,295)	0
Total net investment income from available-for-sale securities		13,777	5,585	1,264
Interest income from investments in special purpose entities		8,217	6,116	0
Interest accrued on notes receivable and other interest		694	990	234
Total investment income, net		22,688	12,691	1,498
Interest expense and amortization of discount and issuance costs for Senior Notes issued by special purpose entity		(8,755)	(6,584)	0
Interest expense		(2,674)	(2,024)	(2,040)
Total interest expense		(11,429)	(8,608)	(2,040)
Fees and expenses for the SEC investigation		(8,161)	0	0
Accretion income from retained interest investments		913	889	793
Hunting lease income		738	938	1,850
Litigation and insurance proceeds received		0	1,814	560
Other income, net		223	847	1,007
Other, net		(6,287)	4,488	4,210
Total other income		$ 4,972	$ 8,571	$ 3,668

Other Income (Expense) - Narrative (Details) - USD ($)		12 Months Ended
Other Income (Expense) - Narrative (Details) - USD ($)	Oct. 27, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2015
Other Income (Expense) [Line Items]
Effective interest rate		4.90%
Fees and expenses for the SEC investigation		$ (8,161,000)	$ 0	$ 0
Penalties, disgorgements and interest relating to the SEC investigation	$ 3,500,000				$ 3,500,000
Legal fees		4,700,000
Litigation settlement amount	$ 2,750,000	2,750,000	$ 1,800,000
Insurance proceeds received				$ 600,000
Recoveries for litigation and insurance proceeds		$ 0
Minimum
Other Income (Expense) [Line Items]
Retained interest, effective interest rate		3.70%
Maximum
Other Income (Expense) [Line Items]
Retained interest, effective interest rate		11.70%

Financial Instruments and Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	$ 7,072	$ 7,940
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	391,518	664,789
Recurring basis \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	377,946	529,786
Recurring basis \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	13,572	135,003
Recurring basis \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Recurring basis \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	18,233	19,971
Recurring basis \| Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	18,233	19,971
Recurring basis \| Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Recurring basis \| Money market funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Recurring basis \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	174,973
Recurring basis \| Commercial paper \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	174,973
Recurring basis \| Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Recurring basis \| Commercial paper \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Recurring basis \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	184,740	509,815
Recurring basis \| U.S. Treasury securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	184,740	509,815
Recurring basis \| U.S. Treasury securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Recurring basis \| U.S. Treasury securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Recurring basis \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	6,292	100,105
Recurring basis \| Corporate debt securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Recurring basis \| Corporate debt securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	6,292	100,105
Recurring basis \| Corporate debt securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Recurring basis \| Preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	208	26,958
Recurring basis \| Preferred stock \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Recurring basis \| Preferred stock \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	208	26,958
Recurring basis \| Preferred stock \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Recurring basis \| Guaranteed income fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	7,072	7,940
Recurring basis \| Guaranteed income fund \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	0	0
Recurring basis \| Guaranteed income fund \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	7,072	7,940
Recurring basis \| Guaranteed income fund \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	$ 0	$ 0

Financial Instruments and Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Total Impairment Charge	$ 0	$ 0	$ 5,080
Income Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Total Impairment Charge			4,911
Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Total Impairment Charge			169
Fair Value, Measurements, Nonrecurring \| Level 3 \| Income Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investment in real estate, net			2,420
Fair Value, Measurements, Nonrecurring \| Level 3 \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investment in real estate, net			$ 722
Fair Value, Measurements, Nonrecurring \| Level 3 \| Real Estate Investment \| Income Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value inputs, discount rate			14.00%
Fair value inputs, cap rate			11.80%
Fair Value, Measurements, Nonrecurring \| Level 3 \| Real Estate Investment \| Income Approach Valuation Technique \| Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value inputs, estimated revenue growth			5.00%
Fair Value, Measurements, Nonrecurring \| Level 3 \| Real Estate Investment \| Income Approach Valuation Technique \| Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value inputs, estimated revenue growth			16.00%
Fair Value, Measurements, Nonrecurring \| Level 3 \| Real Estate Investment \| Market Approach Valuation Technique \| Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value inputs, estimated selling price			$ 700
Fair Value, Measurements, Nonrecurring \| Level 3 \| Real Estate Investment \| Market Approach Valuation Technique \| Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value inputs, estimated selling price			$ 900

Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes held by special purpose entity	$ 177,445	$ 177,341
Carrying Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Pledged treasury securities	0	25,670
Carrying Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Retained interest investment	10,246	9,932
Investments held by special purpose entities	208,785	209,857
Senior Notes held by special purpose entity	177,445	177,341
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Pledged treasury securities	0	26,501
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Retained interest investment	13,333	13,026
Investments held by special purpose entities	209,033	209,679
Senior Notes held by special purpose entity	$ 178,035	$ 177,940

Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2007
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Impairment Charge		$ 0	$ 0	$ 5,080
Long term debt		55,194	63,804
Repayments of debt	$ 25,300
Retained interest investments		$ 10,246	$ 9,932
Defeased Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long term debt					$ 29,300
Golf Course Property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Impairment Charge				$ 4,900
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained interest, effective interest rate		3.70%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained interest, effective interest rate		11.70%

Real Estate Joint Ventures - Narrative (Details) - USD ($)	1 Months Ended		12 Months Ended
	Oct. 31, 2015	Feb. 28, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2015	Dec. 31, 2014	Apr. 30, 2014
Variable Interest Entity [Line Items]
Long term debt					$ 55,194,000	$ 63,804,000
Unrestricted cash and cash equivalents			$ 21,894,000	$ 165,980,000	212,773,000	34,515,000
Debt interest rate							4.75%
Amount of letters of credit outstanding					500,000	500,000
Assets					984,813,000	1,303,135,000
Liabilities					311,366,000	323,434,000
Construction loan in the Pier Park North joint venture \| Construction loan
Variable Interest Entity [Line Items]
Long term debt					0	$ 31,618,000
Debt interest rate						2.26%
Pier Park North Joint Venture Refinanced Construction Loan \| Construction loan
Variable Interest Entity [Line Items]
Long term debt					48,200,000	$ 0
Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Construction loan		$ 41,000,000
Construction loan, term of optional renewal extension		2 years
Assets					60,500,000	51,600,000
Liabilities					49,800,000	34,400,000
Consolidated Variable Interest Entities \| Construction loan in the Pier Park North joint venture \| Construction loan
Variable Interest Entity [Line Items]
Long term debt						31,600,000
Consolidated Variable Interest Entities \| Pier Park North Joint Venture Refinanced Construction Loan
Variable Interest Entity [Line Items]
Debt interest rate	4.10%
Consolidated Variable Interest Entities \| Pier Park North Joint Venture Refinanced Construction Loan \| Construction loan
Variable Interest Entity [Line Items]
Long term debt					$ 48,200,000
Debt interest rate					4.10%
Pier Park North \| Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Estimated contribution for joint venture by company and its partner				14,400,000
Contribution for joint venture				$ 9,500,000
Percentage of cash contribution for joint venture by parent	60.00%			66.00%	60.00%
Noncontrolling interest contribution for joint venture				$ 4,900,000
Percentage of additional cash contribution for joint venture	40.00%			34.00%
Land contributed to joint venture agreed upon value			6,000,000
Proceeds from sale of property			$ 2,300,000
Construction loan		$ 41,000,000
Construction loan, term of optional renewal extension		2 years
Unrestricted cash and cash equivalents					$ 25,000,000
Required minimum combined net worth					350,000,000
Pier Park North \| Consolidated Variable Interest Entities \| Construction loan in the Pier Park North joint venture
Variable Interest Entity [Line Items]
Required minimum combined net worth	$ 36,000,000
Proceeds from Construction Loan refinancing	6,300,000
Pier Park North \| Consolidated Variable Interest Entities \| Construction loan in the Pier Park North joint venture \| Construction loan
Variable Interest Entity [Line Items]
Long term debt						$ 31,600,000
Pier Park North \| Consolidated Variable Interest Entities \| Pier Park North Joint Venture Refinanced Construction Loan
Variable Interest Entity [Line Items]
Construction loan	48,200,000
Amount of letters of credit outstanding	$ 6,620,000				$ 6,620,000
Pier Park North \| Consolidated Variable Interest Entities \| Pier Park North Joint Venture Refinanced Construction Loan \| Construction loan
Variable Interest Entity [Line Items]
Debt interest rate	4.10%
Artisan Park, L.L.C \| Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Percentage of cash contribution for joint venture by parent					74.00%
Land \| Pier Park North \| Consolidated Variable Interest Entities \| Construction loan in the Pier Park North joint venture
Variable Interest Entity [Line Items]
Proceeds from Construction Loan refinancing	$ 3,700,000

Real Estate Joint Ventures - Summarized Financial Information for Unconsolidated Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Investment In Unconsolidated Affiliates [Line Items]
Cash and cash equivalents	$ 212,773	$ 34,515	$ 21,894	$ 165,980
Other assets	38,644	31,990
Total assets	984,813	1,303,135
Equity	665,263	971,209
Total liabilities and equity	984,813	1,303,135
Other Affiliates
Investment In Unconsolidated Affiliates [Line Items]
Cash and cash equivalents	13,760	15,461
Other assets	58	57
Total assets	13,818	15,518
Accounts payable and other liabilities	1,978	605
Equity	11,840	14,913
Total liabilities and equity	$ 13,818	$ 15,518

Real Estate Joint Ventures - Summarized Statements of Operations for Unconsolidated Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investments in and Advances to Affiliates [Line Items]
Total expenses, net	$ 110,006	$ 188,623	$ 130,479
Net loss	1,971	(406,282)	(4,966)
Statements Of Operations
Investments in and Advances to Affiliates [Line Items]
Total expenses, net	3,073	1,952	1,014
Net loss	$ 3,073	$ 1,952	$ 1,014

Notes Receivable, net (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 2,555	$ 24,270
Interest bearing homebuilder note for the RiverTown Sale, secured by the real estate sold — 5.25% interest rate, all accrued interest and remaining principal and interest payment due and paid in June 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	19,600
Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% — 8.0%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	1,985	2,147
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, any remaining payments outstanding are due August 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	90	2,011
Various mortgage notes, secured by certain real estate bearing interest at various rates
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 480	$ 512

Notes Receivable, net (Descriptors) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Interest bearing homebuilder note for the RiverTown Sale, secured by the real estate sold — 5.25% interest rate, all accrued interest and remaining principal and interest payment due and paid in June 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, effective interest rate		5.25%
Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% — 8.0%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unamortized discount	$ 0.1	$ 0.1
Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% — 8.0% \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, effective interest rate	5.73%	5.73%
Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% — 8.0% \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, effective interest rate	8.00%	8.00%
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, any remaining payments outstanding are due August 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, effective interest rate	4.00%	4.00%

Property and Equipment, net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 66,919	$ 69,835
Less: Accumulated depreciation	57,103	60,284
Property, plant and equipment, excluding construction in progress, net	9,816	9,551
Construction in progress	329	652
Total	10,145	10,203
Depreciation expense	$ 2,800	2,200	$ 2,500
Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	30 years
Railroad and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 33,626	33,627
Railroad and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	15 years
Railroad and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	30 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 15,587	16,498
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	10 years
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 16,662	18,844
Office equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Office equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	10 years
Autos and trucks
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,044	$ 866
Autos and trucks \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Autos and trucks \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	10 years

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Other Assets Disclosure [Abstract]
Retained interest investments	$ 10,246	$ 9,932
Accounts receivable, net	4,382	4,385
Prepaid expenses	5,849	4,783
Straight line rent	3,732	2,869
Income tax receivable	2,275	778
Other assets	8,822	6,305
Accrued interest receivable for Senior Notes held by special purpose entity	3,338	2,938
Total other assets	$ 38,644	$ 31,990

Debt - Schedule of Total Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2007
Debt Instrument [Line Items]
Long term debt	$ 55,194	$ 63,804
In-substance defeased debt, interest payable at 5.62%, secured and paid by pledged cash and treasury securities, due and paid October 1, 2015
Debt Instrument [Line Items]
Long term debt			$ 29,300
Construction loan \| Refinanced Loan in the Pier Park North joint venture, due November 2025, bearing interest at 4.1% at December 31, 2015
Debt Instrument [Line Items]
Long term debt	48,200	0
Construction loan \| Construction loan in the Pier Park North joint venture, paid in October 2015, bearing interest at LIBOR plus 210 basis points, or 2.26% at December 31, 2014
Debt Instrument [Line Items]
Long term debt	0	31,618
Secured debt \| Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2016 — May 2039, bearing interest at 2.80% to 7.0% at December 31, 2015 and 2.55% to 7.0% at December 31, 2014
Debt Instrument [Line Items]
Long term debt	6,994	6,516
In-substance defeased debt, interest payable at 5.62%, secured and paid by pledged cash and treasury securities, due and paid October 1, 2015
Debt Instrument [Line Items]
Long term debt			$ 29,300
In-substance defeased debt, interest payable at 5.62%, secured and paid by pledged cash and treasury securities, due and paid October 1, 2015 \| In-substance defeased debt, interest payable at 5.62%, secured and paid by pledged cash and treasury securities, due and paid October 1, 2015
Debt Instrument [Line Items]
Long term debt	$ 0	$ 25,670

Debt - Descriptors (Details)	12 Months Ended
Debt - Descriptors (Details)	Dec. 31, 2015	Dec. 31, 2014	Oct. 31, 2015	Apr. 30, 2014
Debt Instrument [Line Items]
Debt interest rate				4.75%
Construction loan \| Construction loan in the Pier Park North joint venture, paid in October 2015, bearing interest at LIBOR plus 210 basis points, or 2.26% at December 31, 2014
Debt Instrument [Line Items]
Debt interest rate		2.26%
LIBOR basis point spread		2.10%
Secured debt \| Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2016 — May 2039, bearing interest at 2.80% to 7.0% at December 31, 2015 and 2.55% to 7.0% at December 31, 2014
Debt Instrument [Line Items]
Debt instrument, minimum interest	2.80%	2.55%
Debt instrument, maximum interest	7.00%	7.00%
In-substance defeased debt, interest payable at 5.62%, secured and paid by pledged cash and treasury securities, due and paid October 1, 2015
Debt Instrument [Line Items]
Debt interest rate		5.62%
Consolidated Variable Interest Entities \| Refinanced Loan in the Pier Park North joint venture, due November 2025, bearing interest at 4.1% at December 31, 2015
Debt Instrument [Line Items]
Debt interest rate			4.10%
Consolidated Variable Interest Entities \| Construction loan \| Refinanced Loan in the Pier Park North joint venture, due November 2025, bearing interest at 4.1% at December 31, 2015
Debt Instrument [Line Items]
Debt interest rate	4.10%

Debt - Narrative (Details) - USD ($)	1 Months Ended
Debt - Narrative (Details) - USD ($)	Oct. 31, 2015	Feb. 28, 2013	Dec. 31, 2015	Dec. 31, 2014	Apr. 30, 2014	Dec. 31, 2007
Debt Instrument [Line Items]
Long term debt			$ 55,194,000	$ 63,804,000
Debt principal amount					$ 180,000,000
Debt interest rate					4.75%
Total Community Development District debt			22,500,000	22,700,000
Repayments of debt	$ 25,300,000
Construction loan \| Construction loan in the Pier Park North joint venture, paid in October 2015, bearing interest at LIBOR plus 210 basis points, or 2.26% at December 31, 2014
Debt Instrument [Line Items]
Long term debt			0	$ 31,618,000
Debt interest rate				2.26%
Construction loan \| Pier Park North Joint Venture Refinanced Construction Loan
Debt Instrument [Line Items]
Long term debt			48,200,000	$ 0
Secured debt \| Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2016 — May 2039, bearing interest at 2.80% to 7.0% at December 31, 2015 and 2.55% to 7.0% at December 31, 2014
Debt Instrument [Line Items]
Long term debt			6,994,000	$ 6,516,000
In-substance defeased debt, interest payable at 5.62%, secured and paid by pledged cash and treasury securities, due and paid October 1, 2015
Debt Instrument [Line Items]
Long term debt						$ 29,300,000
Debt interest rate				5.62%
Consolidated Variable Interest Entities
Debt Instrument [Line Items]
Construction loan		$ 41,000,000
Construction loan, term of optional renewal extension		2 years
Consolidated Variable Interest Entities \| Pier Park North Joint Venture Refinanced Construction Loan
Debt Instrument [Line Items]
Debt interest rate	4.10%
Consolidated Variable Interest Entities \| Construction loan \| Construction loan in the Pier Park North joint venture, paid in October 2015, bearing interest at LIBOR plus 210 basis points, or 2.26% at December 31, 2014
Debt Instrument [Line Items]
Long term debt				$ 31,600,000
Consolidated Variable Interest Entities \| Construction loan \| Pier Park North Joint Venture Refinanced Construction Loan
Debt Instrument [Line Items]
Long term debt			$ 48,200,000
Debt principal amount	$ 48,200,000
Debt interest rate			4.10%

Debt - Maturities of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
2016	$ 248
2017	988
2018	1,029
2019	1,071
2020	1,116
Thereafter	50,742
Long-term Debt	$ 55,194	$ 63,804

Accrued Liabilities and Deferred Credits (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accrued Liabilities And Deferred Credits [Line Items]
Accrued compensation	$ 3,366	$ 2,673
Deferred revenue	15,222	15,309
Membership deposits	7,778	8,426
Other accrued liabilities	6,505	5,651
Total accrued liabilities and deferred credits	35,721	34,911
Special Purpose Entities
Accrued Liabilities And Deferred Credits [Line Items]
Accrued interest expense for Senior Notes held by special purpose entity	$ 2,850	$ 2,852

Accrued Liabilities and Deferred Credits - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2006 a	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred revenue		$ 15,222	$ 15,309
Accruals for legal fees and expenses related to the SEC investigation		1,200
Florida Department of Transportation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred revenue		$ 12,500	$ 12,500
Acres of land sold \| a	3,900

Income Taxes - Provision for Income Tax (Benefit) Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current:
Federal	$ (1,377)	$ 69,245	$ 349
State	(138)	135	169
Total	(1,515)	69,380	518
Deferred:
Federal	2,261	35,314	(366)
State	62	10,813	(561)
Total	2,323	46,127	(927)
Income tax expense (benefit)	$ 808	$ 115,507	$ (409)

Income Taxes - Allocation of Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 808	$ 115,507	$ (409)
Income tax benefit	300	127	0
Total income tax expense (benefit)	$ 508	$ 115,380	$ (409)

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	35.00%	35.00%	35.00%
Operating loss carryforwards, federal	$ 0	$ 0
Operating loss carryforwards, state	325,700,000	323,900,000
Valuation allowance	(6,012,000)	(6,176,000)
Valuation allowance, decrease	200,000
Valuation allowance recorded in accumulated comprehensive income		0	$ 2,100,000
Unrecognized tax benefits	$ 1,700,000	$ 1,700,000

Income Taxes - Income Tax Expense (Benefit) Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Tax at the statutory federal rate	$ (323)	$ 182,700	$ 1,603
State income taxes (net of federal benefit)	(32)	18,270	160
Decrease in valuation allowance	(164)	(86,882)	(2,218)
Fees and expenses for SEC investigation	1,092	0	0
Other	235	1,419	46
Total income tax expense (benefit)	$ 808	$ 115,507	$ (409)

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
State net operating loss carryforwards	$ 11,400	$ 11,336
Impairment losses	112,143	116,451
Prepaid income from land sales	5,490	5,507
Other	1,358	1,398
Total gross deferred tax assets	130,391	134,692
Valuation allowance	(6,012)	(6,176)
Total net deferred tax assets	124,379	128,516
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences	3,071	2,484
Deferred gain on land sales and involuntary conversions	28,691	31,574
Installment sales	126,741	126,225
Pension Plan assets transferred to the 401(k) Plan	2,723	3,057
Total gross deferred tax liabilities	161,226	163,340
Net deferred tax liability	$ (36,847)	$ (34,824)

Stock Repurchase Program (Details) - USD ($)		2 Months Ended	7 Months Ended	12 Months Ended
Stock Repurchase Program (Details) - USD ($)	Aug. 21, 2015	Mar. 02, 2016	Aug. 15, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Oct. 31, 2015	Jan. 01, 2015
Equity, Class of Treasury Stock [Line Items]
Remaining authorized repurchase amount under stock repurchase plan			$ 93,600,000	$ 205,700,000				$ 103,800,000
Stock repurchased during period (in shares)			634,596
Average purchase price per share for share repurchase			$ 16.03
Payments for repurchase of common stock			$ 10,200,000	$ 305,004,000	$ 0	$ 0
Stock repurchase program, authorized amount			$ 300,000,000.0				$ 200,000,000.0
August 2015 Share Repurchase Pursuant To Tender Offer
Equity, Class of Treasury Stock [Line Items]
Stock repurchased during period (in shares)	16,348,143
Average purchase price per share for share repurchase	$ 18.00
Payments for repurchase of common stock	$ 294,300,000
Stock repurchase program, authorized shares to be repurchased (in shares)	16,666,666
Repurchase of common stock related costs	$ 500,000
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Stock repurchased during period (in shares)		995,650
Payments for repurchase of common stock		$ 14,800,000

Stock Based Compensation - Narrative (Details)	12 Months Ended
Stock Based Compensation - Narrative (Details)	Dec. 31, 2015 USD ($) equity_plan $ / shares shares	Dec. 31, 2014 USD ($) $ / shares	Dec. 31, 2013 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity plans \| equity_plan	2
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, granted (in dollars per share) \| $ / shares	$ 15.53	$ 21.59	$ 20.49
Fair values of vested restricted stock and stock options \| $	$ 0	$ 0	$ 500,000
2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares approved	1,500,000
Shares available for future issuance	1,500,000
2015 Plan \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock units outstanding	0
Restricted stock units issued	0
2009 Plan
Number of Units
Number of units, vested (less than)	100,000
2009 Plan \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock units outstanding	0
Restricted stock units issued	0

Stock Based Compensation - Recorded in Corporate Expense, Net, on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock compensation expense before tax benefit	$ 150	$ 210	$ 247
Income tax benefit	(58)	(81)	(95)
Stock compensation expense after tax benefit	$ 92	$ 129	$ 152

Stock Based Compensation - Summary of Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Number of Shares
Number of shares, beginning balance	99,775
Number of shares, forfeited or expired	0
Number of shares, ending balance	99,775	99,775
Weighted Average Exercise Price
Weighted average exercise price, beginning balance (in dollars per share)	$ 54.15
Weighted average exercise price, forfeited or expired (in dollars per share)	0.00
Weighted average exercise price, ending balance (in dollars per share)	$ 54.15	$ 54.15
Additional Disclosures
Number of shares, vested or expected to vest	99,775
Number of shares, exercisable	99,775
Weighted average exercise price, vested or expected to vest (in dollars per share)	$ 54.15
Weighted average exercise price, exercisable (in dollars per share)	$ 54.15
Weighted average remaining contractual life (years)	10 months 24 days	1 year 10 months 24 days
Weighted average remaining contractual life (years), vested or expected to vest	10 months 24 days
Weighted average remaining contractual life (years), exercisable	10 months 24 days

Employee Benefit Plans - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
Employee Benefit Plans - Narrative (Details) - USD ($)	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]
Assets contributed to 401(k) Plan		$ 0	$ 7,940,000	$ 0
401(k) Plan distribution period (in years)		6 years	7 years
Pension Plan assets reverted to the Company	$ 23,800,000	$ 0	$ 23,820,000	0
Prepaid pension asset	0	0	0
Accumulated benefit obligation of the pension plan	0	0	0	23,531,000
Pension charges		0	13,529,000	1,500,000
Net periodic pension cost, including settlements			8,747,000	1,500,000
Excise tax on Pension Plan			4,800,000
Settlement losses			7,107,000	739,000
Net periodic pension cost included in accumulated other comprehensive loss	0	0	$ 0	$ 5,400,000
Expected long-term rate on plan assets			0.00%	0.00%
Restricted investments	$ 7,940,000	7,072,000	$ 7,940,000
Compensation expense for assets allocated to participants		1,000,000
Gain on unallocated asset		100,000
Future additional compensation expense for assets allocated to participants		$ 7,100,000

Employee Benefit Plans - Change in Projected Benefit Obligation and Plan Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Projected benefit obligation, beginning of year	$ 0	$ 23,531,000
Interest cost		625,000	$ 653,000
Actuarial loss		2,245,000
Benefits paid		(95,000)
Settlements		(26,306,000)
Projected benefit obligation, end of year	0	0	23,531,000
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of assets, beginning of year	0	58,648,000
Actual return on assets		14,000
Benefits and expenses paid		(595,000)
Settlements		(26,306,000)
Assets contributed to 401(k) Plan	0	(7,940,000)	0
Assets reverted to the Company		(23,821,000)
Fair value of assets, end of year		0	$ 58,648,000
Funded status at end of year	$ 0	$ 0
Ratio of plan assets to projected benefit obligation		0.00%

Employee Benefit Plans - Summary of Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]
Service cost		$ 0	$ 225
Interest cost		625	653
Expected return on assets		550	(443)
Amortization of loss		465	326
Settlement charges		7,107	739
Net periodic pension cost		8,747	1,500
Other changes in plan assets and obligations recognized in Other comprehensive income:
Gain		(5,392)	(3,260)
Total other comprehensive income	$ 0	(5,392)	(3,260)
Total net periodic pension cost and other comprehensive income (loss)		$ 3,355	$ (1,760)

Employee Benefit Plans - Summary of Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]
Discount rate	3.75%	4.37%
Expected long-term rate on plan assets	0.00%	0.00%

Employee Benefit Plans - Plan Assets at Fair Value (Details) - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0	$ 58,648,000
Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		58,648,000
Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0	0	$ 927,000
Cash
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		115,000
Cash \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		115,000
Cash \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Cash \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Money market funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		697,000
Money market funds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		697,000
Money market funds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Money market funds \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
U.S. Treasuries
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		57,836,000
U.S. Treasuries \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		57,836,000
U.S. Treasuries \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
U.S. Treasuries \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		$ 0

Employee Benefit Plans - Change in Fair Value of Plan Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($)
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of assets, end of year	$ 58,648
Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of assets, beginning of year	927
Sales	(1,648)
Realized gain on sale	721
Unrealized gains relating to instruments still held at the reporting date	0
Fair value of assets, end of year	$ 0

Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive loss beginning balance	$ (1,325)	$ (7,517)
Other comprehensive income before reclassifications	3,428	(2,689)
Amounts reclassified from accumulated other comprehensive loss	(2,789)	8,881
Total other comprehensive income, net of tax	639	6,192	$ 1,135
Accumulated other comprehensive loss ending balance	(686)	(1,325)	(7,517)
Defined Benefit Pension Items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive loss beginning balance	0	(5,392)
Other comprehensive income before reclassifications	0	(2,180)
Amounts reclassified from accumulated other comprehensive loss	0	7,572
Total other comprehensive income, net of tax	0	5,392
Accumulated other comprehensive loss ending balance	0	0	(5,392)
Unrealized Gains and (Losses) on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive loss beginning balance	(1,325)	(2,125)
Other comprehensive income before reclassifications	3,428	(509)
Amounts reclassified from accumulated other comprehensive loss	(2,789)	1,309
Total other comprehensive income, net of tax	639	800
Accumulated other comprehensive loss ending balance	$ (686)	$ (1,325)	$ (2,125)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Accumulated Other Comprehensive Loss - Summary of Reclassifications out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Unrealized gains on debt securities:
Unrealized gains on available-for-sale investments before-tax amount	$ 5,650	$ (1,455)	$ (2,032)
Unrealized gains on available-for-sale investments tax benefit or (expense)	(2,222)	947
Unrealized gains on available-for-sale investments net-of-tax amount	3,428	(508)
Less: reclassification adjustment for other-than-temporary impairment losses included in earnings before-tax amount	0	1,295	0
Less: reclassification adjustment for other-than-temporary impairment losses included in earnings tax benefit or (expense)		(499)
Less: reclassification adjustment for other-than-temporary impairment losses included in earnings net-of-tax amount		796
Less: reclassification adjustment for gains included in earnings before-tax amount	(5,311)	833	(93)
Less: reclassification adjustment for gains included in earnings tax benefit or (expense)	2,522	(321)
Less: reclassification adjustment for gains included in earnings net-of-tax amount	(2,789)	512
Total before income taxes	339	673	(2,125)
Net unrealized gains tax benefit or (expense)	300	127
Net unrealized gains net-of-tax amount	639	800
Defined benefit pension plan:
Settlement included in net periodic cost before-tax amount		7,107
Settlement included in net periodic cost tax benefit or (expense)		0
Settlement included in net periodic cost net-of-tax amount	0	7,107	743
Less: amortization of loss included in net periodic pension cost before-tax amount	0	465	326
Less: amortization of loss included in net periodic pension cost tax benefit or (expense)		0
Less: amortization of loss included in net periodic pension cost net-of-tax amount		465
Net periodic pension cost arising during period before-tax amount		7,572
Net periodic pension cost arising during period tax benefit or (expense)		0
Net periodic pension cost arising during period net-of-tax amount		7,572
Net loss arising during period before-tax amount		(2,180)
Net loss arising during period tax benefit or (expense)		0
Net loss arising during period net-of-tax amount	0	2,180	(2,191)
Total before income taxes	0	5,392	3,260
Defined benefit pension plan, net tax benefit or (expense)	0	0	0
Total	0	5,392	3,260
Other comprehensive income before-tax amount	339	6,065
Other comprehensive income tax benefit or (expense)	300	127
Total other comprehensive income, net of tax	$ 639	$ 6,192	$ 1,135

Segment Information - Information by Business Segment (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2015 USD ($) Segment golf_course	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Segment Reporting Information [Line Items]
Number of reportable operating segments \| Segment									5
Operating revenues	$ 21,104	$ 27,830	$ 37,846	$ 17,091	$ 15,676	$ 23,947	$ 68,164	$ 594,086	$ 103,871	$ 701,873	$ 131,256
Depreciation, depletion and amortization									9,486	8,422	9,131
Investment income, net									22,688	12,691	1,498
Interest expense									(11,429)	(8,608)	(2,040)
(Loss) Income Before Equity In Loss From Unconsolidated Affiliates and Income Taxes									(1,163)	521,821	4,445
Capital expenditures									17,465	32,441	42,060
Assets	984,813				1,303,135				984,813	1,303,135
Revenues from RiverTown Sale										43,600
Revenues from AgReserves Sale										570,900
Interest Income, Other									694	990	234
Impairment losses									0	0	5,080
Pension charges									0	13,529	1,500
Residential real estate
Segment Reporting Information [Line Items]
Operating revenues									21,203	61,444	33,735
Depreciation, depletion and amortization									544	662	863
Interest expense									(1,174)	(1,316)	(1,999)
(Loss) Income Before Equity In Loss From Unconsolidated Affiliates and Income Taxes									(821)	24,854	4,087
Capital expenditures									4,923	4,981	12,284
Assets	109,791				135,317				109,791	135,317
Impairment losses											200
Commercial real estate
Segment Reporting Information [Line Items]
Operating revenues									7,160	3,265	10,881
Interest expense									(1,489)	(696)	(41)
(Loss) Income Before Equity In Loss From Unconsolidated Affiliates and Income Taxes									126	(163)	3,298
Capital expenditures									2,165	854	2,388
Assets	62,649				62,931				62,649	62,931
Resorts and leisure
Segment Reporting Information [Line Items]
Operating revenues									54,488	48,414	46,424
Depreciation, depletion and amortization									5,096	4,143	4,211
(Loss) Income Before Equity In Loss From Unconsolidated Affiliates and Income Taxes									1,819	1,559	(1,561)
Capital expenditures									2,526	2,198	3,517
Assets	75,441				79,021				$ 75,441	79,021
Impairment losses											4,900
Number Of Golf Courses \| golf_course									4
Leasing operations
Segment Reporting Information [Line Items]
Operating revenues									$ 8,978	6,977	4,306
Depreciation, depletion and amortization									3,118	2,685	2,126
(Loss) Income Before Equity In Loss From Unconsolidated Affiliates and Income Taxes									676	1,165	324
Capital expenditures									5,849	22,600	19,969
Assets	82,120				74,800				82,120	74,800
Forestry
Segment Reporting Information [Line Items]
Operating revenues									12,042	581,442	35,450
Depreciation, depletion and amortization									581	729	1,775
(Loss) Income Before Equity In Loss From Unconsolidated Affiliates and Income Taxes									10,259	517,087	13,406
Capital expenditures									1,366	1,537	3,678
Assets	20,244				20,521				20,244	20,521
Residential real estate and other
Segment Reporting Information [Line Items]
Investment income, net									571	994	113
Corporate
Segment Reporting Information [Line Items]
Investment income, net									22,117	11,697	1,385
Interest expense									(8,766)	(6,596)	0
(Loss) Income Before Equity In Loss From Unconsolidated Affiliates and Income Taxes									(13,222)	(22,681)	(15,109)
Interest Income, Other									8,200	6,100
Pension charges										13,500	1,500
Other
Segment Reporting Information [Line Items]
Operating revenues									0	331	460
Depreciation, depletion and amortization									147	203	156
Capital expenditures									636	271	$ 224
Assets	$ 634,568				$ 930,545				$ 634,568	$ 930,545

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 27, 2015	Dec. 31, 2015	Dec. 31, 2014	Oct. 31, 2015	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Liability for potential settlement of ongoing SEC investigation	$ 3,500				$ 3,500
SEC investigation settlement, amount	3,500
Litigation settlement amount	$ 2,750	$ 2,750	$ 1,800
Accrued liabilities, other litigation, claims, other disputes, governmental proceedings and environmental matters		2,500	1,400
Accrued liabilities, amounts related to SEC investigation settlement		1,200
Purchase obligations, total		1,400
Purchase obligations, 2016		700
Purchase obligations, 2017		200
Purchase obligations, 2018		500
Guarantor Obligations [Line Items]
Amount of letters of credit outstanding		500	500
Tax Year 2022 To 2024
Guarantor Obligations [Line Items]
Deferred tax liabilities		61,800
Tax Year 2029
Guarantor Obligations [Line Items]
Deferred tax liabilities		69,300
Consolidated Variable Interest Entities \| Pier Park North \| Pier Park North Joint Venture Refinanced Construction Loan
Guarantor Obligations [Line Items]
Amount of letters of credit outstanding		6,620		$ 6,620
Surety bonds \| Commercial development
Guarantor Obligations [Line Items]
Commitment obligations		$ 7,100	$ 8,300

Quarterly Financial Data (unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Operating revenues	$ 21,104	$ 27,830	$ 37,846	$ 17,091	$ 15,676	$ 23,947	$ 68,164	$ 594,086	$ 103,871	$ 701,873	$ 131,256
Operating (loss) income	(3,861)	(2,383)	5,811	(5,702)	(15,946)	(1,335)	21,038	509,493	(6,135)	513,250	777
Net (loss) income attributable to the Company	$ (2,541)	$ 2,772	$ (224)	$ (1,738)	$ (11,101)	$ (50)	$ 14,609	$ 402,995	$ (1,731)	$ 406,453	$ 4,990
Basic and diluted (loss) income per share attributable to the Company	$ (0.03)	$ 0.03	$ 0.00	$ (0.02)	$ (0.12)	$ 0.00	$ 0.16	$ 4.36	$ (0.02)	$ 4.40	$ 0.05

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 55,194
Initial Cost to Company, Land & Improvements	156,276
Initial Cost to Company, Buildings & Improvements	130,134
Costs Capitalized Subsequent to Acquisition or Construction	91,217
Land & Land Improvements	234,948
Buildings and Improvements	142,720
Total	377,668	$ 379,944	$ 436,264	$ 418,197
Accumulated Depreciation	64,069	$ 58,132
Aggregate cost of real estate owned for federal income tax purposes	535,000
Residential development
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,016
Initial Cost to Company, Land & Improvements	43,153
Initial Cost to Company, Buildings & Improvements	0
Costs Capitalized Subsequent to Acquisition or Construction	56,260
Land & Land Improvements	99,413
Buildings and Improvements	0
Total	99,413
Accumulated Depreciation	0
Commercial development
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,944
Initial Cost to Company, Land & Improvements	47,745
Initial Cost to Company, Buildings & Improvements	0
Costs Capitalized Subsequent to Acquisition or Construction	9,202
Land & Land Improvements	56,947
Buildings and Improvements	0
Total	56,947
Accumulated Depreciation	42
WaterColor Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land & Improvements	1,202
Initial Cost to Company, Buildings & Improvements	14,000
Costs Capitalized Subsequent to Acquisition or Construction	5,497
Land & Land Improvements	1,558
Buildings and Improvements	19,140
Total	20,698
Accumulated Depreciation	$ 7,558
WaterColor Inn \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
WaterColor Inn \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
Clubs and golf courses
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company, Land & Improvements	38,447
Initial Cost to Company, Buildings & Improvements	24,053
Costs Capitalized Subsequent to Acquisition or Construction	(4,058)
Land & Land Improvements	34,863
Buildings and Improvements	23,579
Total	58,442
Accumulated Depreciation	$ 24,868
Clubs and golf courses \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Clubs and golf courses \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	25 years
Marinas
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company, Land & Improvements	6,252
Initial Cost to Company, Buildings & Improvements	9,619
Costs Capitalized Subsequent to Acquisition or Construction	261
Land & Land Improvements	6,469
Buildings and Improvements	9,663
Total	16,132
Accumulated Depreciation	$ 3,993
Marinas \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Marinas \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	25 years
Other
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company, Land & Improvements	0
Initial Cost to Company, Buildings & Improvements	32,925
Costs Capitalized Subsequent to Acquisition or Construction	(18,772)
Land & Land Improvements	0
Buildings and Improvements	14,154
Total	14,154
Accumulated Depreciation	$ 6,246
Other \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Other \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	30 years
Pier Park North
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 48,200
Initial Cost to Company, Land & Improvements	2,641
Initial Cost to Company, Buildings & Improvements	0
Costs Capitalized Subsequent to Acquisition or Construction	45,807
Land & Land Improvements	13,632
Buildings and Improvements	34,816
Total	48,448
Accumulated Depreciation	$ 2,581
Pier Park North \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	15 years
Pier Park North \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
Towncenters
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company, Land & Improvements	777
Initial Cost to Company, Buildings & Improvements	30,904
Costs Capitalized Subsequent to Acquisition or Construction	(12,166)
Land & Land Improvements	784
Buildings and Improvements	18,731
Total	19,515
Accumulated Depreciation	$ 12,752
Towncenters \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Towncenters \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	25 years
VentureCrossings
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company, Land & Improvements	1,566
Initial Cost to Company, Buildings & Improvements	7,899
Costs Capitalized Subsequent to Acquisition or Construction	0
Land & Land Improvements	1,566
Buildings and Improvements	7,899
Total	9,465
Accumulated Depreciation	$ 0
VentureCrossings \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
VentureCrossings \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	25 years
Other
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 34
Initial Cost to Company, Land & Improvements	7,999
Initial Cost to Company, Buildings & Improvements	8,862
Costs Capitalized Subsequent to Acquisition or Construction	(7,176)
Land & Land Improvements	7,129
Buildings and Improvements	2,596
Total	9,725
Accumulated Depreciation	$ 3,983
Other \| Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Other \| Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	25 years
Timberlands
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company, Land & Improvements	6,494
Initial Cost to Company, Buildings & Improvements	1,872
Costs Capitalized Subsequent to Acquisition or Construction	10,976
Land & Land Improvements	7,201
Buildings and Improvements	12,142
Total	19,343
Accumulated Depreciation	2,046
Unimproved land
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land & Improvements	0
Initial Cost to Company, Buildings & Improvements	0
Costs Capitalized Subsequent to Acquisition or Construction	5,386
Land & Land Improvements	5,386
Buildings and Improvements	0
Total	5,386
Accumulated Depreciation	$ 0

Schedule III (Consolidated) - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate Owned (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at beginning of the year	$ 379,944	$ 436,264	$ 418,197
Amounts capitalized	13,372	26,047	44,795
Impairments	0	0	(5,080)
Cost of real estate sold	(14,584)	(76,060)	(22,022)
Amounts retired or adjusted	(1,064)	(6,307)	374
Balance at the end of the year	$ 377,668	$ 379,944	$ 436,264

Schedule III (Consolidated) - Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at beginning of the year	$ 58,132	$ 53,496	$ 49,772
Depreciation expense	6,689	6,170	6,547
Amounts retired or adjusted	(752)	(1,534)	(2,823)
Balance at the end of the year	$ 64,069	$ 58,132	$ 53,496

Schedule IV (Consolidated) - Mortgage Loans on Real Estate (Details)	12 Months Ended
	Dec. 31, 2015 USD ($)
Mortgage Loans on Real Estate [Line Items]
Carrying Amount of Mortgages	$ 570,000
Seller financing \| Seller financing, maturing August 2016
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Prior Liens	$ 0
Carrying Amount of Mortgages	90,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Various other seller financing \| Various other seller financing, maturing October 2016 through November 2023
Mortgage Loans on Real Estate [Line Items]
Interest Rate, Minimum	4.80%
Interest Rate, Maximum	7.81%
Prior Liens	$ 0
Carrying Amount of Mortgages	480,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0

Schedule IV (Consolidated) - Mortgage Loans on Real Estate - Carrying Amount of Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of the year	$ 22,122	$ 5,354	$ 1,158
Additions during the year - new mortgage loans	0	19,600	5,854
Collections of principal	21,552	2,832	1,363
Foreclosures	0	0	295
Balance at the end of the year	$ 570	$ 22,122	$ 5,354

Impairments of Long-lived Assets	12 Months Ended
Impairments of Long-lived Assets	Dec. 31, 2015
Asset Impairment Charges [Abstract]
Impairments of Long-lived Assets	Impairments of Long-lived Assets There were no events or changes in circumstances that would indicate that the carrying value of the Company’s long-lived assets would not be recoverable, and, therefore, the Company did not record any impairment charges during the years ended December 31, 2015 and 2014. In 2013, the Company recorded impairment charges of $5.1 million, primarily for a golf course, which incurred negative operating cash flows in 2013 and the future estimated undiscounted cash flows were less than the carrying value of its assets. In addition, during 2013, the Company wrote down a residential property to its fair value less estimated selling costs.

Nature of Operations (Details)	12 Months Ended
Nature of Operations (Details)	Dec. 31, 2015 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable operating segments	5