Document And Entity Information	6 Months Ended
Document And Entity Information	Jun. 30, 2011	Jul. 27, 2011
Document and Entity Information
Entity Registrant Name	ST JOE CO
Entity Central Index Key	0000745308
Document Type	10-Q
Document Period End Date	Jun. 30, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		122,773,187

Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified

Jun. 30, 2011

Dec. 31, 2010

ASSETS

Investment in real estate

$ 754,805

$ 755,392

Cash and cash equivalents

199,829

183,827

Notes receivable

4,922

5,731

Pledged treasury securities

24,300

25,281

Prepaid pension asset

37,243

40,992

Property, plant and equipment, net

16,097

13,014

Other assets

29,349

27,458

Total assets

1,066,545

1,051,695

LIABILITIES:

Debt

53,146

^[1],[2]

54,651

Accounts payable

19,634

14,977

Accrued liabilities and deferred credits

73,285

73,233

Income taxes payable

1,772

Deferred income taxes, net

40,289

34,625

Total liabilities

186,421

179,258

EQUITY:

Common stock, no par value; 180,000,000 shares authorized; 122,772,281 and 122,923,913 issued at June 30, 2011 and December 31, 2010, respectively

942,568

935,603

Retained earnings

879,261

878,498

Accumulated other comprehensive (loss)

(5,854)

(10,546)

Treasury stock at cost, 30,490,815 and 30,318,478 shares held at June 30, 2011 and December 31, 2010, respectively

(936,139)

(931,431)

Total stockholders' equity

879,836

872,124

Noncontrolling interest

288

313

Total equity

880,124

872,437

Total liabilities and equity

$ 1,066,545

$ 1,051,695

[1]	Includes debt defeased in connection with the sale of the Company's office portfolio in the amount of $24.3 million which matures in years 2011-2015.
[2]	Community Development District debt maturities are presented in the year of contractual maturity; however, earlier payments may be required when the properties benefited by the CDD are sold.

Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2011	Dec. 31, 2010
Consolidated Balance Sheets
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	180,000,000	180,000,000
Common stock, shares issued	122,772,281	122,923,913
Treasury stock, shares	30,490,815	30,318,478

Consolidated Statements Of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Revenues:
Real estate sales	$ 3,482	$ 2,836	$ 8,694	$ 4,670
Resort and club revenues	12,974	10,797	18,086	15,389
Timber sales	8,166	7,804	70,790	14,219
Other revenues	662	598	1,150	1,057
Total revenues	25,284	22,035	98,720	35,335
Expenses:
Cost of real estate sales	2,765	1,140	4,545	1,731
Cost of resort and club revenues	10,996	9,631	17,570	16,134
Cost of timber sales	5,956	5,091	12,196	9,521
Cost of other revenues	537	621	1,030	1,082
Other operating expenses	6,259	7,565	13,269	15,538
Corporate expense, net	8,278	8,109	26,525	13,466
Depreciation and amortization	3,446	3,457	9,950	6,939
Impairment losses	1,697	502	2,479	555
Restructuring charges	5,926	1,158	10,402	2,698
Total expenses	45,860	37,274	97,966	67,664
Operating (loss) income	(20,576)	(15,239)	754	(32,329)
Other income (expense):
Investment income, net	165	452	372	835
Interest expense	(985)	(1,136)	(1,982)	(2,230)
Other, net	1,123	1,204	2,250	1,369
Total other income (expense)	303	520	640	(26)
(Loss) income from continuing operations before equity in (loss) income of unconsolidated affiliates and income taxes	(20,273)	(14,719)	1,394	(32,355)
Equity in (loss) income of unconsolidated affiliates	(16)	(51)	(40)	(429)
Income tax (benefit) expense	(6,946)	(6,140)	607	(12,729)
Net (loss) income	(13,343)	(8,630)	747	(20,055)
Less: Net loss attributable to noncontrolling interest	(7)	(8)	(16)	(20)
Net (loss) income attributable to the Company	$ (13,336)	$ (8,622)	$ 763	$ (20,035)
Basic
Net (loss) income attributable to the Company	$ (0.14)	$ (0.09)	$ 0.01	$ (0.22)
Diluted
Net (loss) income attributable to the Company	$ (0.14)	$ (0.09)	$ 0.01	$ (0.22)

Consolidated Statement Of Changes In Equity (USD $) In Thousands, except Share data, unless otherwise specified	Common Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2010	$ 935,603	$ 878,498	$ (10,546)	$ (931,431)	$ 313	$ 872,437
Balance, shares at Dec. 31, 2010	92,605,435
Comprehensive income (loss):
Net income (loss)		763			(16)	747
Amortization of pension and reduction in accumulated postretirement benefit obligation, net			4,692			4,692
Total comprehensive income (loss)						5,439
Distributions					(9)	(9)
Issuances of restricted stock, shares	261,214
Forfeitures of restricted stock, shares	(416,846)
Issuance of common stock	100					100
Issuance of common stock, shares	4,000
Excess (reduction in) tax benefit on options exercised and vested restricted stock	(725)					(725)
Amortization of stock-based compensation	7,590					7,590
Purchases of treasury shares				(4,708)		(4,708)
Purchases of treasury shares, shares	(172,337)
Balance at Jun. 30, 2011	$ 942,568	$ 879,261	$ (5,854)	$ (936,139)	$ 288	$ 880,124
Balance, shares at Jun. 30, 2011	92,281,466

Consolidated Statements Of Cash Flow (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Cash flows from operating activities:
Net income (loss)	$ 747	$ (20,055)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	9,950	6,939
Stock-based compensation	8,383	3,845
Equity in loss of unconsolidated joint ventures	40	429
Deferred income tax (benefit)	2,658	(11,265)
Impairment losses	2,479	555
Pension charges	1,713
Cost of operating properties sold	4,287	1,693
Expenditures for operating properties	(9,906)	(5,698)
Changes in operating assets and liabilities:
Notes receivable	1,174	628
Other assets	(767)	(1,642)
Accounts payable and accrued liabilities	8,448	531
Income taxes payable	(2,484)	(5,399)
Net cash provided by (used in) operating activities	26,722	(29,439)
Cash flows from investing activities:
Purchases of property, plant and equipment	(1,556)	(287)
Proceeds from the disposition of assets		42
Contribution of capital to unconsolidated affiliates	(4,434)
Distributions from unconsolidated affiliates		391
Net cash (used in) provided by investing activities	(5,990)	146
Cash flows from financing activities:
Proceeds from exercises of stock options	100	5,083
Repayments of other long-term debt	(166)
Distributions to minority interest partner	(9)
Excess tax benefits from stock-based compensation	53	60
Taxes paid on behalf of employees related to stock-based compensation	(4,708)	(795)
Net cash (used in) provided by financing activities	(4,730)	4,348
Net increase (decrease) in cash and cash equivalents	16,002	(24,945)
Cash and cash equivalents at beginning of period	183,827	163,807
Cash and cash equivalents at end of period	$ 199,829	$ 138,862

Description Of Business And Basis Of Presentation

6 Months Ended

Jun. 30, 2011

Description Of Business And Basis Of Presentation

Description Of Business And Basis Of Presentation

1. Description of Business and Basis of Presentation

Description of Business

The St. Joe Company (the "Company") is a Florida-based real estate developer and manager. The Company owns approximately 574,000 acres of land concentrated primarily in Northwest Florida and has significant residential and commercial land-use entitlements in hand or in process. The majority of land not under development is used for the growing and selling of timber or is available for sale. The Company also owns various resort and club properties.

Basis of Presentation

The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission for reporting on Form 10-Q. Accordingly, certain information and footnotes required by U.S. generally accepted accounting principles for complete financial statements are not included herein. The consolidated interim financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The December 31, 2010 balance sheet amounts have been derived from the Company's December 31, 2010 audited financial statements.

The statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The consolidated interim statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2010. The Company adheres to the same accounting policies in preparation of its interim financial statements. As permitted under generally accepted accounting principles, 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.

Certain prior period amounts have been reclassified to conform to the current period's presentation.

Long-Lived Assets and Discontinued Operations

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets include the Company's investments in operating, development and investment property. 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 market price or demand for the Company's properties;

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

	•		a current period operating or cash flow loss for an operating property; and,

	•		an accumulation of costs in a development property that significantly exceeds its historically low basis in property held long-term.

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

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

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

	•		projected price appreciation over time, which can range from 0% to 7% annually;

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

	•		the length of the estimated development and selling periods, which can range from 5 years to 17 years depending on the size of the development and the number of phases to be developed;

	•		the amount of remaining development costs and holding costs to be incurred over the selling period;

	•		in situations where development plans are subject to change, the amount of entitled land subject to bulk land sales or alternative use and the estimated selling prices of such property;

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

	•		assumptions regarding the intent and ability to hold individual investments in real estate over projected periods and related assumptions regarding available liquidity to fund continued development.

For operating properties, an estimate of undiscounted cash flows requires management to make similar assumptions about the use and eventual disposition of such properties. Some of the significant assumptions that are used to develop the undiscounted cash flows include:

	•		for investments in hotel and rental condominium units, average occupancy and room rates, revenues from food and beverage and other amenity operations, operating expenses and capital expenditures, and the amount of proceeds to be realized upon eventual disposition of such properties as condo-hotels or condominiums, based on current prices for similar units appreciated to the expected sale date;

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

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

The results of impairment analyses for development and operating properties are particularly dependent on the estimated holding and selling period for each asset group, which can be up to 35 years for certain properties with long range development plans. The estimated holding period is based on management's current intent for the use and disposition of each property, which could be subject to change in future periods if the strategic direction of the Company as set by management and approved by the Board of Directors were to change. If the excess of undiscounted cash flows over the carrying value of a property is small, there is a greater risk of future impairment in the event of such changes and any resulting impairment charges could be material.

Excluding any properties that have been written down to fair value, at December 31, 2010 the Company had one development property with a carrying value of approximately $23 million whose current undiscounted cash flow is approximately 110% of its carrying value.

In the event that projected future undiscounted cash flows are not adequate to recover the carrying value of a property, impairment is indicated and the Company would be required under generally accepted accounting principles to write down the asset to its fair value. Fair value of a property may be derived either from discounting projected cash flows at an appropriate discount rate, through appraisals of the underlying property, or a combination thereof.

The Company classifies the assets and liabilities of a long-lived asset as held-for-sale when management approves and commits to a formal plan of sale and it is probable that a sale will be completed. The carrying value of the assets held-for-sale are then recorded at the lower of their carrying value or fair market value less costs to sell. The operations and gains on sales reported in discontinued operations include operating properties sold during the year and assets classified as held-for-sale for which operations and cash flows can be clearly distinguished and for which the Company will not have continuing involvement or significant cash flows after disposition. The operations from these assets have been eliminated from ongoing operations. Prior periods have been reclassified to reflect the operations of these assets as discontinued operations. The operations and gains on sales of operating assets for which the Company has continuing involvement or significant cash flows are reported as income from continuing operations.

Timber Deed

Timber deed 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 deed, 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 deed sale is recognized when the contract is signed because the earnings process is complete.

On March 31, 2011, the Company entered into a $55.9 million agreement with an investment fund for the sale of a timber deed which gives the investment fund the right to harvest timber on specific tracts of land (encompassing 40,975 acres) over a maximum term of 20 years. As part of the agreement, the Company also entered into a Thinnings Supply Agreement, pursuant to which we agreed, to the extent that the buyer decided to conduct "First Thinnings" to purchase 85% of such first thinnings at fair market value. During the second quarter of 2011, we purchased approximately $0.6 million of first thinnings. During the first six months of 2011, the Company recognized revenue of $54.5 million related to the timber deed and an additional $1.4 million was recorded as an imputed land lease to be recognized over the life of the timber deed.

New Accounting Standards

In January 2010, the FASB issued ASU No. 2010-06, Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements ("ASU 2010-06"). ASU 2010-06 requires some new disclosures and clarifies some existing disclosure requirements about fair value measurement as set forth in Codification Subtopic 820-10. ASU 2010-06 amends Codification Subtopic 820-10 to now require (1) a reporting entity to disclose separately the amounts of significant transfers in and out of Level 1 and Level 2 fair value measurements and describe the reasons for the transfers; (2) in the reconciliation for fair value measurements using significant unobservable inputs, a reporting entity should present separately information about purchases, sales, issuances, and settlements; and (3) a reporting entity should provide disclosures about the valuation techniques and inputs used to measure fair value for both recurring and nonrecurring fair value measurements. ASU 2010-06 is effective for interim and annual reporting periods beginning after December 15, 2009, except for the disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements.

Those disclosures are effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. The adoption of ASU No. 2010-06 did not have a material impact on the Company's financial position or results of operations.

Stock-Based Compensation And Earnings Per Share

6 Months Ended

Jun. 30, 2011

Stock-Based Compensation And Earnings Per Share

Stock-Based Compensation And Earnings Per Share

2. Stock-Based Compensation and Earnings Per Share

On May 12, 2009, the Company adopted The St. Joe Company 2009 Equity Incentive Plan whereby options, stock appreciation rights, restricted stock, restricted stock units and performance awards may be granted to directors and employees. The 2009 Equity Incentive Plan provides for the issuance of a maximum of 2.0 million shares of the Company's common stock.

Stock-Based Compensation

Stock-based compensation cost is measured at the grant date based on the fair value of the award and is typically recognized as expense on a straight-line basis over the requisite service period, which is the vesting period. Stock-based compensation cost may be recognized over a shorter requisite service period if an employee meets retirement eligibility requirements. Upon exercise of stock options, the Company will issue new common stock. Additionally, the 15% discount at which employees purchased the Company's common stock through payroll deductions was being recognized as compensation expense. The Company discontinued the employee stock purchase plan as of July 1, 2011.

The changes to the composition of the Company's board of directors which occurred during the first quarter of 2011 constituted a "change in control event" under the terms of certain of our incentive plans. As a result, during March 2011, the Company accelerated the vesting of approximately 300,000 shares of restricted stock resulting in $6.2 million in accelerated stock compensation expense.

Service-Based Grants

A summary of service-based non-vested restricted stock activity as of June 30, 2011 and changes during the six month period are presented below:


				Weighted Average
	Number of			Grant Date Fair
Service-Based Non-Vested Restricted Stock	Shares			Value
Balance at December 31, 2010		266,659		$	30.91
Granted		106,790			28.09
Vested		(288,363	)		30.33
Forfeited		(20,900	)		28.55

Balance at June 30, 2011		64,186		$	29.59

As of June 30, 2011 there was $0.2 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to non-vested restricted stock and stock option compensation arrangements which will be recognized over a weighted average period of four years.

Market Condition Grants

The Company has granted to select executives and other key employees non-vested restricted stock whose vesting is based upon the achievement of certain market conditions which are defined as the Company's total shareholder return as compared to the total shareholder return of certain peer groups during a three year performance period.

The Company used a Monte Carlo simulation pricing model to determine the fair value of its market condition awards. The determination of the fair value of market condition-based awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables included expected stock price volatility over the requisite performance term of the awards, the relative performance of the Company's stock price and shareholder returns to those companies in its peer groups and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market condition, provided the requisite service period is met.

A summary of the activity for market condition non-vested restricted stock during the six months ended June 30, 2011 is presented below:


				Weighted Average
	Number of			Grant Date Fair
Market Condition Non-Vested Restricted Stock	Shares			Value
Balance at December 31, 2010		562,531		$	23.17
Granted		154,424			21.10
Vested		(291,304	)		19.12
Forfeited		(395,946	)		23.38

Balance at June 30, 2011		29,705		$	15.69

As of June 30, 2011, there was $0.2 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to market condition non-vested restricted shares which will be recognized over a weighted average period of three years.

Total stock-based compensation recognized in the consolidated statements of operations was as follows:


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2011			2010		2011		2010
Stock-based compensation expense	$	(87	)	$	2,314	$	8,383	$	3,845

The Company is evaluating alternatives to its existing stock-based compensation programs.

Earnings (Loss) Per Share

Basic earnings (loss) per share is calculated by dividing net income (loss) by the average number of common shares outstanding for the period. Diluted earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including all potentially dilutive shares issuable under outstanding stock options and service-based non-vested restricted stock. Stock options and non-vested restricted stock are not considered in any diluted earnings per share calculations when the Company has a loss from continuing operations. Non-vested restricted stock subject to vesting based on the achievement of market conditions are treated as contingently issuable shares and are considered outstanding only upon the satisfaction of the market conditions.

The following table presents a reconciliation of average shares outstanding:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Basic average shares outstanding		92,207,304		91,727,508		92,401,380		91,594,812
Net effect of stock options assumed to be exercised		—		—		7,004		—

Diluted average shares outstanding		92,207,304		91,727,508		92,408,384		91,594,812

Less than 0.1 million shares were excluded from the computation of diluted earnings (loss) per share during the three months and six months ended June 30, 2011 and 2010, respectively, as the effect would have been anti-dilutive.

Fair Value Measurements

6 Months Ended

Jun. 30, 2011

Fair Value Measurements

Fair Value Measurements

3. Fair value measurements

The Company follows the provisions of ASC 820 for its financial and non-financial assets and liabilities. ASC 820 among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. ASC 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1. Observable inputs such as quoted prices in active markets;

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, which require the reporting entity to develop its own assumptions.

Assets and liabilities measured at fair value on a recurring basis are as follows:

Fair value as of June 30, 2011


			Quoted Prices in		Significant Other		Significant
	Fair Value		Active Markets for		Observable		Unobservable
	June 30,		Identical Assets		Inputs		Inputs
	2011		(Level 1)		(Level 2)		(Level 3)
Recurring:
Investments in money market and short term treasury instruments	$	186,873	$	186,873	$	—	$	—
Retained interest in entities		10,490		—		—		10,490

Total, net	$	197,363	$	186,873	$	—	$	10,490

Fair value as of December 31, 2010


			Quoted Prices in		Significant Other		Significant
	Fair Value		Active Markets for		Observable		Unobservable
	December 31,		Identical Assets		Inputs		Inputs
	2010		(Level 1)		(Level 2)		(Level 3)
Recurring:
Investments in money market	$	177,816	$	177,816	$	—	$	—
Retained interest in entities		10,283		—		—		10,283

Total, net	$	188,099	$	177,816	$	—	$	10,283

The Company has recorded a retained interest with respect to the monetization of certain installment notes which is recorded in other assets. The retained interest is an estimate based on the present value of cash flows to be received over the life of the installment notes. The Company's continuing involvement with the entities is in the form of receipts of net interest payments, which are recorded as interest income and approximated $0.3 million for each of the six months ended June 30, 2011 and 2010, respectively. In addition, the Company will receive the payment of the remaining principal on the installment notes during 2022 and 2023.

In accordance with ASC 325, Investments — Other, Subtopic 40 — Beneficial Interests in Securitized Financial Assets, the Company recognizes interest income over the life of the retained interest using the effective yield method. This income adjustment is being recorded as an offset to loss on monetization of notes over the life of the installment notes. In addition, fair value may be adjusted at each reporting date when, based on management's assessment of current information and events, there is a favorable or adverse change in estimated cash flows from cash flows previously projected. The Company did not make adjustments as a result of changes in previously projected cash flows during the first six months of 2011 or 2010.

The following is a reconciliation of the Company's retained interest:


	2011
Balance January 1	$	10,283
Additions		—
Accretion of interest income		207

Balance June 30	$	10,490

In the event of a failure and liquidation of the financial institution involved in our installment sales, the Company could be required to write-off the remaining retained interest recorded on its balance sheet in connection with the installment sale monetization transactions, which would have an adverse effect on the Company's results of operations and financial position.

On October 21, 2009, the Company entered into a strategic alliance agreement with Southwest Airlines to facilitate the commencement of low-fare air service in May 2010 to the Northwest Florida Beaches International Airport. The Company has agreed to reimburse Southwest Airlines if it incurs losses on its service at the airport during the first three years of service by making specified break-even payments. There was no reimbursement required in 2010 or the first six months of 2011. The agreement also provides that Southwest's profits from the air service during the term of the agreement will be shared with the Company up to the maximum amount of our break-even payments. Profits from any calendar year, however, do not carryover from year to year.

The term of the agreement extends for a period of three years ending May 23, 2013. Although the agreement does not provide for maximum payments, the agreement may be terminated by the Company if the break-even payments to Southwest exceed $12 million in the second year of air service. Southwest may terminate the agreement if its actual annual revenues attributable to the air service at the airport are less than certain minimum annual amounts established in the agreement. As of June 30, 2011 actual revenues have exceeded these minimum amounts.

At inception, the Company measured the associated standby guarantee liability at fair value based upon a discounted cash flow analysis based on management's best estimates of future cash flows to be paid by the Company pursuant to the strategic alliance agreement. These cash flows are estimated using numerous estimates including future fuel costs, passenger load factors, air fares, and seasonality. Subsequently, the guarantee is measured at the greater of the fair value of the guarantee liability at inception or the payment amount that is probable and reasonably estimable of occurring, if any. The Company carried a standby guarantee liability of $0.8 million at June 30, 2011 and December 31, 2010 related to this strategic alliance agreement. The Company has made no payments under the standby guarantee.

In order to mitigate potential losses that may arise from changes in Southwest Airlines jet fuel costs, we entered into a premium neutral collar arrangement with respect to the underlying cost of jet fuel for a portion of Southwest Airlines' estimated fuel volumes. The collar arrangement expired in May 2011 and the Company received payments of $0.4 million during the term of the arrangement.

The Company did not extend the term of, or enter into a new arrangement because the Company concluded that (i) the cost of jet fuel is a small proportion of the total costs the Company may be obligated to reimburse Southwest Airlines if it incurs losses on its service at the new airport during the first three years of service and (ii) the Company believes that the greatest likelihood of payments to Southwest Airlines pursuant to the strategic alliance agreement occurred during the first year of operations.

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Homes and homesites substantially completed and ready for sale, and which management intends to sell in the near term under current market conditions, are measured at lower of carrying value or fair value less costs to sell. The fair value of these properties is determined based upon final sales prices of inventory sold during the period (level 2 inputs) or estimates of selling prices based on current market data (level 3 inputs). Other properties for which management does not intend to sell in the near term under current market conditions, including development and operating properties, are evaluated for impairment based on management's best estimate of the long-term use and eventual disposition of the property. If determined to be impaired, the fair value of these properties is determined based on the net present value of discounted cash flows using estimated future expenditures necessary to maintain and complete the existing project and management's best estimates about future sales prices, sales volumes, sales velocity and holding periods (level 3 inputs). The estimated length of expected development periods, related economic cycles and inherent uncertainty with respect to these projects such as the impact of changes in development plans and the Company's intent and ability to hold the projects through the development period, could result in changes to these estimates. For operating properties, an estimate of undiscounted cash flows requires management to make similar assumptions about the use and eventual disposition of such properties. For the six months ended June 30, 2011, the total impairment losses were $2.5 million. The assets measured at fair value on a nonrecurring basis during the six months ended June 30, 2011 were as follows:

Quoted Prices in

Significant Other

Significant

Active Markets for

Observable

Unobservable

Fair Value

Identical Assets

Inputs

June 30,

Total Impairment

(Level 1)

(Level 2)

(Level 3)

2011

Losses

Non-financial assets:

Investment in real estate

—

1,224

1,701

2,925

1,697

During the second quarter of 2011, management made the decision to dispose of four homes to avoid the ongoing maintenance and other holding costs. One of these homes included a 53 acre parcel which the Company had initially developed as a rural retreat community. The remainder of the homes and condos owned by the Company are currently being used as rental property. As a result, long-lived assets sold or held for sale with a carrying amount of $4.6 million were written down to their fair value of $2.9 million, resulting in a loss of $1.7 million, which was included in impairment losses for the six months ending June 30, 2011. In addition, the Company impaired $0.8 million of predevelopment costs related to the construction of the Company's proposed new headquarters in Northwest Florida, which has been indefinitely delayed.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2011
Income Taxes
Income Taxes	9. Income Taxes The Company had approximately $1.7 million and $1.4 million of total unrecognized tax benefits as of June 30, 2011 and December 31, 2010, respectively. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. The Company had accrued interest of zero and $(0.2) million (net of tax benefit) at June 30, 2011 and December 31, 2010, respectively, related to uncertain tax positions.

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2011
Contingencies
Contingencies	11. Contingencies The Company and its affiliates are involved in litigation on a number of matters and are subject to various claims which arise in the normal course of business, including claims resulting from construction defects and contract disputes. When appropriate, the Company establishes estimated accruals for litigation matters which meet the requirements of ASC 450 — Contingencies. 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 an amount can be reasonably estimated. As assessments and cleanups proceed, these accruals are reviewed and adjusted, if necessary, as additional information becomes available. The Company's former paper mill site in Gulf County and certain adjacent properties are subject to various Consent Agreements and Brownfield Site Rehabilitation Agreements with the Florida Department of Environmental Protection. The paper mill site has been rehabilitated by Smurfit-Stone Container Corporation in accordance with these agreements. The Company is in the process of assessing and rehabilitating certain adjacent properties. Management is unable to quantify the rehabilitation costs at this time. Other proceedings and litigation involving environmental matters are pending against the Company. Aggregate environmental-related accruals were $1.6 million at June 30, 2011 and December 31, 2010. Although in the opinion of management none of our environmental litigation matters or governmental proceedings is expected to have a material adverse effect on the Company's consolidated financial position, results of operations or liquidity, it is possible that the actual amounts of liabilities resulting from such matters could be material. On November 3, 2010 and December 7, 2010, two securities class action complaints were filed against the Company and certain of its officers and directors in the Northern District of Florida. These cases have been consolidated in the U.S. District Court for the Northern District of Florida and are captioned as Meyer v. The St. Joe Company et al. (No. 5:11-cv-00027). A consolidated class action complaint was filed in the case on February 24, 2011. The complaint was filed on behalf of persons who purchased the Company's securities between February 19, 2008 and October 12, 2010 and alleges that the Company and certain of its officers and directors, among others, violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by making false and/or misleading statements and/or by failing to disclose that, as the Florida real estate market was in decline, the Company was failing to take adequate and required impairments and accounting write-downs on many of the Company's Florida-based properties and as a result, the Company's financial statements materially overvalued the Company's property developments. The plaintiffs also allege that the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles, and that the Company lacked adequate internal and financial controls, and as a result of the foregoing, the Company's financial statements were materially false and misleading. The complaint seeks an unspecified amount in damages. The Company believes that it has meritorious defenses to the plaintiffs' claims and intends to defend the action vigorously. The Company filed a motion to dismiss the case on April 6, 2011. Additionally, on March 29, 2011 and July 21, 2011, two separate derivative lawsuits were filed by shareholders on behalf of the Company against certain of its officers and directors in the United States District Court for the Northern District of Florida (Nakata v. Greene et. al., No. 5:11-cv-00090 and Packer v. Greene et al., No. 3:11-cv-00344). The complaints allege breaches of fiduciary duties, waste of corporate assets and unjust enrichment arising from substantially similar allegations as those described above in the Meyer case. The Company has received two other demand letters asking the Board of Directors to initiate derivative litigation in this matter. On January 4, 2011 the SEC notified the Company it was conducting an inquiry into the Company's policies and practices concerning impairment of investment in real estate assets. On June 24, 2011, the Company received notice from the SEC that it has issued a related order of private investigation. The order of private investigation covers a variety of matters for the period beginning January 1, 2007 including (a) the antifraud provisions of the Federal securities laws as applicable to the Company and its past and present officers, directors, employees, partners, subsidiaries, and/or affiliates, and/or other persons or entities, (b) compliance by past and present reporting persons or entities who were or are directly or indirectly the beneficial owner of more than 5% of the Company's common stock (which includes Fairholme Funds, Inc, Fairholme Capital Management L.L.C. and the Company's current Chairman Bruce R. Berkowitz) with their reporting obligations under Section 13(d) of the Exchange Act, (c) internal controls, (d) books and records, (e) communications with auditors and (f) financial reports. The order designates officers of the SEC to take the testimony of the Company and third parties with respect to any or all of these matters, and the Company is cooperating with the SEC. On October 21, 2009, the Company entered into a strategic alliance agreement with Southwest Airlines to facilitate the commencement of low-fare air service in May 2010 to the Northwest Florida Beaches International Airport. The Company has agreed to reimburse Southwest Airlines if it incurs losses on its service at the airport during the first three years of service. The agreement also provides that Southwest's profits from the air service during the term of the agreement will be shared with the Company up to the maximum amount of its break-even payments. The term of the agreement extends for a period of three years after the commencement of Southwest's air service at the airport. Although the agreement does not provide for maximum payments, the agreement may be terminated by the Company if the payments to Southwest exceed $12 million in the second year of air service. The agreement also provides that Southwest's profits from the air service during the term of the agreement will be shared with the Company up to the maximum amount of our break-even payments. Profits from any calendar year, however, do not carryover from year to year. Southwest may terminate the agreement if its actual annual revenues attributable to the air service at the airport are less than certain minimum annual amounts established in the agreement. The Company carries a standby guarantee liability of $0.8 million at June 30, 2011 and December 31, 2010 related to this strategic alliance agreement. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage. At June 30, 2011 and December 31, 2010, the Company was party to surety bonds of $28.7 million and $27.9 million, respectively, and standby letters of credit in the amount of $0.8 million at June 30, 2011 and December 31, 2010 which may potentially result in liability to the Company if the underlying obligations, primarily development and litigation related obligations, of the Company are not met.

Concentration Of Risks And Uncertainties	6 Months Ended
Concentration Of Risks And Uncertainties	Jun. 30, 2011
Concentration Of Risks And Uncertainties
Concentration Of Risks And Uncertainties	12. Concentration of Risks and Uncertainties The Company's real estate investments are concentrated in the State of Florida in a number of specific development projects. Uncertainty of the duration of the prolonged real estate and economic slump 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 expenses. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, notes receivable and retained interests. The Company deposits and invests excess cash with major financial institutions in the United States. Balances may exceed the amount of insurance provided on such deposits. Some of the Company's notes receivable are from homebuilders and other entities associated with the real estate industry. As with many entities in the real estate industry, revenues have contracted for these companies, and they may be increasingly dependent on their lenders' continued willingness to provide funding to maintain ongoing liquidity. The Company evaluates the need for an allowance for doubtful notes receivable at each reporting date. Smurfit-Stone's Panama City mill is the largest consumer of pine pulpwood logs within the immediate area in which most of the Company's timberlands are located. In July of 2010, Smurfit-Stone emerged from approximately 18 months of bankruptcy protection, and during the first quarter of 2011, RockTenn announced its acquisition of Smurfit-Stone. Deliveries made by St. Joe during Smurfit-Stone's bankruptcy proceedings were uninterrupted and payments were made on time. Under the terms of the Wood Fiber Supply Agreement entered into in November 2010, Smurfit-Stone and its successor RockTenn would be liable for any monetary damages as a result of the closure of the mill due to economic reasons for a period of one year. Nevertheless if the Smurfit-Stone mill in Panama City were to permanently cease operations, the price for our pulpwood may decline, and the cost of delivering logs to alternative customers would increase.

Description Of Business And Basis Of Presentation (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011 A	Jun. 30, 2010	Dec. 31, 2010
Land owned			574,000
Minimum projected price appreciation over time			0.00%
Maximum projected price appreciation over time			7.00%
Length of the estimated development and selling periods			5 years to 17 years
Properties for long range development plans, in years			35
Carrying value of one of the property					$ 23,000,000
Undiscounted cash flows, as a percentage of carrying value					110.00%
Timber deed sale agreement, value			55,900,000
Percentage of buyers first thinnings at fair market value	85.00%
Purchase price of first thinnings	600,000
Timber deed revenue	8,166,000	7,804,000	70,790,000	14,219,000
Timber Deed [Member]
Timber deed land owned			40,975
Timber deed revenue			54,500,000
Imputed land lease revenue			$ 1,400,000
Maximum [Member]
Timber deed sale agreement, term (years)			20

Stock-Based Compensation And Earnings Per Share (Narrative) (Details) (USD $) In Millions, except Share data, unless otherwise specified	1 Months Ended	6 Months Ended			6 Months Ended		3 Months Ended		6 Months Ended
	Mar. 31, 2011	Jun. 30, 2010	Jun. 30, 2011	Dec. 31, 2010	Jun. 30, 2011 Service-Based Non-Vested Restricted Stock [Member] years	Jun. 30, 2011 Market Condition Non-Vested Restricted Stock [Member] years	Jun. 30, 2011 Maximum [Member]	Jun. 30, 2010 Maximum [Member]	Jun. 30, 2011 Maximum [Member]	Jun. 30, 2010 Maximum [Member]	May 12, 2009 Maximum [Member]
Equity Incentive Plan issuance of common stock			180,000,000	180,000,000							2,000,000
Discount at which employee may purchase company's common stock through payroll deduction being recognized as compensation expense		15.00%
Accelerated vesting of restricted stock	300,000
Accelerated stock compensation expense	$ 6.2
Unrecognized compensation cost related to non-vested restricted stock					$ 0.2	$ 0.2
Stock option compensation recognition period (years)					4	3
Anti-dilutive shares excluded from the computation of diluted earning (loss) per share							100,000	100,000	100,000	100,000

Stock-Based Compensation And Earnings Per Share (Summary Of Non-Vested Restricted Stock Activity) (Details) (USD $)	6 Months Ended
	Jun. 30, 2011
Service-Based Non-Vested Restricted Stock [Member]
Number of Shares, Balance at December 31, 2010	266,659
Weighted Average Grant Date Fair Value, Balance at December 31, 2010	$ 30.91
Number of Shares, Granted	106,790
Weighted Average Grant Date Fair Value, Granted	$ 28.09
Number of Shares, Vested	(288,363)
Weighted Average Grant Date Fair Value, Vested	$ 30.33
Number of Shares, Forfeited	(20,900)
Weighted Average Grant Date Fair Value, Forfeited	$ 28.55
Number of Shares, Balance at June 30, 2011	64,186
Weighted Average Grant Date Fair Value, Balance at June 30, 2011	$ 29.59
Market Condition Non-Vested Restricted Stock [Member]
Number of Shares, Balance at December 31, 2010	562,531
Weighted Average Grant Date Fair Value, Balance at December 31, 2010	$ 23.17
Number of Shares, Granted	154,424
Weighted Average Grant Date Fair Value, Granted	$ 21.10
Number of Shares, Vested	(291,304)
Weighted Average Grant Date Fair Value, Vested	$ 19.12
Number of Shares, Forfeited	(395,946)
Weighted Average Grant Date Fair Value, Forfeited	$ 23.38
Number of Shares, Balance at June 30, 2011	29,705
Weighted Average Grant Date Fair Value, Balance at June 30, 2011	$ 15.69

Fair Value Measurements (Narrative) (Details) (USD $)	1 Months Ended	6 Months Ended		6 Months Ended		3 Months Ended
Fair Value Measurements (Narrative) (Details) (USD $)	May 31, 2011	Jun. 30, 2011 A	Dec. 31, 2010	Jun. 30, 2011 Qualifying Special Purpose [Member]	Jun. 30, 2010 Qualifying Special Purpose [Member]	Jun. 30, 2011 Disposed Properties[Member] A
Interest income				$ 300,000	$ 300,000
Term on alliance agreement (years)		3
Break-even payments to Southwest in the second year		12,000,000
Standby guarantee liability		800,000	800,000
Payments received from collar agreement	400,000
Valuation adjustments and write-offs		2,500,000
Number of real estate properties						4
Long-lived assets held for sale		4,600,000
Land owned		574,000				53
Fair value of long-lived assets		2,925,000
Impairment loss on long lived assets		1,697,000
Impaired predevelopment costs		$ 800,000

Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2011	Dec. 31, 2010
Investments in money market and short term treasury instruments	$ 186,873	$ 177,816
Retained interest in entities	10,490	10,283
Total, net	197,363	188,099
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Investments in money market and short term treasury instruments	186,873	177,816
Retained interest in entities
Total, net	186,873	177,816
Significant Other Observable Inputs (Level 2) [Member]
Investments in money market and short term treasury instruments
Retained interest in entities
Total, net
Significant Unobservable Inputs (Level 3) [Member]
Investments in money market and short term treasury instruments
Retained interest in entities	10,490	10,283
Total, net	$ 10,490	$ 10,283

Fair Value Measurements (Reconciliation Of Retained Interest) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2011
Fair Value Measurements
Beginning balance	$ 10,283
Additions
Accretion of interest income	207
Ending balance	$ 10,490

Fair Value Measurements (Assets Measured At Fair Value On Nonrecurring Basis) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2011
Investment in real estate	$ 2,925
Total Impairment Losses	1,697
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Investment in real estate
Significant Other Observable Inputs (Level 2) [Member]
Investment in real estate	1,224
Significant Unobservable Inputs (Level 3) [Member]
Investment in real estate	$ 1,701

Investment In Real Estate ( Real Estate Investment By Segment) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2011	Dec. 31, 2010
Operating property	$ 239,447	$ 239,405
Development property	548,768	551,495
Investment property	8,606	8,606
Total real estate investments	799,093	797,384
Less: Accumulated depreciation	44,288	41,992
Investment in real estate	754,805	755,392
Residential Real Estate [Member]
Operating property	179,337	178,417
Development property	473,170	478,278
Investment in unconsolidated affiliates	2,272	(2,122)
Commercial Real Estate [Member]
Operating property	1,982
Development property	67,896	65,465
Investment property	1,753	1,753
Rural Land Sales [Member]
Operating property	139	139
Development property	7,396	7,446
Investment property
Forestry [Member]
Operating property	57,479	60,339
Investment property	952	952
Other [Member]
Operating property	510	510
Development property	306	306
Investment property	$ 5,901	$ 5,901

Notes Receivable (Components Of Notes Receivable) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2011	Dec. 31, 2010
Notes receivable	$ 4,922	$ 5,731
Various Builders [Member]
Notes receivable	1,724	2,358
Pier Park Community Development District [Member]
Notes receivable	2,765	2,762
Various Mortgages And Other [Member]
Notes receivable	$ 433	$ 611

Restructuring (Narrative) (Details) (USD $)	3 Months Ended			6 Months Ended
Restructuring (Narrative) (Details) (USD $)	Jun. 30, 2011	Mar. 31, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Restructuring
Separation agreement expense		$ 4,200,000
Restructuring charges	$ 5,926,000		$ 1,158,000	$ 10,402,000	$ 2,698,000

Restructuring (Accrued Liability Associated With Restructurings And Reorganization Programs) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2011
One-Time Termination Benefits To Employees 2010 Restructuring and relocation program [Member]
Beginning Balance	$ 870
Costs Accrued	312
Payments	972
Ending Balance	210
Due within 12 months	210
One-Time Termination Benefits To Employees 2011 Restructuring program [Member]
Beginning Balance
Costs Accrued	10,080
Payments	4,831
Ending Balance	5,249
Due within 12 months	$ 5,249

Debt (Narrative) (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2011
Debt
Revolving credit agreement	$ 125
Credit agreement scheduled maturity date	Sep. 19, 2012
Credit agreement effective termination date	July 1, 2011
Debt defeased maturity range	matures in years 2011-2015

Debt (Significant Financial Covenants) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2011
Debt
Minimum consolidated tangible net worth, covenant	$ 800,000
Minimum consolidated tangible net worth	879,382
Ratio of total indebtedness to total asset value, covenant	50.00%
Ratio of total indebtedness to total asset value	3.83%
Unencumbered leverage ratio, covenant	2.0
Unencumbered leverage ratio	71.38
Minimum liquidity, covenant	20,000
Minimum liquidity	$ 324,054

Employee Benefit Plans (Periodic Benefit Expense Net) (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2011 years	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Employee Benefit Plans
Service cost	$ 999,000	$ 486,000	$ 3,013,000	$ 811,000
Interest cost	307,000	436,000	651,000	811,000
Expected return on assets	(787,000)	(1,518,000)	(1,628,000)	(2,943,000)
Prior service costs	173,000	200,000	351,000	375,000
Settlement loss		1,592,000		1,592,000
Curtailment charges	1,713,000	1,347,000	1,713,000	1,347,000
Net periodic benefit expense	2,405,000	2,543,000	4,100,000	1,993,000
Reduction in retiree medical liability	$ 7,000,000		$ 7,000,000
Change in accumulated other comprehensive income will be amortized into income over the future life expectancy of the participants	9

Income Taxes (Details) (USD $) In Millions, unless otherwise specified	Jun. 30, 2011	Dec. 31, 2010
Income Taxes
Total unrecognized tax benefits	$ 1.7	$ 1.4
Accrued interest (net of tax benefit) related to uncertain tax positions	$ 0	$ (0.2)

Contingencies (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2011	Dec. 31, 2010
Aggregate environmental-related accruals	$ 1.6	$ 1.5
beneficial ownership percentage	5
Term on alliance agreement (years)	3
Condition for termination of agreement	the agreement may be terminated by the Company if the payments to Southwest exceed $12 million in the second year of air service
Standby guarantee liability	0.8	0.8
Surety Bonds [Member]
Commitment obligations	28.7	27.9
Financial Stand By Letter Of Credit [Member]
Commitment obligations	$ 0.8	$ 0.8

Concentration Of Risks And Uncertainties (Details)	6 Months Ended
Concentration Of Risks And Uncertainties (Details)	Jun. 30, 2011 years months
Concentration Of Risks And Uncertainties
Period under bankruptcy protection (months)	18
Period of mill closure (years)	1