Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2017	Jul. 31, 2017
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-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding (in shares)		70,432,071

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Investment in real estate, net	$ 334,699	$ 314,620
Cash and cash equivalents	247,178	241,111
Investments	167,742	175,725
Restricted investments	4,469	5,636
Income tax receivable	0	27,057
Claim settlement receivable	7,922	7,804
Other assets	40,528	38,410
Property and equipment, net of accumulated depreciation of $59,891 and $59,404 at June 30, 2017 and December 31, 2016, respectively	9,541	8,992
Investments held by special purpose entities	208,267	208,590
Total assets	1,020,346	1,027,945
LIABILITIES:
Debt	55,498	55,040
Other liabilities	60,620	40,950
Deferred tax liabilities	69,940	68,846
Senior notes held by special purpose entity	176,422	176,310
Total liabilities	362,480	341,146
EQUITY:
Common stock, no par value; 180,000,000 shares authorized; 74,342,826 issued at both June 30, 2017 and December 31, 2016; and 71,926,737 and 74,342,826 outstanding at June 30, 2017 and December 31, 2016, respectively	572,059	572,040
Retained earnings	109,878	94,746
Accumulated other comprehensive (loss) income	(944)	2,507
Treasury stock at cost, 2,416,089 shares held at June 30, 2017	(40,444)	0
Total stockholders’ equity	640,549	669,293
Non-controlling interest	17,317	17,506
Total equity	657,866	686,799
Total liabilities and equity	1,020,346	1,027,945
Variable Interest Entities
ASSETS
Investment in real estate, net	63,111	63,362
Cash and cash equivalents	3,631	3,965
Other assets	14,759	13,209
Investments held by special purpose entities	208,267	208,590
Total assets	289,768	289,126
LIABILITIES:
Debt	47,160	47,519
Other liabilities	4,262	4,275
Senior notes held by special purpose entity	176,422	176,310
Total liabilities	$ 227,844	$ 228,104

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Property and equipment, Accumulated depreciation	$ 59,891	$ 59,404
Common stock, shares authorized (in shares)	180,000,000	180,000,000
Common stock, issued (in shares)	74,342,826	74,342,826
Common stock, outstanding (in shares)	71,926,737	74,342,826
Treasury stock (in shares)	2,416,089

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenue:
Real estate revenue	$ 7,150	$ 6,744	$ 8,675	$ 13,825
Resorts and leisure revenue	19,328	19,793	27,436	28,544
Leasing revenue	2,662	2,321	5,055	4,682
Timber revenue	1,243	693	2,414	2,754
Total revenue	30,383	29,551	43,580	49,805
Expenses:
Cost of real estate revenue	3,614	2,975	3,945	4,739
Cost of resorts and leisure revenue	14,884	15,645	23,687	24,964
Cost of leasing revenue	798	759	1,467	1,509
Cost of timber revenue	238	203	395	413
Other operating and corporate expenses	4,154	5,725	10,334	12,543
Depreciation, depletion and amortization	2,032	2,101	3,985	4,390
Total expenses	25,720	27,408	43,813	48,558
Operating income (loss)	4,663	2,143	(233)	1,247
Other income (expense):
Investment income, net	14,303	2,959	24,658	5,689
Interest expense	(3,035)	(3,145)	(6,078)	(6,180)
Claim settlement	0	0	0	12,548
Other income, net	592	601	4,643	1,050
Total other income, net	11,860	415	23,223	13,107
Income before income taxes	16,523	2,558	22,990	14,354
Income tax expense	(5,909)	(978)	(8,188)	(4,222)
Net income	10,614	1,580	14,802	10,132
Net loss attributable to non-controlling interest	150	230	330	342
Net income attributable to the Company	$ 10,764	$ 1,810	$ 15,132	$ 10,474
Basic and Diluted
Weighted average shares outstanding (in shares)	71,981,505	74,338,023	72,970,462	74,573,517
Net income per share attributable to the Company (in dollars per share)	$ 0.15	$ 0.02	$ 0.21	$ 0.14

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net income:	$ 10,614	$ 1,580	$ 14,802	$ 10,132
Other comprehensive (loss) income, net of tax:
Reclassification of realized gain included in earnings	(7,739)	0	(10,861)	0
Reclassification of other-than-temporary impairment loss included in earnings	0	0	366	0
Total before income taxes	(6,998)	90	(5,845)	2
Income tax benefit (expense)	2,835	(35)	2,394	(1)
Total other comprehensive income (loss), net of tax	(4,163)	55	(3,451)	1
Total comprehensive income, net of tax	6,451	1,635	11,351	10,133
Available-for-sale investments
Other comprehensive (loss) income, net of tax:
Net unrealized gain (loss) on investments	745	90	4,650	2
Restricted investments
Other comprehensive (loss) income, net of tax:
Net unrealized gain (loss) on investments	$ (4)	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Non-controlling Interest
Balance (in shares) at Dec. 31, 2016	74,342,826	74,342,826
Balance at December 31, 2016 at Dec. 31, 2016	$ 686,799	$ 572,040	$ 94,746	$ 2,507	$ 0	$ 17,506
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contribution from non-controlling interest	141					141
Issuance of common stock for director’s fees (in shares)		0
Issuance of common stock for director’s fees	$ 19	$ 19
Repurchase of common shares (in shares)	(2,416,089)	(2,416,089)
Repurchase of common shares	$ (40,444)				(40,444)
Other comprehensive loss	(3,451)			(3,451)
Net income	$ 14,802		15,132			(330)
Balance (in shares) at Jun. 30, 2017	71,926,737	71,926,737
Balance at June 30, 2017 at Jun. 30, 2017	$ 657,866	$ 572,059	$ 109,878	$ (944)	$ (40,444)	$ 17,317

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 14,802	$ 10,132
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	3,985	4,390
Stock based compensation	19	56
Gain on sale of investments	(10,861)	0
Other-than-temporary impairment loss	366	0
Deferred income tax expense	3,488	650
Cost of real estate sold	3,426	3,951
Expenditures for and acquisition of real estate to be sold	(5,021)	(1,736)
Accretion income and other	(1,899)	(778)
Loss on disposal of real estate and property and equipment	29	5
Changes in operating assets and liabilities:
Notes receivable	(808)	157
Claim settlement receivable	0	(12,651)
Other assets	(2,316)	(141)
Other liabilities	14,093	6,544
Income taxes receivable	26,671	1,272
Net cash provided by operating activities	45,974	11,851
Cash flows from investing activities:
Expenditures for operating property	(15,646)	(2,662)
Expenditures for property and equipment	(1,271)	(408)
Proceeds from the disposition of assets	0	3
Purchases of investments	(93,821)	(216,698)
Maturities of investments	0	185,000
Sales of investments	110,389	8,413
Maturities of assets held by special purpose entities	415	415
Net cash provided by (used in) investing activities	66	(25,937)
Cash flows from financing activities:
Capital contribution from non-controlling interest	141	0
Repurchase of common shares	(40,444)	(14,820)
Borrowings on construction loan	1,188	0
Principal payments for debt	(838)	(384)
Debt issue costs	(20)	0
Net cash used in financing activities	(39,973)	(15,204)
Net increase (decrease) in cash and cash equivalents	6,067	(29,290)
Cash and cash equivalents at beginning of the period	241,111	212,773
Cash and cash equivalents at end of the period	247,178	183,483
Cash paid during the period for:
Interest expense	5,819	5,859
Income taxes	2,312	2,300
Non-cash financing and investing activities:
Increase in Community Development District debt	73	57
Expenditures for operating properties and property and equipment financed through accounts payable	$ 6,098	$ 577

Nature of Operations	6 Months Ended
Nature of Operations	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations The St. Joe Company together with its consolidated subsidiaries (“St. Joe” or the “Company”) is a Florida real estate development, asset management and operating company with real estate assets and operations currently 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.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Significant Accounting Policies

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements are not included herein. The unaudited interim condensed 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. The December 31, 2016 balance sheet amounts have been derived from the Company’s December 31, 2016 audited consolidated financial statements. Operating results for the six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2017.

A variable interest entity (“VIE”) is an entity in which a controlling financial interest may be achieved through arrangements that do not involve voting interests. A VIE is required to be consolidated by its primary beneficiary, which is the entity that possesses the power to direct the activities of the VIE that most significantly impact the VIEs economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to the entity. The Company consolidates VIEs when it is the primary beneficiary of the VIE, including real estate joint ventures determined to be VIEs (see Note 8. Real Estate Joint Ventures).

The interim condensed consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2016 annual financial statements. As required under GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates.

Use of Estimates

The preparation of financial statements in conformity with GAAP 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 revenue and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions including investments in real estate, real estate impairment assessments, investments, other-than-temporary investment impairment assessments, retained interest investments, accruals and deferred income taxes. Actual results could differ from those estimates.

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 and restricted investments consist of available-for-sale securities recorded at fair value, which is established through external pricing services that use quoted market prices and pricing data from recently executed market transactions. Unrealized gains and temporary losses on investments, net of tax, are recorded in other comprehensive (loss) income. Realized gains and losses on investments 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 and accretion is included in investment income, net.

The Company evaluates investments classified as available-for-sale with an unrealized loss 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 the unrealized loss is recovered or until maturity and the 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) income, 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.

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 condensed consolidated balance sheets until they are allocated to current and future 401(k) plan participants for up to the next four years. See Note 14. Employee Benefit Plan.

Fair Value Measurements

Fair value is an exit price, representing the amount that would be received by selling an asset or paying 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.

Long-Lived Assets

Long-lived assets include the Company’s investments in operating and development property and property and equipment. 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. As part of the Company’s review for impairment of its long-lived assets, the Company reviews the 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 any 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 loss 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.

During the three and six months ended June 30, 2017 and 2016, there were no impairments of long-lived assets.

Comprehensive Income

The Company’s comprehensive income includes unrealized gains and temporary losses on available-for-sale securities and restricted investments.

Income Taxes

The Company follows the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax impact of differences between financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in earnings in the period in which the new rate is enacted. 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, net.

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 or other 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, other receivables, investments held by special purpose entity or entities (“SPE”) and investments in retained interests. The Company deposits and invests cash with regional financial institutions and as of June 30, 2017 these balances exceed the amount of F.D.I.C. insurance provided on such deposits. In addition, as of June 30, 2017, the Company had $24.9 million invested in U.S. Treasury securities, $96.0 million invested in seven issuers of corporate debt securities that are non-investment grade, $40.3 million invested in four issuers of preferred stock that are non-investment grade and $6.5 million invested in one issuer of common stock. In addition, as of June 30, 2017, the Company had investments of $207.2 million in short term commercial paper from eleven issuers.

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 and six months ended June 30, 2017 and 2016, basic average shares outstanding were the same as diluted shares outstanding. There were no outstanding common stock equivalents as of June 30, 2017 or December 31, 2016.

Revenue and Revenue Recognition

Revenue consists 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 revenue and costs and expenses.

Real Estate Revenue

Revenue from real estate sales, including sales of homesites, commercial properties and rural or timberland, is 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, revenue 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.

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 as 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 Revenue

Resorts and leisure revenue includes service and rental fees associated with the WaterColor Inn and the Company’s vacation rental programs in WaterColor, WaterSound Beach and surrounding communities. In addition, other resorts and leisure revenue includes club membership sales, membership reservations, daily play at golf courses, merchandise sales, food and beverage sales, marina boat slip rentals and fuel sales, and management services of The Pearl Hotel. The revenue is generally recognized as services are provided. Vacation rental revenue includes 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 revenue. 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 revenue is recognized when billed to the member and the non-refundable initiation fee is deferred and recognized ratably over the estimated membership period. Revenue generated from our management services of The Pearl Hotel includes a management fee, fifty percent of certain resort fees and a percentage of The Pearl Hotel’s gross operating profit.

Leasing Revenue

Leasing revenue consists of long term rental revenue from retail, office and commercial operations, cell towers and other assets, which is recognized as earned, using the straight-line method over the life of each lease. Leasing revenue includes properties located in the Company’s consolidated Pier Park North JV and Windmark JV, as well as the Company’s industrial park, VentureCrossings, and other properties. 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.

Forestry Product Revenue

Revenue from the sale of the Company’s forestry products is primarily derived from pay-as-cut sales contracts or timber bid sales, whereby 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.

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.

Recently Adopted Accounting Pronouncements

Business Combinations

In January 2017, the FASB issued ASU 2017-01 that clarifies the definition of a business for entities that must determine whether a business has been acquired or sold. The amendment is intended to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The new standard is effective for annual and interim periods beginning after December 15, 2017, with early adoption permitted under certain circumstances. The Company adopted the new guidance as of April 1, 2017. The adoption of this guidance did not have an impact on the Company’s financial condition, results of operations or cash flows.

Recently Issued Accounting Pronouncements

Revenue Recognition

In May 2014, the FASB issued ASU 2014-09 that establishes the principles used to recognize revenue for all entities. In March 2016, the FASB issued ASU 2016-08 that further clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10 that clarifies guidance on identifying performance obligations and to improve the operability and understandability of licensing implementation guidance. In May 2016, the FASB issued ASU 2016-11 that rescinds SEC guidance pursuant to announcements at the March 3, 2016 Emerging Issues Task Force Meeting. In May 2016, the FASB issued ASU 2016-12 that provides narrow-scope improvements and practical expedients to Revenue from Contracts with Customers. In December 2016, the FASB issued ASU 2016-20 that includes technical corrections and improvements to ASU 2014-09. The new guidance will be effective for annual and interim periods beginning after December 15, 2017. The Company plans to adopt this guidance effective January 1, 2018, using a modified retrospective approach. The Company has evaluated the impact of adopting this guidance and as a result of this evaluation does not expect it will have a material impact on its financial condition, results of operations and cash flows. The Company expects an impact to revenue-related disclosures as a result of adopting this guidance.

Financial Instruments

In January 2016, the FASB issued ASU 2016-01 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 results of operations. 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 has evaluated the impact of the adoption of this guidance and as a result of this evaluation does not expect it will have a material impact on its financial condition, results of operations and cash flows.

Leases

In February 2016, the FASB issued ASU 2016-02 that amends the existing accounting standards for lease accounting, including requiring lessees to recognize both finance and operating leases with terms of more than 12 months on the balance sheet. The accounting applied by a lessor is largely unchanged from existing guidance. The amendments also require certain quantitative and qualitative disclosures about leasing arrangements. The new guidance will be effective for annual and interim periods beginning after December 15, 2018 and requires a modified retrospective adoption. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows.

Financial Instruments - Credit Losses

In June 2016, the FASB issued ASU 2016-13 that requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected and requires that credit losses from available-for-sale debt securities be presented as an allowance for credit loss. This new guidance will be effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted for annual and interim periods beginning after December 15, 2018. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows.

Statement of Cash Flows

In August 2016, the FASB issued ASU 2016-15 that amends the classification of certain cash receipts and cash payments, to reduce the diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The new standard is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted, including adoption in an interim period. As this guidance only affects the classification within the statement of cash flows, it is not expected to have an impact on the Company’s cash flows.

Income Taxes

In October 2016, the FASB issued ASU 2016-16 that requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This amendment eliminates the exception for an intra-entity transfer of an asset other than inventory. The new standard is effective for annual and interim periods beginning after December 15, 2017, with early adoption permitted in the first interim period and the amendments should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company has evaluated the impact of the adoption of this guidance and as a result of this evaluation does not expect it will have an impact on its financial condition, results of operations and cash flows.

Investment in Real Estate

6 Months Ended

Jun. 30, 2017

Real Estate [Abstract]

Investment in Real Estate

Real estate by property type and segment includes the following:



	June 30, 2017		December 31, 2016
Development property:
Residential real estate	$	103,427	$	101,292
Commercial real estate	55,155		56,073
Resorts and leisure	2,041		263
Leasing operations	14,198		2,291
Forestry	2,489		2,492
Corporate	2,515		2,438
Total development property	179,825		164,849

Operating property:
Residential real estate	7,344		8,097
Resorts and leisure	105,825		107,029
Leasing operations	90,845		82,336
Forestry	20,137		19,608
Other	50		50
Total operating property	224,201		217,120
Less: Accumulated depreciation	69,327		67,349
Total operating property, net	154,874		149,771
Investment in real estate, net	$	334,699	$	314,620

Development property consists of land the Company is developing or intends to develop for sale or future operations. Residential real estate includes primary residential and resort residential communities, direct costs associated with the land, development and construction of these communities, including common development costs such as roads, utilities and amenities and indirect costs such as development overhead, capitalized interest, marketing and project administration. Commercial real estate consists of land for commercial and industrial uses, including land holdings near the Northwest Florida Beaches International Airport and Port of Port St. Joe, and includes direct costs, such as roads and utilities, associated with the land and development costs for the Company’s properties. Resorts and leisure development property consists of the improvement and expansion of existing beach club property. Leasing development property primarily includes the land development and construction of buildings for lease in VentureCrossings and a Pier Park outparcel, as well as the consolidated Pier Park North JV and Pier Park Crossings JV. Development property in the leasing operations and resorts and leisure segments will be reclassified as operating property as it is placed into service.

Operating property includes property that the Company uses for operations and activities. Residential real estate operating property consists primarily of residential utility assets. The resorts and leisure operating property includes the WaterColor Inn, certain vacation rental properties, golf courses, a beach club and marinas. Leasing operating property includes property developed or purchased by the Company and used for retail and commercial rental purposes, including property in the Pier Park North JV. Forestry operating property includes the Company’s timberlands. Operating property may be sold in the future as part of the Company’s principal real estate business.

Investments

6 Months Ended

Jun. 30, 2017

Investments, Debt and Equity Securities [Abstract]

Investments

At June 30, 2017, investments and restricted investments classified as available-for-sale securities were as follows:



	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Investments:
U.S. Treasury securities	$	24,930	$	—	$	7	$	24,923
Corporate debt securities	97,563		713		2,257		96,019
Preferred stock	40,525		855		1,103		40,277
Common stock	6,481		165		123		6,523
	169,499		1,733		3,490		167,742
Restricted investments:
Short-term bond	4,254		—		4		4,250
Money market funds	219		—		—		219
	4,473		—		4		4,469
	$	173,972	$	1,733	$	3,494	$	172,211

At December 31, 2016, investments and restricted investments classified as available-for-sale securities were as follows:



	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Investments:
Corporate debt securities	$	135,590	$	5,311	$	1,769	$	139,132
Preferred stock	36,048		656		111		36,593
	171,638		5,967		1,880		175,725
Restricted investments:
Short-term bond	4,232		—		6		4,226
Money market fund	1,410		—		—		1,410
	5,642		—		6		5,636
	$	177,280	$	5,967	$	1,886	$	181,361

Mr. Bruce R. Berkowitz is the Chairman of the Company’s Board of Directors. He is the Manager of, and controls entities that own and control, Fairholme Holdings, LLC, which wholly owns Fairholme Capital Management, L.L.C. (“FCM”, a registered investment advisor registered with the Securities and Exchange Commission) and the Fairholme Trust Company, L.L.C. (“FTC”, a non-depository trust company regulated by the Florida Office of Financial Regulation). Mr. Berkowitz is the Chief Investment Officer of FCM, and the Chief Executive Officer and a director of FTC. Since April 2013, FCM has provided investment advisory services to the Company directly, or more recently, as the sub-advisor to FTC. Neither FCM nor FTC receives any compensation for services as the Company’s investment advisor. As of June 30, 2017, clients of FCM and FTC beneficially owned approximately 35.43% of the Company’s common stock. FCM and its client the Fairholme Fund, a Series of the Fairholme Funds, Inc., may be deemed affiliates of the Company.

Both Mr. Cesar Alvarez and Mr. Howard Frank are members of the Company’s Board of Directors and also serve as directors of the Fairholme Funds, Inc. Mr. Alvarez is also a director of FTC.

Pursuant to the terms of the Investment Management Agreement, as amended (the “Agreement”), FTC 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) no more than 15% of the investment account may be invested in securities of any one issuer (excluding the U.S. Government), (ii) 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, (iii) 25% of the investment account must be held in cash or cash equivalents, (iv) the investment account is permitted to be invested in common equity securities; however, common stock investments shall be limited to exchange-traded common equities, shall not exceed 5% ownership of a single issuer and, cumulatively, the common stock held in the Company’s investment portfolio shall not exceed $100.0 million market value, and (v) the aggregate market value of investments in common stock, preferred stock or other equity investments cannot exceed 25% of the market value of the Company’s investment portfolio at the time of purchase.

As of June 30, 2017, the investment account included $24.9 million of U.S. Treasury securities, $96.0 million of corporate debt securities, $40.3 million of preferred stock and $6.5 million of common stock investments. Of the $96.0 million corporate debt securities and $40.3 million preferred stock $8.6 million and $0.1 million, respectively, were issued by Sears Holdings Corporation or affiliates, of which Mr. Berkowitz is on the board of directors, and may be deemed an affiliate of FCM, or the Company.

During the three and six months ended June 30, 2017, realized gain from the sale of available for-sale securities were $7.7 million and $10.9 million, respectively. During the six months ended June 30, 2017 proceeds from the sale of available-for-sale securities were $110.4 million.

During the three and six months ended June 30, 2016, there was no realized gain or loss from the sale or maturity of available for-sale securities. During the six months ended June 30, 2016, proceeds from the sale of available-for-sale securities were $8.4 million and proceeds from the maturity of available-for-sale securities were $185.0 million.

The following table provides the U.S. Treasury securities, corporate debt securities, preferred stock, common stock and restricted investments unrealized loss position and related fair values:



	As of June 30, 2017								As of December 31, 2016
	Less Than 12 Months				12 Months or Greater				Less Than 12 Months				12 Months or Greater
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Investments:
U.S. Treasury securities	$	24,923	$	7	$	—	$	—	$	—	$	—	$	—	$	—
Corporate debt securities	49,758		1,394		9,542		863		64,516		1,410		6,971		359
Preferred stock	11,544		1,055		147		48		—		—		153		111
Common stock	3,054		123		—		—		—		—		—		—
Restricted investments:
Short-term bond	4,250		4		—		—		4,226		6		—		—
	$	93,529	$	2,583	$	9,689	$	911	$	68,742	$	1,416	$	7,124	$	470

As of June 30, 2017, the Company had investments with an unrealized loss of $3.5 million related to U.S. Treasury securities, corporate debt securities, preferred stock, common stock and restricted investments. The Company had an unrealized loss of $1.9 million as of December 31, 2016 related to corporate debt securities, preferred stock and restricted investments. As of June 30, 2017 and December 31, 2016, the Company did not intend to sell the investments with a material unrealized loss and it is more likely than not that the Company will not be required to sell any of these securities prior to their anticipated recovery, which could be maturity. During the six months ended June 30, 2017, the Company determined that an unrealized loss related to its corporate debt securities and preferred stock was other-than-temporarily impaired and recorded an impairment of $0.4 million for credit-related loss in investment income, net in the Company's condensed consolidated statements of income.

The net carrying value and estimated fair value of investments and restricted investments classified as available-for-sale at June 30, 2017, by contractual maturity are shown in the following table. Actual maturities may differ from contractual maturities since certain borrowers have the right to call or prepay obligations.



	Amortized Cost		Fair Value
Due in one year or less	$	28,886	$	28,584
Due after one year through five years	92,165		90,963
Due after five year through ten years	1,351		1,339
Due after ten years through fifteen years	91		56
	122,493		120,942
Preferred stock	40,525		40,277
Common stock	6,481		6,523
Restricted investments	4,473		4,469
	$	173,972	$	172,211

Financial Instruments and Fair Value Measurements

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

Fair Value Measurements

The financial instruments measured at fair value on a recurring basis at June 30, 2017 were as follows:



	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	14,447	$	—	$	—	$	14,447
Commercial paper	207,202		—		—		207,202
	221,649		—		—		221,649
Investments:
U.S. Treasury securities	24,923		—		—		24,923
Corporate debt securities	—		96,019		—		96,019
Preferred stock	11,345		28,932		—		40,277
Common stock	6,523		—		—		6,523
	42,791		124,951		—		167,742
Restricted investments:
Short-term bond	4,250		—		—		4,250
Money market fund	219		—		—		219
	4,469		—		—		4,469
	$	268,909	$	124,951	$	—	$	393,860

The financial instruments measured at fair value on a recurring basis at December 31, 2016 were as follows:



	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	86,236	$	—	$	—	$	86,236
Commercial paper	129,671		—		—		129,671
	215,907		—		—		215,907
Investments:
Corporate debt securities	57,788		81,344		—		139,132
Preferred stock	19,177		17,416		—		36,593
	76,965		98,760		—		175,725
Restricted investments:
Short-term bond	4,226		—		—		4,226
Money market fund	1,410		—		—		1,410
	5,636		—		—		5,636
	$	298,508	$	98,760	$	—	$	397,268

Money market funds, commercial paper, U.S. Treasury securities, certain preferred stock, common stock and short-term bonds 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 ninety days or less from the date of purchase are classified as cash equivalents in the Company’s condensed consolidated balance sheets.

Corporate debt securities and certain 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 and these are measured primarily using pricing data from external pricing services that report prices observed for recently executed market transactions. For these reasons, the Company has determined that corporate debt securities and certain 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 condensed consolidated financial statements until they are allocated to participants. As of June 30, 2017 and December 31, 2016, the assets held in the suspense account were invested in Vanguard Money Market Funds, which invest in short-term, high quality securities or short-term U.S. government securities and seek to provide current income and preserve shareholders’ principal investment and a Vanguard Short-Term Bond Fund, which invests in money market instruments and short-term high quality bonds, including asset-backed, government, and investment grade corporate securities with an expected maturity of 0-3 years. The Vanguard Money Market Funds and Vanguard Short-Term Bond Fund are measured based on quoted market prices in an active market and categorized within level 1 of the fair value hierarchy. The Company’s Retirement Plan Investment Committee is responsible for investing decisions and allocation decisions of the suspense account. Refer to Note 14. Employee Benefit Plan.

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 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.


•	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.


•	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.

The carrying amount and fair value, measured on a nonrecurring basis, of the Company’s financial instruments were as follows:



	June 30, 2017					December 31, 2016
	Carrying value		Fair value		Level	Carrying value		Fair value		Level
Assets
Retained interest investments	$	10,909	$	13,868	3	$	10,635	$	13,669	3
Investments held by special purpose entities:
Time deposit	$	200,000	$	200,000	3	$	200,000	$	200,000	3
U.S. Treasury securities and cash equivalents	$	8,267	$	8,155	1	$	8,590	$	8,398	1
Liabilities
Senior notes held by special purpose entity	$	176,422	$	200,481	3	$	176,310	$	199,691	3

Retained Interest Investments

The Company has a beneficial interest in certain bankruptcy-remote qualified 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. Therefore, the SPEs’ assets and liabilities are not consolidated in the Company’s condensed consolidated financial statements as of June 30, 2017 and December 31, 2016. The Company’s continuing involvement with the SPEs is the receipt of the net interest payments and the remaining principal of approximately $16.8 million to be received at the end of the installment notes’ fifteen year maturity period, in 2022 through 2024. The Company has a beneficial or retained interest investment related to these SPEs of $10.9 million and $10.6 million as of June 30, 2017 and December 31, 2016, respectively, recorded in other assets on the Company’s condensed consolidated balance sheets.

Investments and Senior Notes Held by Special Purpose Entities

In connection with a real estate sale in 2014, the Company received consideration including a $200.0 million fifteen-year installment note (the “Timber Note”) issued by Panama City Timber Finance Company, LLC. The Company contributed the Timber Note and assigned its rights as a beneficiary under a letter of credit to Northwest Florida Timber Finance, LLC. Northwest Florida Timber Finance, LLC monetized the Timber Note by issuing $180.0 million aggregate principal amount of its 4.8% Senior Secured Notes due in 2029 (the “Senior Notes”) at an issue price of 98.5% of face value to third party investors. The investments held by Panama City Timber Finance Company, LLC as of June 30, 2017, consist of a $200.0 million time deposit that, subsequent to April 2, 2014, pays interest at 4.0% and matures in March 2029, U.S. Treasuries of $7.9 million and cash of $0.4 million. The Senior Notes held by Northwest Florida Timber Finance, LLC as of June 30, 2017 consist of $176.4 million, net of the $3.6 million discount and debt issuance costs. Panama City Timber Finance Company, LLC and Northwest Florida Timber Finance, LLC are VIEs, which the Company consolidates as the primary beneficiary of each entity.

- 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

Claim Settlement Receivable	6 Months Ended
Claim Settlement Receivable	Jun. 30, 2017
Receivables [Abstract]
Claim Settlement Receivable	Claim Settlement Receivable On March 24, 2016, the Company entered into a full and final release agreement with BP p.l.c. and various related entities pursuant to which the Company, on its own behalf and on behalf of certain wholly owned subsidiaries, released any and all claims related to the Deepwater Horizon oil spill which occurred on April 20, 2010. In exchange for this release, the Company will receive $13.2 million from BP Exploration & Production Inc., a large portion of which will reimburse the Company for expenses incurred. On October 3, 2016, the Company received a $5.0 million payment. The remaining settlement amount will be made in payments of $2.7 million due in October of 2017, 2018 and 2019. The Company also received a guaranty of payments from BP North America Corporation Inc. As of March 24, 2016, the Company recorded the claim settlement receivable using an imputed interest rate of 3.0%, based on its best estimate of the prevailing market rates for the source of credit, resulting in an initial present value of $12.5 million and a discount of $0.7 million. $12.5 million of the claim settlement was recognized as other income in the Company’s condensed consolidated statements of income for the six months ended June 30, 2016. The discount is being accreted over the term of the receivable using the effective interest method. Interest income for the three months ended June 30, 2017 and 2016 was less than $0.1 million. Interest income for the six months ended June 30, 2017 and the period from March 24, 2016 to June 30, 2016 was $0.1 million.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Other Assets

6 Months Ended

Jun. 30, 2017

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

Other assets consist of the following:



	June 30, 2017		December 31, 2016
Retained interest investments	$	10,909	$	10,635
Accounts receivable, net	5,579		4,625
Notes receivable, net	2,734		1,926
Prepaid expenses	7,302		5,685
Straight line rent	3,855		3,812
Other assets	7,211		8,789
Accrued interest receivable for Senior Notes held by SPE	2,938		2,938
Total other assets	$	40,528	$	38,410

Notes receivable, net consists of the following:



	June 30, 2017		December 31, 2016
Pier Park Community Development District notes, non-interest bearing, due September 2022	$	1,684	$	1,684
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due June 2018 and any remaining amount outstanding is due by June 2019	857		—
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, due December 2016, paid January 2017	—		33
Various mortgage notes, secured by certain real estate, bearing interest at various rates	193		209
Total notes receivable, net	$	2,734	$	1,926

The Company evaluates the carrying value of the notes receivable and the need for an allowance for doubtful notes receivable at each reporting date. As of June 30, 2017 and December 31, 2016, there was no allowance for doubtful notes receivable.

Real Estate Joint Ventures	6 Months Ended
Real Estate Joint Ventures	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Real Estate Joint Ventures	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 VIEs 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 loss 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 Real Estate Joint Ventures In April 2017, the Company entered into a joint venture agreement to develop, manage, and lease apartments in Panama City Beach, Florida. The joint venture parties are working together to design, develop and construct a 240 unit multi-family apartment home community to be located on land owned by the Company in the Pier Park area. As of June 30, 2017 the Company owned a 65.0% equity interest in the consolidated joint venture. The Company’s partner is responsible for the day-to-day activities of the joint venture. However, the Company has significant involvement in the design of the development and approves all major decisions, including project development, annual budgets and financing. The Company determined Pier Park Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of June 30, 2017. In December 2016, the Company entered into a joint venture agreement, pursuant to which the Company transferred to Windmark JV all of its interest in the Windmark Beach project. As of June 30, 2017 and December 31, 2016, the Company owned a 49.0% equity interest in the consolidated joint venture. A wholly owned subsidiary of the Company is the managing member of Windmark JV and runs its day-to-day operations. Windmark JV owns and its members make major decisions related to the management and development of the Windmark Beach project. For financial accounting purposes, the Company is deemed to control Windmark JV, which is consolidated within the financial results of the Company as of June 30, 2017 and December 31, 2016. During 2012, the Company entered into a joint venture agreement with a partner to develop a retail center at Pier Park North. As of June 30, 2017 and December 31, 2016, the Company owned a 60.0% equity interest in the consolidated joint venture. The Company’s partner is responsible for the day-to-day activities of the joint venture. However, the Company has significant involvement in the design of the development and approves all major decisions, including project development, annual budgets and financing. The Company determined the joint venture is a VIE and that the Company is the VIE’s primary beneficiary as of June 30, 2017 and December 31, 2016. In addition, the Company is the primary beneficiary of Artisan Park, L.L.C, another real estate joint venture that is consolidated within the financial results of the Company. The Company is entitled to 74.0% of the profit or loss of this VIE and is responsible for the day-to-day activities of the joint venture. Unconsolidated Real Estate VIE As of June 30, 2017 and December 31, 2016, 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. 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 ALP’s change in accounting. Financial information for ALP is provided to the Company on a delayed basis. The summarized information as of March 31, 2017 and December 31, 2016 includes total assets of $11.0 million and $11.5 million, respectively, total liabilities of $0.3 million and $0.6 million, respectively and total equity of $10.7 million and $10.9 million, respectively. For the three months ended March 31, 2017 and 2016, ALP reported a net loss of $0.2 million and $0.3 million, respectively.

Debt

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Debt

Debt consists of the following at June 30, 2017:



	Principal		Unamortized Discount and Debt Issuance Costs		Net
Refinanced loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%	$	47,718	$	558	$	47,160
Community Development District debt, secured by certain real estate or other collateral, due May 2031 - May 2039, bearing interest at 3.4% to 7.0% at June 30, 2017	7,169		—		7,169
Construction loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 2.9% at June 30, 2017)	1,188		19		1,169
Total debt	$	56,075	$	577	$	55,498

Debt consists of the following at December 31, 2016:



	Principal		Unamortized Discount and Debt Issuance Costs		Net
Refinanced loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%	$	48,132	$	613	$	47,519
Community Development District debt, secured by certain real estate or other collateral, due May 2031 - May 2039, bearing interest at 3.4% to 7.0% at December 31, 2016	7,521		—		7,521
Total debt	$	55,653	$	613	$	55,040

In October 2015, the Pier Park North JV refinanced a construction loan by entering into a $48.2 million loan (the “Refinanced Loan”). As of June 30, 2017 and December 31, 2016, $47.7 million and $48.1 million, respectively, 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 was secured by a first lien on, and security interest in, a majority of the Pier Park North JV’s property and a remaining $1.3 million short term letter of credit. In connection with the Refinanced Loan, the Company entered into a limited guarantee in favor of the lender, based on its percentage ownership of the joint venture. In addition, the guarantee can become full recourse in the case of any fraud or intentional misrepresentation by the Pier Park North JV; any voluntary transfer or encumbrance of the property in violation of the due-on-sale clause in the security instrument; upon commencement of voluntary bankruptcy or insolvency proceedings and upon breach of covenants in the security instrument.

Community Development District (“CDD”) bonds financed the construction of infrastructure improvements at some of the Company’s projects. The principal and interest payments on the bonds are paid by assessments on the properties benefited by the improvements financed by the bonds. The Company has recorded a liability for CDD debt that is associated with platted property, which is the point at which it becomes fixed or determinable. Additionally, the Company has recorded a liability for the portion of the CDD debt 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 CDD related debt of $7.2 million and $7.5 million as of June 30, 2017 and December 31, 2016, respectively. The Company’s total outstanding CDD debt was $21.9 million and $22.6 million as of June 30, 2017 and December 31, 2016, respectively. The Company pays interest on the total outstanding CDD debt.

In March 2017, a wholly owned subsidiary of the Company entered into a $1.6 million construction loan to finance the construction of a commercial leasing property located in Panama City Beach, Florida (the “Construction Loan”). The Construction Loan bears interest at LIBOR plus 1.70% and matures in March 2027. The Construction 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 Construction Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Construction Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Construction Loan until the project meets certain cash flow stabilization requirements. As of June 30, 2017, $1.2 million was outstanding under the Construction Loan.

The aggregate maturities of debt subsequent to June 30, 2017 are:



	June 30, 2017
2017	$	452
2018	1,481
2019	1,523
2020	1,526
2021	1,507
Thereafter	49,586
	$	56,075

Other Liabilities

6 Months Ended

Jun. 30, 2017

Payables and Accruals [Abstract]

Other Liabilities

Other liabilities consist of the following:



	June 30, 2017		December 31, 2016
Accounts payable	$	12,906	$	4,376
Accrued compensation	1,765		2,655
Deferred revenue	16,614		15,289
Membership deposits and initiation fees	8,948		7,384
Advance deposits	7,863		3,419
Other accrued liabilities	9,674		4,977
Accrued interest expense for Senior Notes held by SPE	2,850		2,850
Total other liabilities	$	60,620	$	40,950

Deferred revenue at June 30, 2017 and December 31, 2016 includes $12.5 million related to a 2006 agreement pursuant to which the Company agreed to sell land to the Florida Department of Transportation. Revenue is recognized when title to a specific parcel is legally transferred.

Membership deposits and initiation fees consist of deposits and fees received for club memberships. Initiation fees are recognized as revenue over the estimated average duration of membership, which is evaluated periodically.

Advance deposits consist of deposits received on hotel rooms and vacation rentals. Advance deposits are recorded as other liabilities in the condensed consolidated balance sheets without regard to whether they are refundable and are recognized as income at the time the service is provided for the related deposit.

Other accrued liabilities include $2.5 million of accrued property taxes as of June 30, 2017, which are generally paid annually in November. As of December 31, 2016 the Company had no accrued property taxes.

Income Taxes

6 Months Ended

Jun. 30, 2017

Income Tax Disclosure [Abstract]

Income Taxes

Income tax expense differed from the amount computed by applying the federal statutory rate of 35% to pre-tax income or loss as a result of the following:



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Tax at the federal statutory rate	$	5,836		$	976		$	8,162		$	5,144
State income taxes (net of federal benefit)	583			97			816			514
Tax effect of timber at the federal statutory rate of 23.8%	(112		)	(54		)	(226		)	(260		)
Decrease in valuation allowance	(316		)	(9		)	(596		)	(363		)
Other	(82		)	(32		)	32			(813		)
Total income tax expense	$	5,909		$	978		$	8,188		$	4,222

The Company had no federal net operating loss carryforwards as of June 30, 2017 and December 31, 2016. The Company had a federal AMT credit carryforward of $10.2 million and $13.5 million as of June 30, 2017 and December 31, 2016, respectively. The AMT credit carryforward is available indefinitely to offset future federal income tax liabilities. As of June 30, 2017 and December 31, 2016, the Company had state net operating loss carryforwards of $404.1 million and $427.3 million, respectively. The state net operating loss is available to offset future taxable income through 2036.

In general, a valuation allowance is recorded if, based on the 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, 2016, 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 $5.1 million. During the six months ended June 30, 2017, the Company reversed $0.6 million of the valuation allowance that was recorded as of December 31, 2016. As of June 30, 2017, management believes it has 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 $4.5 million for these deferred tax assets.

The Company had approximately $1.7 million of total unrecognized tax benefits as of each June 30, 2017 and December 31, 2016. 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 December 2016, the Company entered into a joint venture agreement, pursuant to which the Company sold to Windmark JV all of its interest in the Windmark Beach project. The sale of the Windmark Beach project created a net taxable loss for the Company in 2016. The loss was carried back to 2014 for a federal income tax refund of $21.9 million during the six months ended June 30, 2017. In addition, the Company received a federal tax refund for 2016 of $4.4 million during the six months ended June 30, 2017.

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2017

Stockholders' Equity Note [Abstract]

Accumulated Other Comprehensive Income (Loss)

Following is a summary of the changes in the balances of accumulated other comprehensive income (loss), which is presented net of tax, as of June 30, 2017:



	Unrealized Gain and (Loss) on Available-for-Sale Securities
Accumulated other comprehensive income at December 31, 2016	$	2,507
Other comprehensive income before reclassifications	2,861
Amounts reclassified from accumulated other comprehensive loss	(6,312		)
Other comprehensive loss	(3,451		)
Accumulated other comprehensive loss at June 30, 2017	$	(944	)

Following is a summary of the tax effects allocated to other comprehensive loss for the three months ended June 30, 2017 and 2016:



	Three Months Ended June 30, 2017
	Before-Tax Amount			Tax (Expense) or Benefit			Net-of-Tax Amount
Unrealized gain (loss) on investments:
Unrealized gain on available-for-sale investments	$	745		$	(287	)	$	458
Unrealized loss on restricted investments	(4		)	2			(2		)
Less: reclassification adjustment for gain included in earnings	(7,739		)	3,120			(4,619		)
Net unrealized loss	(6,998		)	2,835			(4,163		)
Other comprehensive loss	$	(6,998	)	$	2,835		$	(4,163	)



	Three Months Ended June 30, 2016
	Before-Tax Amount		Tax Expense			Net-of-Tax Amount
Unrealized gain on available-for-sale investments	$	90	$	(35	)	$	55

Following is a summary of the tax effects allocated to other comprehensive loss for the six months ended June 30, 2017 and 2016:



	Six Months Ended June 30, 2017
	Before-Tax Amount			Tax (Expense) or Benefit			Net-of-Tax Amount
Unrealized gain on investments:
Unrealized gain on available-for-sale investments	$	4,650		$	(1,789	)	$	2,861
Reclassification adjustment for gain included in earnings	(10,861		)	4,183			(6,678		)
Reclassification adjustment for other-than-temporary impairment loss included in earnings	366			—			366
Net unrealized loss	(5,845		)	2,394			(3,451		)
Other comprehensive loss	$	(5,845	)	$	2,394		$	(3,451	)



	Six Months Ended June 30, 2016
	Before-Tax Amount		Tax Expense			Net-of-Tax Amount
Unrealized gain on available-for-sale investments	$	2	$	(1	)	$	1

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2017
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Stock Repurchase Program During the six months ended June 30, 2017 and 2016, the Company repurchased 2,416,089 and 995,650 shares, respectively, of its common stock at an average purchase price of $16.74 and $14.88, per share, respectively, for an aggregate purchase price of $40.4 million and $14.8 million, respectively, pursuant to its stock repurchase program (the “Stock Repurchase Program”). As of June 30, 2017, the Company had a total authority of $150.5 million available for purchase of shares of its common stock pursuant to its Stock Repurchase Program. The Company may repurchase its common stock in open market purchases from time to time, in privately negotiated transactions or otherwise, pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing and amount of any additional shares to be repurchased will depend upon a variety of factors, including market and business conditions 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. On July 7, 2017, the Board of Directors of the Company authorized additional repurchases of up to $28.0 million of the Company’s shares of its common stock under the Stock Repurchase Program. On July 11, 2017, the Company purchased an additional 1,500,000 shares for an aggregate purchase price of $27.0 million. After giving effect to the repurchase, as of July 31, 2017, the Company has $150.5 million remaining under the Stock Repurchase Program. Issuance of Common Stock for Director’s Fees On May 25, 2017, the Company’s Board of Directors (the “Board”) approved granting to each non-employee director an equity grant with an aggregate fair market value of $50,000 or, at the director’s election, its cash equivalent. On July 3, 2017 two of the Company’s directors were each granted 2,667 shares of restricted stock pursuant to the Board’s May 25th approval and the Company's 2015 Performance and Equity Incentive Plan. This restricted stock will vest on the date of the Company's 2018 Annual Meeting of Shareholders (the "Annual Meeting") and is subject to forfeiture upon termination of service on the Board prior to the Annual Meeting. Four non-employee directors elected to receive cash in lieu of the stock. On May 17, 2016, the Board approved the issuance of 8,919 restricted stock awards to three members of the Board as part of their 2016 compensation package and pursuant to the 2015 Performance and Equity Incentive Plan. These restricted stock awards vested 25% on the date of issue and 25% on August 17, 2016, November 17, 2016 and February 17, 2017. For each of the six months ended June 30, 2017 and 2016, the Company recorded expense of less than $0.1 million, related to restricted stock awards to the Company’s directors.

Employee Benefit Plan	6 Months Ended
Employee Benefit Plan	Jun. 30, 2017
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan The Company maintains a 401(k) retirement plan covering substantially all officers and employees of the Company, which permits participants to defer up to the maximum allowable amount determined by the IRS of their eligible compensation. As part of the Pension Plan termination in 2014, 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 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 condensed consolidated financial statements until they are allocated to participants. As of June 30, 2017 and December 31, 2016, the fair value of these assets was recorded in restricted investments on the Company’s condensed consolidated balance sheets and were $4.5 million and $5.6 million, respectively. The Company expenses the fair value of the assets at the time the assets are allocated to participants, which is expected to be allocated up to the next four years. During the six months ended June 30, 2017 and 2016, the Company recorded an expense of $1.2 million and $1.4 million, respectively, for the fair value of the assets, less expenses, that were allocated to participants during that period. Any gain or loss on these assets is reflected in the Company’s condensed consolidated statements of income and was less than a $0.1 million gain for both the three and six months ended June 30, 2017 and 2016. Refer to Note 5. Financial Instruments and Fair Value Measurements.

Other Income (Expense)

6 Months Ended

Jun. 30, 2017

Other Income and Expenses [Abstract]

Other Income (Expense)

Other income (expense) consists of the following:



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Investment income, net
Net investment income from available-for-sale securities
Interest and dividend income	$	4,024		$	252		$	8,573		$	442
Accretion income	399			579			1,320			1,041
Realized gain on the sale of investments	7,739			—			10,861			—
Other-than-temporary impairment loss	—			—			(366		)	—
Total net investment income from available-for-sale securities	12,162			831			20,388			1,483
Interest income from investments in SPEs	2,050			2,050			4,101			4,101
Interest accrued on notes receivable and other interest	91			78			169			105
Total investment income, net	14,303			2,959			24,658			5,689
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE	(2,194		)	(2,191		)	(4,387		)	(4,382		)
Other interest expense	(841		)	(954		)	(1,691		)	(1,798		)
Total interest expense	(3,035		)	(3,145		)	(6,078		)	(6,180		)
Claim settlement	—			—			—			12,548
Other income, net
Accretion income from retained interest investments	271			243			534			484
Hunting lease income	140			138			279			277
Miscellaneous income, net	181			220			3,830			289
Other income, net	592			601			4,643			1,050

Total other income, net	$	11,860		$	415		$	23,223		$	13,107

Investment Income, Net

Interest and dividend income includes interest income accrued or received on the Company’s corporate debt securities and dividend income received from the Company’s preferred stock and other 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 securities. Realized gain on the sale of investments include the gain recognized on the sale of an available-for-sale security prior to maturity. During the six months ended June 30, 2017, the Company determined that a portion of its investments in corporate debt securities and preferred stock were other-than-temporarily impaired and recorded a $0.4 million impairment related to credit-related loss in investment income, net on the Company's condensed consolidated statements of income. See Note 4. Investments.

Interest income from investments in SPEs primarily includes interest accrued or received on the investments held by Panama City Timber Finance Company, LLC, which is used to pay the interest expense for Senior Notes held by Northwest Florida Timber Finance, LLC.

Interest Expense

Interest expense includes interest expense related to the Company’s CDD debt and Refinanced Loan in the Pier Park North JV. Borrowing costs, including the discount and issuance costs for the Senior Notes issued by Northwest Florida Timber Finance, LLC, are amortized based on the effective interest method at an effective rate of 4.9%.

Claim Settlement

Claim settlement during the six months ended June 30, 2016 includes $12.5 million for a settlement related to the Deepwater Horizon oil spill. See Note 6. Claim Settlement Receivable for further discussion.

Other Income, Net

During the six months ended June 30, 2017, the Company negotiated an insurance settlement that resulted in proceeds of $3.5 million, for reimbursement of certain attorney fees and related costs incurred by the Company in defending shareholder litigation and the SEC investigation which was resolved in October 2015. This amount was included in other income, net in the condensed consolidated statements of income.

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 each lease.

Segment Information

6 Months Ended

Jun. 30, 2017

Segment Reporting [Abstract]

Segment Information

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 and (5) forestry.

The residential real estate segment generates revenue from the development and sale of homes and homesites and the sale of parcels of entitled, undeveloped land. The commercial real estate segment sells undeveloped or developed land and commercial operating property. The resort and leisure segment generates revenue and incurs costs from the WaterColor Inn and Resort, vacation rental program, management of The Pearl Hotel, membership sales, membership reservations, restaurants, four golf courses, a beach club, marina operations and other related resort activities. The leasing segment generates revenue and costs from leasing retail, office and commercial property, cell towers and other assets. Leasing operations include properties located in the Company’s consolidated Pier Park North JV and Windmark JV, as well as the Company’s industrial park, VentureCrossings and other properties. The forestry segment produces and sells pulpwood, 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 before 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 set forth in Note 2 to the Company’s consolidated financial statements contained in Item 15 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. Total revenue represents sales to unaffiliated customers, as reported in the Company’s condensed consolidated statements of income. All significant intercompany accounts and transactions have been eliminated in consolidation. The caption entitled “Other” consists of mitigation credit and title fee revenue and non-allocated corporate general and administrative expenses, net of investment income.

Information by business segment is as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Operating revenue:
Residential real estate	$	4,706		$	5,796		$	5,980		$	12,784
Commercial real estate	2,178			—			2,178			—
Resorts and leisure	19,328			19,794			27,436			28,544
Leasing operations	2,653			2,321			5,037			4,682
Forestry	1,324			1,603			2,674			3,724
Other	194			37			275			71
Total operating revenue	$	30,383		$	29,551		$	43,580		$	49,805

Income (loss) before income taxes:
Residential real estate	$	1,893		$	1,081		$	1,224		$	4,439
Commercial real estate	(74		)	(548		)	(649		)	(1,148		)
Resorts and leisure	3,380			2,795			1,604			994
Leasing operations	309			(336		)	511			(379		)
Forestry	1,130			1,241			2,371			3,094
Other	9,885			(1,675		)	17,929			7,354
Total income before income taxes	$	16,523		$	2,558		$	22,990		$	14,354



	June 30, 2017		December 31, 2016
Total Assets:
Residential real estate	$	118,917	$	112,220
Commercial real estate	58,343		60,150
Resorts and leisure	81,363		73,436
Leasing operations	99,816		80,863
Forestry	20,938		20,664
Other	640,969		680,612
Total assets	$	1,020,346	$	1,027,945

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company establishes an accrued liability when it believes it is both probable that a material loss has been incurred and the amount of the loss can be reasonably estimated. The Company will evaluate the range of reasonably estimated loss and record an accrued liability based on what it believes to be the minimum amount in the range, unless it believes 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 believes it is reasonably possible that a material loss will be incurred or when it believes 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, as well as 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, including litigation related to its prior homebuilding and development activities and those described herein. 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 position 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. 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 and a 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 (“FDEP”). The paper mill site has been rehabilitated in accordance with these agreements and a final Site Rehabilitation Completion Order (“SRCO”) issued by the 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, 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 $1.2 million and $1.3 million as of June 30, 2017 and December 31, 2016, respectively. Significant judgment is required in both the determination of probability and the determination as to whether the amount of an exposure is reasonably estimable. Due to uncertainties related to these matters, accruals are based only on the information available at the time. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company's results of operations in a given period. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage, including its timber assets. At June 30, 2017 and December 31, 2016, the Company was required to provide surety bonds that guarantee completion of certain infrastructure in certain development projects and mitigation banks of $6.7 million and $6.2 million, respectively, and standby letters of credit of $0.1 million and $0.4 million, respectively, which may potentially result in liability to the Company if certain obligations of the Company are not met. As of June 30, 2017, the Company had a total of $25.2 million in contractual obligations, of which $24.8 million are for the remainder of 2017 and $0.4 million are for 2018. Security on the Refinanced Loan includes a remaining short term $1.3 million letter of credit. See Note 9. Debt for a further discussion on the Refinanced Loan.

Summary of Significant Accounting Policies - (Policies)

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Use of Estimates

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

Fair Value Measurements

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.

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 loss 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.

Comprehensive Income

The Company’s comprehensive income includes unrealized gains and temporary losses on available-for-sale securities and restricted investments.

Income Taxes

Concentration of Risks and Uncertainties

Earnings Per Share

Revenue and Revenue Recognition

Real Estate Revenue

Resorts and Leisure Revenue

Leasing Revenue

Forestry Product Revenue

Recently Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Business Combinations

Recently Issued Accounting Pronouncements

Revenue Recognition

Financial Instruments

Leases

Financial Instruments - Credit Losses

Statement of Cash Flows

Income Taxes

Investment in Real Estate (Tables)

6 Months Ended

Jun. 30, 2017

Real Estate [Abstract]

Real estate by property type and segment

Real estate by property type and segment includes the following:



	June 30, 2017		December 31, 2016
Development property:
Residential real estate	$	103,427	$	101,292
Commercial real estate	55,155		56,073
Resorts and leisure	2,041		263
Leasing operations	14,198		2,291
Forestry	2,489		2,492
Corporate	2,515		2,438
Total development property	179,825		164,849

Operating property:
Residential real estate	7,344		8,097
Resorts and leisure	105,825		107,029
Leasing operations	90,845		82,336
Forestry	20,137		19,608
Other	50		50
Total operating property	224,201		217,120
Less: Accumulated depreciation	69,327		67,349
Total operating property, net	154,874		149,771
Investment in real estate, net	$	334,699	$	314,620

Investments (Tables)

6 Months Ended

Jun. 30, 2017

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

At June 30, 2017, investments and restricted investments classified as available-for-sale securities were as follows:



	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Investments:
U.S. Treasury securities	$	24,930	$	—	$	7	$	24,923
Corporate debt securities	97,563		713		2,257		96,019
Preferred stock	40,525		855		1,103		40,277
Common stock	6,481		165		123		6,523
	169,499		1,733		3,490		167,742
Restricted investments:
Short-term bond	4,254		—		4		4,250
Money market funds	219		—		—		219
	4,473		—		4		4,469
	$	173,972	$	1,733	$	3,494	$	172,211

At December 31, 2016, investments and restricted investments classified as available-for-sale securities were as follows:



	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Investments:
Corporate debt securities	$	135,590	$	5,311	$	1,769	$	139,132
Preferred stock	36,048		656		111		36,593
	171,638		5,967		1,880		175,725
Restricted investments:
Short-term bond	4,232		—		6		4,226
Money market fund	1,410		—		—		1,410
	5,642		—		6		5,636
	$	177,280	$	5,967	$	1,886	$	181,361

Continuous Unrealized Loss Position

The following table provides the U.S. Treasury securities, corporate debt securities, preferred stock, common stock and restricted investments unrealized loss position and related fair values:



	As of June 30, 2017								As of December 31, 2016
	Less Than 12 Months				12 Months or Greater				Less Than 12 Months				12 Months or Greater
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Investments:
U.S. Treasury securities	$	24,923	$	7	$	—	$	—	$	—	$	—	$	—	$	—
Corporate debt securities	49,758		1,394		9,542		863		64,516		1,410		6,971		359
Preferred stock	11,544		1,055		147		48		—		—		153		111
Common stock	3,054		123		—		—		—		—		—		—
Restricted investments:
Short-term bond	4,250		4		—		—		4,226		6		—		—
	$	93,529	$	2,583	$	9,689	$	911	$	68,742	$	1,416	$	7,124	$	470

Contractual Maturities of Investments



	Amortized Cost		Fair Value
Due in one year or less	$	28,886	$	28,584
Due after one year through five years	92,165		90,963
Due after five year through ten years	1,351		1,339
Due after ten years through fifteen years	91		56
	122,493		120,942
Preferred stock	40,525		40,277
Common stock	6,481		6,523
Restricted investments	4,473		4,469
	$	173,972	$	172,211

- 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

Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

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 June 30, 2017 were as follows:



	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	14,447	$	—	$	—	$	14,447
Commercial paper	207,202		—		—		207,202
	221,649		—		—		221,649
Investments:
U.S. Treasury securities	24,923		—		—		24,923
Corporate debt securities	—		96,019		—		96,019
Preferred stock	11,345		28,932		—		40,277
Common stock	6,523		—		—		6,523
	42,791		124,951		—		167,742
Restricted investments:
Short-term bond	4,250		—		—		4,250
Money market fund	219		—		—		219
	4,469		—		—		4,469
	$	268,909	$	124,951	$	—	$	393,860

The financial instruments measured at fair value on a recurring basis at December 31, 2016 were as follows:



	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	86,236	$	—	$	—	$	86,236
Commercial paper	129,671		—		—		129,671
	215,907		—		—		215,907
Investments:
Corporate debt securities	57,788		81,344		—		139,132
Preferred stock	19,177		17,416		—		36,593
	76,965		98,760		—		175,725
Restricted investments:
Short-term bond	4,226		—		—		4,226
Money market fund	1,410		—		—		1,410
	5,636		—		—		5,636
	$	298,508	$	98,760	$	—	$	397,268

Carrying Amount and Fair Value of Financial Instruments

The carrying amount and fair value, measured on a nonrecurring basis, of the Company’s financial instruments were as follows:



	June 30, 2017					December 31, 2016
	Carrying value		Fair value		Level	Carrying value		Fair value		Level
Assets
Retained interest investments	$	10,909	$	13,868	3	$	10,635	$	13,669	3
Investments held by special purpose entities:
Time deposit	$	200,000	$	200,000	3	$	200,000	$	200,000	3
U.S. Treasury securities and cash equivalents	$	8,267	$	8,155	1	$	8,590	$	8,398	1
Liabilities
Senior notes held by special purpose entity	$	176,422	$	200,481	3	$	176,310	$	199,691	3

Other Assets (Tables)

6 Months Ended

Jun. 30, 2017

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

Other assets consist of the following:



	June 30, 2017		December 31, 2016
Retained interest investments	$	10,909	$	10,635
Accounts receivable, net	5,579		4,625
Notes receivable, net	2,734		1,926
Prepaid expenses	7,302		5,685
Straight line rent	3,855		3,812
Other assets	7,211		8,789
Accrued interest receivable for Senior Notes held by SPE	2,938		2,938
Total other assets	$	40,528	$	38,410

Schedule of Notes Receivable, net

Notes receivable, net consists of the following:



	June 30, 2017		December 31, 2016
Pier Park Community Development District notes, non-interest bearing, due September 2022	$	1,684	$	1,684
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due June 2018 and any remaining amount outstanding is due by June 2019	857		—
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, due December 2016, paid January 2017	—		33
Various mortgage notes, secured by certain real estate, bearing interest at various rates	193		209
Total notes receivable, net	$	2,734	$	1,926

Debt (Tables)

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Debt

Debt consists of the following at June 30, 2017:



	Principal		Unamortized Discount and Debt Issuance Costs		Net
Refinanced loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%	$	47,718	$	558	$	47,160
Community Development District debt, secured by certain real estate or other collateral, due May 2031 - May 2039, bearing interest at 3.4% to 7.0% at June 30, 2017	7,169		—		7,169
Construction loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 2.9% at June 30, 2017)	1,188		19		1,169
Total debt	$	56,075	$	577	$	55,498

Debt consists of the following at December 31, 2016:



	Principal		Unamortized Discount and Debt Issuance Costs		Net
Refinanced loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%	$	48,132	$	613	$	47,519
Community Development District debt, secured by certain real estate or other collateral, due May 2031 - May 2039, bearing interest at 3.4% to 7.0% at December 31, 2016	7,521		—		7,521
Total debt	$	55,653	$	613	$	55,040

Maturities of Debt

The aggregate maturities of debt subsequent to June 30, 2017 are:



	June 30, 2017
2017	$	452
2018	1,481
2019	1,523
2020	1,526
2021	1,507
Thereafter	49,586
	$	56,075

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2017

Income Tax Disclosure [Abstract]

Schedule of effective income tax rate reconciliation

Income tax expense differed from the amount computed by applying the federal statutory rate of 35% to pre-tax income or loss as a result of the following:



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Tax at the federal statutory rate	$	5,836		$	976		$	8,162		$	5,144
State income taxes (net of federal benefit)	583			97			816			514
Tax effect of timber at the federal statutory rate of 23.8%	(112		)	(54		)	(226		)	(260		)
Decrease in valuation allowance	(316		)	(9		)	(596		)	(363		)
Other	(82		)	(32		)	32			(813		)
Total income tax expense	$	5,909		$	978		$	8,188		$	4,222

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2017

Stockholders' Equity Note [Abstract]

Summary of Changes in Accumulated Other Comprehensive (Loss) Income

Following is a summary of the changes in the balances of accumulated other comprehensive income (loss), which is presented net of tax, as of June 30, 2017:



	Unrealized Gain and (Loss) on Available-for-Sale Securities
Accumulated other comprehensive income at December 31, 2016	$	2,507
Other comprehensive income before reclassifications	2,861
Amounts reclassified from accumulated other comprehensive loss	(6,312		)
Other comprehensive loss	(3,451		)
Accumulated other comprehensive loss at June 30, 2017	$	(944	)

Reclassification out of Accumulated Other Comprehensive (Loss) Income

Following is a summary of the tax effects allocated to other comprehensive loss for the three months ended June 30, 2017 and 2016:



	Three Months Ended June 30, 2017
	Before-Tax Amount			Tax (Expense) or Benefit			Net-of-Tax Amount
Unrealized gain (loss) on investments:
Unrealized gain on available-for-sale investments	$	745		$	(287	)	$	458
Unrealized loss on restricted investments	(4		)	2			(2		)
Less: reclassification adjustment for gain included in earnings	(7,739		)	3,120			(4,619		)
Net unrealized loss	(6,998		)	2,835			(4,163		)
Other comprehensive loss	$	(6,998	)	$	2,835		$	(4,163	)



	Three Months Ended June 30, 2016
	Before-Tax Amount		Tax Expense			Net-of-Tax Amount
Unrealized gain on available-for-sale investments	$	90	$	(35	)	$	55

Following is a summary of the tax effects allocated to other comprehensive loss for the six months ended June 30, 2017 and 2016:



	Six Months Ended June 30, 2017
	Before-Tax Amount			Tax (Expense) or Benefit			Net-of-Tax Amount
Unrealized gain on investments:
Unrealized gain on available-for-sale investments	$	4,650		$	(1,789	)	$	2,861
Reclassification adjustment for gain included in earnings	(10,861		)	4,183			(6,678		)
Reclassification adjustment for other-than-temporary impairment loss included in earnings	366			—			366
Net unrealized loss	(5,845		)	2,394			(3,451		)
Other comprehensive loss	$	(5,845	)	$	2,394		$	(3,451	)



	Six Months Ended June 30, 2016
	Before-Tax Amount		Tax Expense			Net-of-Tax Amount
Unrealized gain on available-for-sale investments	$	2	$	(1	)	$	1

Other Income (Expense) (Tables)

6 Months Ended

Jun. 30, 2017

Other Income and Expenses [Abstract]

Schedule of other income (expense)

Other income (expense) consists of the following:



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Investment income, net
Net investment income from available-for-sale securities
Interest and dividend income	$	4,024		$	252		$	8,573		$	442
Accretion income	399			579			1,320			1,041
Realized gain on the sale of investments	7,739			—			10,861			—
Other-than-temporary impairment loss	—			—			(366		)	—
Total net investment income from available-for-sale securities	12,162			831			20,388			1,483
Interest income from investments in SPEs	2,050			2,050			4,101			4,101
Interest accrued on notes receivable and other interest	91			78			169			105
Total investment income, net	14,303			2,959			24,658			5,689
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE	(2,194		)	(2,191		)	(4,387		)	(4,382		)
Other interest expense	(841		)	(954		)	(1,691		)	(1,798		)
Total interest expense	(3,035		)	(3,145		)	(6,078		)	(6,180		)
Claim settlement	—			—			—			12,548
Other income, net
Accretion income from retained interest investments	271			243			534			484
Hunting lease income	140			138			279			277
Miscellaneous income, net	181			220			3,830			289
Other income, net	592			601			4,643			1,050

Total other income, net	$	11,860		$	415		$	23,223		$	13,107

Segment Information (Tables)

6 Months Ended

Jun. 30, 2017

Segment Reporting [Abstract]

Information by Business Segment

Information by business segment is as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Operating revenue:
Residential real estate	$	4,706		$	5,796		$	5,980		$	12,784
Commercial real estate	2,178			—			2,178			—
Resorts and leisure	19,328			19,794			27,436			28,544
Leasing operations	2,653			2,321			5,037			4,682
Forestry	1,324			1,603			2,674			3,724
Other	194			37			275			71
Total operating revenue	$	30,383		$	29,551		$	43,580		$	49,805

Income (loss) before income taxes:
Residential real estate	$	1,893		$	1,081		$	1,224		$	4,439
Commercial real estate	(74		)	(548		)	(649		)	(1,148		)
Resorts and leisure	3,380			2,795			1,604			994
Leasing operations	309			(336		)	511			(379		)
Forestry	1,130			1,241			2,371			3,094
Other	9,885			(1,675		)	17,929			7,354
Total income before income taxes	$	16,523		$	2,558		$	22,990		$	14,354



	June 30, 2017		December 31, 2016
Total Assets:
Residential real estate	$	118,917	$	112,220
Commercial real estate	58,343		60,150
Resorts and leisure	81,363		73,436
Leasing operations	99,816		80,863
Forestry	20,938		20,664
Other	640,969		680,612
Total assets	$	1,020,346	$	1,027,945

Summary of Significant Accounting Policies - (Details)	3 Months Ended		6 Months Ended
Summary of Significant Accounting Policies - (Details)	Jun. 30, 2017 USD ($) issuer shares	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($) issuer shares	Jun. 30, 2016 USD ($)	Dec. 31, 2016 USD ($) shares
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
401(k) Plan distribution period (in years)			4 years
Impairment losses	$ 0	$ 0	$ 0	$ 0
U.S. Treasury securities	172,211,000		172,211,000		$ 181,361,000
Debt securities	$ 120,942,000		$ 120,942,000
Common stock equivalents \| shares	0		0		0
Property management fee, percent fee			50.00%
U.S. Treasury securities
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
U.S. Treasury securities	$ 24,923,000		$ 24,923,000
Corporate debt securities
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
U.S. Treasury securities	96,019,000		96,019,000		$ 139,132,000
Debt securities	96,000,000		96,000,000
Preferred stock
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
U.S. Treasury securities	40,277,000		40,277,000		$ 36,593,000
Preferred stock investments	40,300,000		40,300,000
Common stock
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
U.S. Treasury securities	6,523,000		6,523,000
Preferred stock investments	$ 6,500,000		$ 6,500,000
Commercial paper
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of issuers \| issuer	11		11
Commercial paper	$ 207,200,000		$ 207,200,000
Non-investment grade \| Corporate debt securities
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Debt securities	$ 96,000,000		$ 96,000,000
Number of issuers \| issuer	7		7
Non-investment grade \| Preferred stock
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of issuers \| issuer	4		4
Preferred stock investments	$ 40,300,000		$ 40,300,000
Investment grade member \| Common stock
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of issuers \| issuer	1		1
Preferred stock investments	$ 6,500,000		$ 6,500,000

Investments in Real Estate - Real Estate by Property Type and Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Real Estate Properties [Line Items]
Development property	$ 179,825	$ 164,849
Operating property	224,201	217,120
Less: Accumulated depreciation	69,327	67,349
Total operating property, net	154,874	149,771
Investment in real estate, net	334,699	314,620
Residential real estate
Real Estate Properties [Line Items]
Development property	103,427	101,292
Operating property	7,344	8,097
Commercial real estate
Real Estate Properties [Line Items]
Development property	55,155	56,073
Resorts and leisure
Real Estate Properties [Line Items]
Development property	2,041	263
Operating property	105,825	107,029
Leasing operations
Real Estate Properties [Line Items]
Development property	14,198	2,291
Operating property	90,845	82,336
Forestry
Real Estate Properties [Line Items]
Development property	2,489	2,492
Operating property	20,137	19,608
Other
Real Estate Properties [Line Items]
Operating property	50	50
Corporate
Real Estate Properties [Line Items]
Development property	$ 2,515	$ 2,438

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 173,972	$ 177,280
Gross Unrealized Gain	1,733	5,967
Gross Unrealized Loss	3,494	1,886
Fair Value	172,211	181,361
U.S. Treasury securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	24,930
Gross Unrealized Gain	0
Gross Unrealized Loss	7
Fair Value	24,923
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	97,563	135,590
Gross Unrealized Gain	713	5,311
Gross Unrealized Loss	2,257	1,769
Fair Value	96,019	139,132
Preferred stock
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	40,525	36,048
Gross Unrealized Gain	855	656
Gross Unrealized Loss	1,103	111
Fair Value	40,277	36,593
Common stock
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	6,481
Gross Unrealized Gain	165
Gross Unrealized Loss	123
Fair Value	6,523
Debt and equity investments
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	169,499	171,638
Gross Unrealized Gain	1,733	5,967
Gross Unrealized Loss	3,490	1,880
Fair Value	167,742	175,725
Short-term bond
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	4,254	4,232
Gross Unrealized Gain	0	0
Gross Unrealized Loss	4	6
Fair Value	4,250	4,226
Money market funds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	219	1,410
Gross Unrealized Gain	0	0
Gross Unrealized Loss	0	0
Fair Value	219	1,410
Restricted investments
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	4,473	5,642
Gross Unrealized Gain	0	0
Gross Unrealized Loss	4	6
Fair Value	$ 4,469	$ 5,636

Investments - Narrative (Details)	3 Months Ended		6 Months Ended
Investments - Narrative (Details)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($) member	Jun. 30, 2016 USD ($)	Dec. 31, 2016 USD ($)
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 172,211,000		$ 172,211,000		$ 181,361,000
Number of Investment Committee Members Required to Authorize Investment \| member			2
Debt securities	120,942,000		$ 120,942,000
Realized losses from the sale of available-for-sale securities (less than)	7,700,000	$ 0	10,900,000	$ 0
Proceeds from sales of available-for-sale securities			110,400,000	8,400,000
Maturities of investments			0	185,000,000
Unrealized losses	3,494,000		3,494,000		1,886,000
Other-than-temporary impairment loss	0	$ 0	366,000	$ 0
U.S. Treasury securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value	24,923,000		24,923,000
Unrealized losses	7,000		7,000
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value	96,019,000		96,019,000		139,132,000
Debt securities	96,000,000		96,000,000
Unrealized losses	2,257,000		2,257,000		1,769,000
Preferred stock
Schedule of Available-for-sale Securities [Line Items]
Fair Value	40,277,000		40,277,000		36,593,000
Preferred stock investments	40,300,000		40,300,000
Unrealized losses	1,103,000		1,103,000		$ 111,000
Common stock
Schedule of Available-for-sale Securities [Line Items]
Fair Value	6,523,000		6,523,000
Preferred stock investments	6,500,000		6,500,000
Unrealized losses	123,000		123,000
Sears Holdings Corp or affiliates \| Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Debt securities	8,600,000		8,600,000
Sears Holdings Corp or affiliates \| Preferred stock
Schedule of Available-for-sale Securities [Line Items]
Preferred stock investments	$ 100,000		$ 100,000
Required percent of investment account held in cash or cash equivalents \| Minimum
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations			25.00%
Other aggregated investments \| Minimum \| Securities of any one issuer (excluding the U.S. Government)
Schedule of Available-for-sale Securities [Line Items]
Investments, portfolio allocations requiring additional consent			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%
Investments, portfolio allocations requiring additional consent			15.00%
Other aggregated investments \| Maximum \| Single Issuer, exchange-traded common equities
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations			5.00%
Common stock investments \| Maximum
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations, amount			$ 100,000,000.0
Common, preferred or other equity investments \| Maximum
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations			25.00%
Investor \| Fairholme Capital Management, L.L.C.
Schedule of Available-for-sale Securities [Line Items]
Common stock ownership percentage	35.43%		35.43%

Investments - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	$ 93,529	$ 68,742
Less Than 12 Months, Unrealized Losses	2,583	1,416
12 Months or Greater, Fair Value	9,689	7,124
12 Months or Greater, Unrealized Losses	911	470
U.S. Treasury securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	24,923	0
Less Than 12 Months, Unrealized Losses	7	0
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	49,758	64,516
Less Than 12 Months, Unrealized Losses	1,394	1,410
12 Months or Greater, Fair Value	9,542	6,971
12 Months or Greater, Unrealized Losses	863	359
Preferred stock
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	11,544	0
Less Than 12 Months, Unrealized Losses	1,055	0
12 Months or Greater, Fair Value	147	153
12 Months or Greater, Unrealized Losses	48	111
Common stock
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	3,054	0
Less Than 12 Months, Unrealized Losses	123	0
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Unrealized Losses	0	0
Short-term bond
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	4,250	4,226
Less Than 12 Months, Unrealized Losses	4	6
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	Jun. 30, 2017	Dec. 31, 2016
Amortized Cost
Due in one year or less	$ 28,886
Due after one year through five years	92,165
Due after five year through ten years	1,351
Due after ten years through fifteen years	91
Amortized Cost	122,493
Amortized Cost	173,972	$ 177,280
Fair Value
Due in one year or less	28,584
Due after one year through five years	90,963
Due after five year through ten years	1,339
Due after ten years through fifteen years	56
Fair Value	120,942
Fair Value	172,211	181,361
Preferred stock
Amortized Cost
Securities without maturity date, amortized cost	40,525
Amortized Cost	40,525	36,048
Fair Value
Securities without maturity date, fair value	40,277
Fair Value	40,277	36,593
Common stock
Amortized Cost
Securities without maturity date, amortized cost	6,481
Amortized Cost	6,481
Fair Value
Securities without maturity date, fair value	6,523
Fair Value	6,523
Restricted investments
Amortized Cost
Securities without maturity date, amortized cost	4,473
Amortized Cost	4,473	5,642
Fair Value
Securities without maturity date, fair value	4,469
Fair Value	$ 4,469	$ 5,636

Financial Instruments and Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	$ 4,469	$ 5,636
Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	221,649	215,907
Investments	167,742	175,725
Restricted investments	4,469	5,636
Total Fair Value	393,860	397,268
Fair value, measurements, recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	221,649	215,907
Investments	42,791	76,965
Restricted investments	4,469	5,636
Total Fair Value	268,909	298,508
Fair value, measurements, recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Investments	124,951	98,760
Restricted investments	0	0
Total Fair Value	124,951	98,760
Fair value, measurements, recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Investments	0	0
Restricted investments	0	0
Total Fair Value	0	0
Fair value, measurements, recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	14,447	86,236
Restricted investments	219	1,410
Fair value, measurements, recurring \| Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	14,447	86,236
Restricted investments	219	1,410
Fair value, measurements, recurring \| Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Restricted investments	0	0
Fair value, measurements, recurring \| Money market funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Restricted investments	0	0
Fair value, measurements, recurring \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	207,202	129,671
Fair value, measurements, recurring \| Commercial paper \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	207,202	129,671
Fair value, measurements, recurring \| Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Fair value, measurements, recurring \| Commercial paper \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Fair value, measurements, recurring \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	24,923
Fair value, measurements, recurring \| U.S. Treasury securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	24,923
Fair value, measurements, recurring \| U.S. Treasury securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
Fair value, measurements, recurring \| U.S. Treasury securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
Fair value, measurements, recurring \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	96,019	139,132
Fair value, measurements, recurring \| Corporate debt securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	57,788
Fair value, measurements, recurring \| Corporate debt securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	96,019	81,344
Fair value, measurements, recurring \| Corporate debt securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Fair value, measurements, recurring \| Preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	40,277	36,593
Fair value, measurements, recurring \| Preferred stock \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	11,345	19,177
Fair value, measurements, recurring \| Preferred stock \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	28,932	17,416
Fair value, measurements, recurring \| Preferred stock \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Fair value, measurements, recurring \| Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	6,523
Fair value, measurements, recurring \| Common stock \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	6,523
Fair value, measurements, recurring \| Common stock \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
Fair value, measurements, recurring \| Common stock \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
Fair value, measurements, recurring \| Short-term bond
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	4,250	4,226
Fair value, measurements, recurring \| Short-term bond \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	4,250	4,226
Fair value, measurements, recurring \| Short-term bond \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	0	0
Fair value, measurements, recurring \| Short-term bond \| 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 - Narrative (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained interest promissory note receivable	$ 16,800,000
Notes, maturity period	15 years
Debt principal amount			$ 180,000,000.0
Debt interest rate			4.80%
Senior notes held by special purpose entity	$ 176,422,000	$ 176,310,000
Carrying Value \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained interest, fair value	10,909,000	10,635,000
Senior notes held by special purpose entity	176,422,000	$ 176,310,000
AgReserves Sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note received in sale of real estate			$ 200,000,000
Maturity of installment note			15 years
Subsidiaries \| Notes Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Issue price of senior secured notes			98.50%
Special Purpose Entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Time deposits held by special purpose entities	200,000,000.0
U.S. Treasury securities	7,900,000
Cash held by special purpose entities	$ 400,000
Special Purpose Entities \| Notes Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt interest rate	4.00%
Northwest Florida Timber Finance, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes held by special purpose entity	$ 176,400,000
Unamortized discount and debt issuance costs	$ 3,600,000
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note maturity year	2022
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note maturity year	2024
Short-term bond \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value assumptions, expected term	0 years	0 years
Short-term bond \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value assumptions, expected term	3 years	3 years

Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes held by special purpose entity	$ 176,422	$ 176,310
Carrying Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Retained interest investments	10,909	10,635
Time deposit	200,000	200,000
Senior notes held by special purpose entity	176,422	176,310
Carrying Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
U.S. Treasury securities and cash equivalents	8,267	8,590
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Retained interest investments	13,868	13,669
Time deposit	200,000	200,000
Senior notes held by special purpose entity	200,481	199,691
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
U.S. Treasury securities and cash equivalents	$ 8,155	$ 8,398

Claim Settlement Receivable (Details) - USD ($) $ in Thousands			3 Months Ended			6 Months Ended
	Oct. 03, 2016	Mar. 24, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Receivables with Imputed Interest [Line Items]
Litigation settlement receivable			$ 7,922			$ 7,922		$ 7,804
Litigation settlement gain (loss)			0		$ 0	0	$ 12,548
BP Exploration & Production Inc.
Receivables with Imputed Interest [Line Items]
Litigation settlement receivable, gross		$ 13,200
Litigation settlement receivable		12,500
Litigation settlement amount received	$ 5,000
Litigation settlement receivable due in October 2017, 2018 and 2019		$ 2,700
Imputed interest rate on litigation settlement receivable		3.00%
Unamortized discount		$ 700
Interest income			$ 100	$ 100	$ 100	$ 100
Other income \| BP Exploration & Production Inc.
Receivables with Imputed Interest [Line Items]
Litigation settlement gain (loss)							$ 12,500

Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Retained interest investments	$ 10,909	$ 10,635
Accounts receivable, net	5,579	4,625
Notes receivable, net	2,734	1,926
Prepaid expenses	7,302	5,685
Straight line rent	3,855	3,812
Other assets	7,211	8,789
Accrued interest receivable for Senior Notes held by SPE	2,938	2,938
Total other assets	$ 40,528	$ 38,410

Other Assets - Notes Receivable, Net (Details) - USD ($)	1 Months Ended
	Jan. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable, net		$ 2,734,000	$ 1,926,000
Notes receivable, allowance		0	0
Mortgage loans on real estate, collections of principal	$ 33,000
Pier Park Community Development District notes, non-interest bearing, due September 2022
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable, net		1,684,000	1,684,000
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due June 2018 and any remaining amount outstanding is due by June 2019
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable, net		$ 857,000	0
Mortgage loans on real estate, stated interest rate		5.50%
Mortgage loans on real estate, principal receivable		$ 100,000
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, due December 2016, paid January 2017
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable, net		0	$ 33,000
Mortgage loans on real estate, stated interest rate			4.00%
Various mortgage notes, secured by certain real estate, bearing interest at various rates
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable, net		$ 193,000	$ 209,000

Real Estate Joint Ventures - Narrative (Details) - apartment	1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2017	Jun. 30, 2017	Dec. 31, 2016	Apr. 30, 2017
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%	74.00%
Pier Park Crossings JV
Variable Interest Entity [Line Items]
Number of apartments to be designed, developed and constructed					240
Variable interest entity, qualitative or quantitative information, ownership percentage		65.00%
WindMark JV
Variable Interest Entity [Line Items]
Variable interest entity, qualitative or quantitative information, ownership percentage	49.00%		49.00%
Pier Park North
Variable Interest Entity [Line Items]
Variable interest entity, qualitative or quantitative information, ownership percentage			60.00%	60.00%

Real Estate Joint Ventures - Summarized Financial Information for Unconsolidated Investments (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Investments in and Advances to Affiliates [Line Items]
Total assets	$ 1,020,346				$ 1,020,346		$ 1,027,945
Equity	640,549				640,549		669,293
Net loss	$ (10,614)		$ (1,580)		$ (14,802)	$ (10,132)
Other affiliates
Investments in and Advances to Affiliates [Line Items]
Total assets		$ 11,000					11,500
Accounts payable and other liabilities		300					600
Equity		10,700					$ 10,900
Net loss		$ 200		$ 300

Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Principal	$ 56,075	$ 55,653
Unamortized Discount and Debt Issuance Costs	577	613
Debt	55,498	55,040
Construction loan \| Refinanced loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%
Debt Instrument [Line Items]
Principal	47,718	48,132
Unamortized Discount and Debt Issuance Costs	558	613
Debt	47,160	47,519
Construction loan \| Construction loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 2.9% at June 30, 2017)
Debt Instrument [Line Items]
Principal	1,188
Unamortized Discount and Debt Issuance Costs	19
Debt	1,169
Secured debt \| Community Development District debt, secured by certain real estate or other collateral, due May 2031 - May 2039, bearing interest at 3.4% to 7.0% at June 30, 2017
Debt Instrument [Line Items]
Principal	7,169	7,521
Unamortized Discount and Debt Issuance Costs	0	0
Debt	$ 7,169	$ 7,521

Debt (Descriptors) (Details)	1 Months Ended	6 Months Ended
Debt (Descriptors) (Details)	Mar. 31, 2017	Jun. 30, 2017	Dec. 31, 2014
Debt Instrument [Line Items]
Debt interest rate			4.80%
Effective interest rate		4.90%
Construction loan \| Refinanced loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%
Debt Instrument [Line Items]
Debt interest rate		4.10%
Construction loan \| Construction loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 2.9% at June 30, 2017)
Debt Instrument [Line Items]
Effective interest rate		2.90%
Basis interest rate	1.70%	1.70%
Minimum \| Construction loan \| Community Development District debt, secured by certain real estate or other collateral, due May 2031 - May 2039, bearing interest at 3.4% to 7.0% at June 30, 2017
Debt Instrument [Line Items]
Debt interest rate		3.40%
Maximum \| Construction loan \| Community Development District debt, secured by certain real estate or other collateral, due May 2031 - May 2039, bearing interest at 3.4% to 7.0% at June 30, 2017
Debt Instrument [Line Items]
Debt interest rate		7.00%

Debt - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
Debt - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2017	Dec. 31, 2016	Oct. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term debt		$ 56,075	$ 55,653
Debt interest rate					4.80%
Letters of credit outstanding		100	400
Debt		55,498	55,040
Total community development district debt		$ 21,900	22,600
Refinanced loan in the Pier Park North JV, due November 2025, bearing interest at 4.1% \| Consolidated variable interest entities
Debt Instrument [Line Items]
Debt interest rate		4.10%
Secured debt \| Community Development District debt, secured by certain real estate or other collateral, due May 2031 - May 2039, bearing interest at 3.4% to 7.0% at June 30, 2017
Debt Instrument [Line Items]
Long-term debt		$ 7,169	7,521
Debt		7,169	7,521
Construction loan \| Refinanced loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%
Debt Instrument [Line Items]
Long-term debt		$ 47,718	48,132
Debt interest rate		4.10%
Debt		$ 47,160	$ 47,519
Construction loan \| Construction loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 2.9% at June 30, 2017)
Debt Instrument [Line Items]
Long-term debt		1,188
Debt		$ 1,169
Proceeds from issuance of long-term debt	$ 1,600
Basis interest rate	1.70%	1.70%
Debt instrument, period subject to interest payments only	12 months
Pier Park North \| Refinanced loan in the Pier Park North JV, due November 2025, bearing interest at 4.1% \| Consolidated variable interest entities
Debt Instrument [Line Items]
Construction loan				$ 48,200
Letters of credit outstanding		$ 1,300

Debt - Maturities of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
2017	$ 452
2018	1,481
2019	1,523
2020	1,526
2021	1,507
Thereafter	49,586
Long-term debt	$ 56,075	$ 55,653

Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Payables and Accruals [Abstract]
Accounts payable	$ 12,906	$ 4,376
Accrued compensation	1,765	2,655
Deferred revenue	16,614	15,289
Membership deposits and initiation fees	8,948	7,384
Advance deposits	7,863	3,419
Other accrued liabilities	9,674	4,977
Accrued interest expense for Senior Notes held by SPE	2,850	2,850
Total other liabilities	$ 60,620	$ 40,950

Other Liabilities - Narrative (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred revenue	$ 16,614,000	$ 15,289,000
Accrued property taxes	2,500,000	0
Florida Department of Transportation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred revenue	$ 12,500,000	$ 12,500,000

Income Taxes - Income Tax Expense (Benefit) Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Tax at the federal statutory rate	$ 5,836	$ 976	$ 8,162	$ 5,144
State income taxes (net of federal benefit)	583	97	816	514
Tax effect of timber at the federal statutory rate of 23.8%	(112)	(54)	(226)	(260)
Decrease in valuation allowance	(316)	(9)	(596)	(363)
Other	(82)	(32)	32	(813)
Total income tax expense	$ 5,909	$ 978	$ 8,188	$ 4,222
Federal statutory rate			35.00%	35.00%
Timber statutory federal rate			23.80%	23.80%

Income Taxes - Narrative (Details) - USD ($)	6 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Operating Loss Carryforwards [Line Items]
Deferred tax assets, tax credit carryforwards, alternative minimum tax	$ 10,200,000		$ 13,500,000
Deferred tax assets, valuation allowance	4,500,000		5,100,000
Valuation allowance increase (decrease)	(600,000)
Unrecognized tax benefits	1,700,000		1,700,000
Unrecognized tax benefits, that would impact effective tax rate	0		0
Unrecognized tax benefits, period increase (decrease)	0	$ 0
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	0		0
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	404,100,000		$ 427,300,000
WindMark JV
Operating Loss Carryforwards [Line Items]
Federal tax refund	21,900,000
Tax year 2016
Operating Loss Carryforwards [Line Items]
Federal tax refund	$ 4,400,000

Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at December 31, 2016			$ 686,799
Total other comprehensive income (loss), net of tax	$ (4,163)	$ 55	(3,451)	$ 1
Balance at June 30, 2017	657,866		657,866
Unrealized Gain and (Loss) on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at December 31, 2016			2,507
Other comprehensive income before reclassifications			2,861
Amounts reclassified from accumulated other comprehensive loss			(6,312)
Total other comprehensive income (loss), net of tax			(3,451)
Balance at June 30, 2017	$ (944)		$ (944)

Accumulated Other Comprehensive Income (Loss) - Summary of the Tax Effects Allocated to Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Unrealized gain (loss) on investments:
Reclassification adjustment for other-than-temporary impairment loss included in earnings, before tax	$ 0	$ 0	$ 366	$ 0
Other comprehensive loss, before-tax amount	(6,998)		(5,845)
Other comprehensive loss, tax (expense) or benefit	2,835		2,394
Total other comprehensive income (loss), net of tax	(4,163)	55	(3,451)	1
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest
Unrealized gain (loss) on investments:
Reclassification adjustment for gain included in earnings, before tax	(7,739)	90	(10,861)
Reclassification adjustment for gain included in earnings, tax (expense) or benefit	3,120	(35)	4,183
Reclassification adjustment for gain included in earnings net-of-tax	(4,619)	$ 55	(6,678)
Reclassification adjustment for other-than-temporary impairment loss included in earnings, before tax			366
Reclassification adjustment for other-than-temporary impairment loss included in earnings, tax (expense) or benefit			0
Reclassification adjustment for other-than-temporary impairment loss included in earnings, net of tax			366
Other comprehensive loss, before-tax amount	(6,998)		(5,845)
Other comprehensive loss, tax (expense) or benefit	2,835		2,394
Total other comprehensive income (loss), net of tax	(4,163)		(3,451)
Available-for-sale investments \| Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest
Unrealized gain (loss) on investments:
Unrealized gain (loss) on investments, before-tax amount	745		4,650	2
Unrealized gain (loss) on investments, tax (expense) or benefit	(287)		(1,789)	(1)
Unrealized gain (loss) on investments, net-of-tax amount	458		$ 2,861	$ 1
Restricted investments \| Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest
Unrealized gain (loss) on investments:
Unrealized gain (loss) on investments, before-tax amount	(4)
Unrealized gain (loss) on investments, tax (expense) or benefit	2
Unrealized gain (loss) on investments, net-of-tax amount	$ (2)

Stockholders' Equity (Details)				6 Months Ended
Stockholders' Equity (Details)	Jul. 11, 2017 USD ($) shares	Jul. 03, 2017 director shares	May 17, 2016 director shares	Jun. 30, 2017 USD ($) $ / shares shares	Jun. 30, 2016 USD ($) $ / shares shares	Jul. 31, 2017 USD ($)	Jul. 07, 2017 USD ($)	May 25, 2017 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares repurchased during the period (in shares) \| shares				2,416,089	995,650
Average purchase price per share for share repurchase (in dollars per share) \| $ / shares				$ 16.74	$ 14.88
Payments for repurchase of common stock				$ 40,444,000	$ 14,820,000
Stock repurchase program, authorized amount				150,500,000.0
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity grant aggregate fair market value								$ 50,000
Restricted stock awards expense (less than)				$ 100,000	$ 100,000
Restricted stock awards \| 2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of directors granted restricted stock awards \| director			3
Number of restricted stock awards issued (in shares) \| shares			8,919
Date of issue \| Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
August 17, 2016 \| Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
November 17, 2016 \| Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
February 17, 2017 \| Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares repurchased during the period (in shares) \| shares	1,500,000
Payments for repurchase of common stock	$ 27,000,000
Stock repurchase program, additional authorized repurchase amount							$ 28,000,000.0
Stock repurchase program, remaining authorized repurchase amount						$ 150,500,000
Subsequent Event \| Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of directors granted restricted stock awards \| director		2
Number of restricted stock awards issued (in shares) \| shares		2,667

Employee Benefit Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2014	Dec. 31, 2016
Retirement Benefits [Abstract]
Assets contributed to 401(k) Plan					$ 7,900
Restricted investments	$ 4,469		$ 4,469			$ 5,636
401(k) Plan distribution period (in years)			4 years
Compensation expense for assets allocated to participants			$ 1,200	$ 1,400
Gain on allocated asset (less than)	$ 100	$ 100	$ 100	$ 100

Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Other Income (Expense) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Investment income, net
Interest and dividend income	$ 4,024	$ 252	$ 8,573	$ 442
Accretion income	399	579	1,320	1,041
Realized gain on the sale of investments	7,739	0	10,861	0
Other-than-temporary impairment loss	0	0	(366)	0
Total net investment income from available-for-sale securities	12,162	831	20,388	1,483
Interest income from investments in SPEs	2,050	2,050	4,101	4,101
Interest accrued on notes receivable and other interest	91	78	169	105
Total investment income, net	14,303	2,959	24,658	5,689
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE	(2,194)	(2,191)	(4,387)	(4,382)
Other interest expense	(841)	(954)	(1,691)	(1,798)
Total interest expense	(3,035)	(3,145)	(6,078)	(6,180)
Claim settlement	0	0	0	12,548
Other income, net
Accretion income from retained interest investments	271	243	534	484
Hunting lease income	140	138	279	277
Miscellaneous income, net	181	220	3,830	289
Other income, net	592	601	4,643	1,050
Total other income, net	$ 11,860	$ 415	$ 23,223	$ 13,107

Other Income (Expense) - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Other Income (Expense) [Line Items]
Other-than-temporary impairment loss	$ 0	$ 0	$ 366	$ 0
Effective interest rate	4.90%		4.90%
Litigation settlement gain (loss)	$ 0	$ 0	$ 0	$ 12,548
Litigation settlement, amount received			$ 3,500
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%

Segment Information - Information by Business Segment (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($) Segment golf_course	Jun. 30, 2016 USD ($)	Dec. 31, 2016 USD ($)
Segment Reporting Information [Line Items]
Number of reportable operating segments \| Segment			5
Operating revenue	$ 30,383	$ 29,551	$ 43,580	$ 49,805
Income (loss) before income taxes	16,523	2,558	22,990	14,354
Total assets	1,020,346		$ 1,020,346		$ 1,027,945
Resorts and leisure
Segment Reporting Information [Line Items]
Number of golf courses \| golf_course			4
Operating segments \| Residential real estate
Segment Reporting Information [Line Items]
Operating revenue	4,706	5,796	$ 5,980	12,784
Income (loss) before income taxes	1,893	1,081	1,224	4,439
Total assets	118,917		118,917		112,220
Operating segments \| Commercial real estate
Segment Reporting Information [Line Items]
Operating revenue	2,178	0	2,178	0
Income (loss) before income taxes	(74)	(548)	(649)	(1,148)
Total assets	58,343		58,343		60,150
Operating segments \| Resorts and leisure
Segment Reporting Information [Line Items]
Operating revenue	19,328	19,794	27,436	28,544
Income (loss) before income taxes	3,380	2,795	1,604	994
Total assets	81,363		81,363		73,436
Operating segments \| Leasing operations
Segment Reporting Information [Line Items]
Operating revenue	2,653	2,321	5,037	4,682
Income (loss) before income taxes	309	(336)	511	(379)
Total assets	99,816		99,816		80,863
Operating segments \| Forestry
Segment Reporting Information [Line Items]
Operating revenue	1,324	1,603	2,674	3,724
Income (loss) before income taxes	1,130	1,241	2,371	3,094
Total assets	20,938		20,938		20,664
Other
Segment Reporting Information [Line Items]
Operating revenue	194	37	275	71
Income (loss) before income taxes	9,885	$ (1,675)	17,929	$ 7,354
Total assets	$ 640,969		$ 640,969		$ 680,612

Commitments and Contingencies (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Accrued liabilities for other litigation, claims, other disputes and governmental proceedings	$ 1.2	$ 1.3
Guarantor Obligations [Line Items]
Letters of credit outstanding	0.1	0.4
Purchase obligations, total	25.2
Purchase obligation, remainder of 2017	24.8
Purchase obligation, due in 2018	0.4
Pier Park North \| Refinanced loan in the Pier Park North JV, due November 2025, bearing interest at 4.1% \| Consolidated variable interest entities
Guarantor Obligations [Line Items]
Letters of credit outstanding	1.3
Surety bonds \| Certain development projects
Guarantor Obligations [Line Items]
Commitment obligations	$ 6.7	$ 6.2

Nature of Operations (Details)	6 Months Ended
Nature of Operations (Details)	Jun. 30, 2017 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable operating segments	5