Document and Entity Information (USD $) In Billions, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2011	Apr. 29, 2011	Jun. 30, 2010
Document and Entity Information (Abstract)
Entity Registrant Name	ST JOE CO
Entity Central Index Key	0000745308
Document Type	10-Q
Document Period End Date	Mar. 31, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 2.1
Entity Common Stock, Shares Outstanding		92,306,899

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2011	Dec. 31, 2010
ASSETS
Investment in real estate	$ 750,473	$ 755,392
Cash and cash equivalents	216,226	183,827
Notes receivable	5,574	5,731
Pledged treasury securities	24,794	25,281
Prepaid pension asset	39,475	40,992
Property, plant and equipment, net	17,148	13,014
Other assets	28,559	27,458
Total assets	1,082,249	1,051,695
LIABILITIES:
Debt	53,938	54,651
Accounts payable	18,308	14,977
Accrued liabilities and deferred credits	74,827	73,233
Income tax payable	1,736	1,772
Deferred income taxes, net	44,355	34,625
Total liabilities	193,164	179,258
EQUITY:
Common stock, no par value; 180,000,000 shares authorized; 122,813,673 and 122,923,913 issued at March 31, 2011 and December 31, 2010, respectively	942,638	935,603
Retained earnings	892,597	878,498
Accumulated other comprehensive (loss)	(10,377)	(10,546)
Treasury stock at cost, 30,488,354 and 30,318,478 shares held at March 31, 2011 and December 31, 2010, respectively	(936,077)	(931,431)
Total stockholders' equity	888,781	872,124
Noncontrolling interest	304	313
Total equity	889,085	872,437
Total liabilities and equity	$ 1,082,249	$ 1,051,695

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2011	Dec. 31, 2010
EQUITY:
Common stock, no par value	$ 0	$ 0
Common stock, shares authorized	180,000,000	180,000,000
Common stock, shares issued	122,813,673	122,923,913
Treasury stock, shares	30,488,354	30,318,478

Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2011	Mar. 31, 2010
Revenues:
Real estate sales	$ 5,212	$ 1,834
Resort and club revenues	5,112	4,592
Timber sales	62,624	6,415
Other revenues	488	459
Total revenues	73,436	13,300
Expenses:
Cost of real estate sales	1,780	591
Cost of resort and club revenues	6,574	6,503
Cost of timber sales	6,240	4,430
Cost of other revenues	493	461
Other operating expenses	7,010	7,973
Corporate expense, net	18,247	5,357
Depreciation and amortization	6,504	3,482
Impairment losses	782	53
Restructuring charges	4,476	1,540
Total expenses	52,106	30,390
Operating income (loss)	21,330	(17,090)
Other income (expense):
Investment income, net	207	383
Interest expense	(997)	(1,094)
Other, net	1,127	165
Total other income (expense)	337	(546)
Income (loss) from continuing operations before equity in (loss) income of unconsolidated affiliates and income taxes	21,667	(17,636)
Equity in (loss) income of unconsolidated affiliates	(24)	(378)
Income tax expense (benefit)	7,553	(6,590)
Net income (loss)	14,090	(11,424)
Less: Net (loss) attributable to noncontrolling interest	(9)	(12)
Net income (loss) attributable to the Company	$ 14,099	$ (11,412)
Basic
Income (loss) from continuing operations attributable to the Company	$ 0.15	$ (0.13)
Income (loss) from discontinued operations attributable to the Company
Net income (loss) attributable to the Company	$ 0.15	$ (0.13)
Diluted
Income (loss) from continuing operations attributable to the Company	$ 0.15	$ (0.13)
Income (loss) from discontinued operations attributable to the Company
Net income (loss) attributable to the Company	$ 0.15	$ (0.13)

Consolidated Statement of Changes in Equity (Unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Noncontrolling Interest
Beginning Balance at Dec. 31, 2010	$ 872,437	$ 935,603	$ 878,498	$ (10,546)	$ (931,431)	$ 313
Beginning Balance, shares at Dec. 31, 2010		92,605,435
Comprehensive income:
Net income	14,090		14,099			(9)
Amortization of pension and postretirement benefit costs, net	169			169
Total comprehensive income	14,259
Issuances of restricted stock, shares		239,659
Forfeitures of restricted stock, shares		(349,899)
Excess (reduction in) tax benefit on options exercised and vested restricted stock	(611)	(611)
Amortization of stock-based compensation	7,646	7,646
Purchases of treasury shares	(4,646)				(4,646)
Purchases of treasury shares, shares		(169,876)
Ending Balance at Mar. 31, 2011	$ 889,085	$ 942,638	$ 892,597	$ (10,377)	$ (936,077)	$ 304
Ending Balance, shares at Mar. 31, 2011		92,325,319

Consolidated Statements of Cash Flow (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2011	Mar. 31, 2010
Cash flows from operating activities:
Net income (loss)	$ 14,090	$ (11,424)
Adjustments to reconcile net income (loss) to net cash provided by ( used in) operating activities:
Depreciation and amortization	6,504	3,482
Stock-based compensation	8,472	1,531
Equity in (income) loss of unconsolidated joint ventures	24	378
Deferred income tax (benefit) expense	9,589	(6,546)
Impairment losses	782	53
Cost of operating properties sold	1,167	566
Expenditures for operating properties	(4,234)	(1,447)
Changes in operating assets and liabilities:
Notes receivable	524	524
Other assets	(185)	(1,153)
Accounts payable and accrued liabilities	1,445	2,008
Income taxes payable	(732)	(2,468)
Net cash provided by (used in) operating activities	37,446	(14,496)
Cash flows from investing activities:
Purchases of property, plant and equipment	(288)	(117)
Proceeds from the disposition of assets		13
Distributions from unconsolidated affiliates		400
Net cash (used in) provided by investing activities	(288)	296
Cash flows from financing activities:
Proceeds from exercises of stock options		3,625
Repayments of other long-term debt	(166)
Excess (reduction in) tax benefits from stock-based compensation	53	(42)
Taxes paid on behalf of employees related to stock-based compensation	(4,646)	(553)
Net cash (used in) provided by financing activities	(4,759)	3,030
Net increase (decrease) in cash and cash equivalents	32,399	(11,170)
Cash and cash equivalents at beginning of period	183,827	163,807
Cash and cash equivalents at end of period	$ 216,226	$ 152,637

Description of Business and Basis of Presentation

3 Months Ended

Mar. 31, 2011

Description of Business and Basis of Presentation [Abstract]

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 estimate selling period;

	•		the length of the estimated development and selling periods, which can range from 5 years to 17 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 has one development property with a carrying value of approximately $23 million whose current undiscounted cash flows is approximately 110% or less 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 to purchase first thinnings of timber included in the timber deed at fair market value from the investment fund. During 2011, the Company recognized revenue of $54.5 million related to the timber deed with $1.4 million 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

3 Months Ended

Mar. 31, 2011

Stock-Based Compensation and Earnings Per Share [Abstract]

Stock-Based Compensation and Earnings Per Share

2. Stock-Based Compensation and Earnings Per Share

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 or if a change of control event occurs. Additionally, the 15% discount at which employees may purchase the Company’s common stock through payroll deductions is being recognized as compensation expense. Upon exercise of stock options or vesting of restricted stock, the Company will issue new common stock.

A significant number of outstanding unvested restricted shares vested during the quarter in connection with recent changes in the Company’s Board of Directors which qualified as a change in control event under the Company’s 2009 Equity Incentive Plan. During March 2011, the Company accelerated the vesting of approximately 300,000 restricted shares resulting in $6.2 million in accelerated amortization expense.

Service-Based Grants

A summary of service-based non-vested restricted share activity as of March 31, 2011 and changes during the three month period are presented below:


				Weighted Average
	Number of			Grant Date Fair
Service-Based Non-Vested Restricted Shares	Shares			Value
Balance at December 31, 2010		266,659		$	30.91
Granted		85,235			29.11
Vested		(260,058	)		30.72
Forfeited		(1,159	)		25.16

Balance at March 31, 2011		90,677		$	31.49

As of March 31, 2011, there was $0.5 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 two years.

Market Condition Grants

The Company has granted 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 currently uses 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 include 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 during the three months ended March 31, 2011 is presented below:


				Weighted Average
	Number of			Grant Date Fair
Market Condition Non-Vested Restricted Shares	Shares			Value
Balance at December 31, 2010		562,531		$	23.17
Granted		154,424			21.10
Vested		(291,304	)		19.12
Forfeited		(348,740	)		24.42

Balance at March 31, 2011		76,911		$	15.69

As of March 31, 2011, there was $0.3 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 one year.

Total stock-based compensation recognized in the consolidated statements of operations in corporate expenses for the three months ended March 31, 2011 and 2010 was $8.5 million and $1.5 million, respectively.

The Company is evaluating alternatives to its existing stock-based 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 shares 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
	March 31,
	2011		2010
Basic average shares outstanding		92,335,090		91,402,401
Net effect of stock options assumed to be exercised		13,071		—
Net effect of non-vested restricted stock assumed to be vested		30,577		—

Diluted average shares outstanding		92,378,738		91,402,401

Approximately 0.2 million shares were excluded from the computation of diluted earnings (loss) per share during the three months ended 2010 as the effect would have been anti- dilutive.

Fair Value Measurements

3 Months Ended

Mar. 31, 2011

Fair Value Measurements [Abstract]

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 March 31, 2011:


			Quoted Prices in		Significant Other		Significant
	Fair Value		Active Markets for		Observable		Unobservable
	March 31,		Identical Assets		Inputs		Inputs
	2011		(Level 1)		(Level 2)		(Level 3)
Recurring:
Investments in money market and short term treasury instruments	$	208,819	$	208,819	$	—	$	—
Retained interest in entities		10,385		—		—		10,385

Total, net	$	219,204	$	208,819	$	—	$	10,385

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 and short terms treasury instruments	$	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 $0.2 million during the three months ended March 31, 2011 and 2010. 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 any changes in previously projected cash flows during the first quarter 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		102

Balance March 31	$	10,385

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 and for the quarter ended March 31, 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 $14 million in the first year of air service or $12 million in the second 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. As of March 31, 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 March 31, 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 short term premium neutral collar arrangement in May 2010 which expires in May 2011 with respect to the underlying cost of jet fuel for a portion of Southwest Airlines’ estimated fuel volumes. The notional quantity hedged is 200,000 gallons per month, with the call price at $2.55 per gallon and the put price at $1.93 per gallon.

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.

In the first quarter of 2011 and 2010, the Company recorded impairment charges in the commercial real estate segment of $0.8 million and in the residential real estate segment of $0.1 million, respectively. As a result of the decision to indefinitely delay the development of the new corporate headquarters building in VentureCrossings Enterprise Centre, the Company impaired $0.8 million of predevelopment costs during the first quarter of 2011.

- Definition

This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, 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 Company 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 risk is 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

Investment in Real Estate

3 Months Ended

Mar. 31, 2011

Investment in Real Estate [Abstract]

Investment in Real Estate

4. Investment in Real Estate

Real estate by segment includes the following:


	March 31, 2011		December 31, 2010
Operating property:
Residential real estate	$	179,730	$	178,417
Rural land sales		139		139


	March 31, 2011			December 31, 2010
Forestry		57,124			60,339
Other		510			510

Total operating property		237,503			239,405

Development property:
Residential real estate		473,747			478,278
Commercial real estate		69,005			65,465
Rural land sales		7,446			7,446
Other		305			306

Total development property		550,503			551,495

Investment property:
Residential real estate		—			—
Commercial real estate		1,753			1,753
Rural land sales		—			—
Forestry		952			952
Other		5,901			5,901

Total investment property		8,606			8,606

Investment in unconsolidated affiliates:
Residential real estate		(2,146	)		(2,122	)

Total real estate investments		794,466			797,384
Less: Accumulated depreciation		43,993			41,992

Investment in real estate	$	750,473		$	755,392

Included in operating property are Company-owned amenities related to residential real estate, the Company’s timberlands and land and buildings developed by the Company and used for commercial rental purposes. Development property consists of residential real estate land and inventory currently under development to be sold. Investment property primarily includes the Company’s land held for future use.

- Definition

This element represents certain disclosures of real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. This element may be used as a single block of text to encapsulate the entire real estate disclosure including data and tables.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 66

-Paragraph 4, 5, 37, 50, 59, 65, 95, 97

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

-Publisher OTS

-Name Federal Regulation (FR)

-Number Title 12

-Chapter V

-Section 563c.102

-Paragraph 10

-Subparagraph a, b

-Subsection I

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

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 75-2

-Paragraph 47, 51, 52

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 11

-Article 9

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Audit and Accounting Guide (AAG)

-Number AAG-DEP

-Chapter 11

-Paragraph 2, 6, 9-11, 18, 20

-IssueDate 2006-05-01

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 10

-Subparagraph 4

-Article 9

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 144

-Paragraph 7, 34

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 34

-Paragraph 9, 11, 12, 13, 14, 15, 21

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph c

-Subparagraph Schedule III

-Article 5

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 04-2

-Paragraph 41, 63, 64

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 28

-Article 12

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 57

-Paragraph 2

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 6

-Subparagraph a

-Article 5

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher OTS

-Name Federal Regulation (FR)

-Number Title 12

-Chapter V

-Section 563c.102

-Paragraph 11

-Subsection I

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 154

-Paragraph 22

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 43

-Chapter 3

-Section A

-Paragraph 9

Reference 17: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 01-6

-Paragraph 13

-Subparagraph f

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 67

-Paragraph 4, 5, 6, 7

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-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 46R

-Paragraph 23, 24

Reference 20: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 15

-Paragraph 28

+ Details

Restructuring

3 Months Ended

Mar. 31, 2011

Restructuring [Abstract]

Restructuring

6. Restructuring

During 2010 the Company relocated its corporate headquarters from Jacksonville, Florida to WaterSound, Florida. The Company also consolidated certain other existing offices from Tallahassee and Port St. Joe into the WaterSound location. During the first quarter of 2011, the Company decided to indefinitely delay the development of the new corporate headquarters building in VentureCrossings Enterprise Centre.

The Company recorded a charge of $0.3 million in connection with the relocation during the first quarter of 2011.

The charges associated with the Company’s 2010 restructuring and reorganization program by segment are as follows:


	Residential Real		Commercial Real			Rural Land
	Estate		Estate			Sales		Forestry		Other		Total
Three months ended March 31, 2011:
One-time termination and relocation benefits to employees	$	43	$	(3	)	$	12	$	—	$	217	$	269

Remaining one-time termination and relocation benefits to employees — to be incurred during 2011(a)	$	244	$	—		$	173	$	292	$	1,101	$	1,810


(a)		Represents costs to be incurred from April 1, 2011 through December 31, 2011.

Termination benefits are comprised of severance-related payments for all employees terminated in connection with the restructurings. At March 31, 2011, the remaining accrued liability associated with restructurings and reorganization programs consisted of the following:


	Balance at						Balance at
	December 31,		Costs				March 31,		Due within
	2010		Accrued		Payments		2011		12 months
One-time termination and relocation benefits to employees — 2010 relocation	$	870	$	259	$	907	$	222	$	222

On February 25, 2011, the Company entered into a Separation Agreement with Wm. Britton Greene in connection with his resignation as President, Chief Executive Officer and director of the Company. In the first quarter of 2011, the Company expensed $4.2 million under the terms of this agreement.

On April 11, 2011, the Company entered into separation agreements with four additional members of senior management, including William S. McCalmont, Executive Vice President and Chief Financial Officer, Roderick T. Wilson, President-West Bay Sector, Rusty Bozman, Senior Vice President-Corporate Development and Reece B. Alford, Senior Vice President, General Counsel and Secretary. Mr. McCalmont and Mr. Alford will remain with the Company through May 20, 2011 with a six-month consulting period after separation, and the separation of Messrs. Wilson and Bozman was effective immediately. The Company will incur charges of approximately $4.3 million in the second quarter of 2011 as a result of these separation agreements.

Debt

3 Months Ended

Mar. 31, 2011

Debt [Abstract]

Debt

7. Debt

Debt consists of the following:


	March 31, 2011		December 31, 2010
Non-recourse defeased debt		24,795		25,281
Community Development District debt		29,143		29,370

Total debt	$	53,938	$	54,651

The aggregate scheduled maturities of debt subsequent to March 31, 2011 are as follows (a)(b):


2011	$	1,495
2012		2,018
2013		1,586
2014		1,507
2015		18,188
Thereafter		29,144

Total	$	53,938


(a)		Includes debt defeased in connection with the sale of the Company’s office portfolio in the amount of $24.8 million.

(b)		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.

The Company has a $125 million revolving Credit Agreement (the “Credit Agreement”) with Branch Banking and Trust Company and Deutsche Bank that expires on September 19, 2012. The Credit Agreement contains covenants relating to leverage, unencumbered asset value, net worth, liquidity and additional debt. The Credit Agreement does not contain a fixed charge coverage covenant. The Credit Agreement also contains various restrictive covenants pertaining to acquisitions, investments, capital expenditures, dividends, share repurchases, asset dispositions and liens. The following includes a summary of the Company’s more significant financial covenants:


	Covenant			March 31, 2011
Minimum consolidated tangible net worth	$	800,000		$	888,272
Ratio of total indebtedness to total asset value		50.0	%		3.97	%
Unencumbered leverage ratio		2.0	x		65.03	x
Minimum liquidity	$	20,000		$	340,451

The Company was in compliance with its debt covenants at March 31, 2011.

The Credit Agreement contains customary events of default. If any event of default occurs, lenders holding two-thirds of the commitments may terminate the Company’s right to borrow and accelerate amounts due under the Credit Agreement. In the event of bankruptcy, all amounts outstanding would automatically become due and payable and the commitments would automatically terminate.

Employee Benefits Plans

3 Months Ended

Mar. 31, 2011

Employee Benefits Plans [Abstract]

Employee Benefits Plans

8. Employee Benefit Plans

A summary of the net periodic benefit (credit) follows:


	Three Months Ended
	March 31,
	2011			2010
Service cost	$	2,014		$	325
Interest cost		344			375
Expected return on assets		(841	)		(1,425	)
Prior service costs		178			175
Actuarial loss		—			—

Net periodic pension cost (credit)	$	1,695		$	(550	)

The Company remeasures its plan assets and benefit obligation at each December 31. No events occurred during the three months ended March 31, 2011 which would require the Company to remeasure its plan assets or benefit obligation.

- Definition

Description containing the entire pension and other postretirement benefits disclosure as a single block of text.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 158

-Paragraph 7, 21, 22

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5, 6, 7, 8

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 8

-Subparagraph m

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 106

-Paragraph 518

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 87

-Paragraph 264

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph b

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph a

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph h

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph q

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Staff Position (FSP)

-Number FAS106-2

-Paragraph 20, 21, 22

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 03-2

-Paragraph 8

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 30

-Paragraph 26

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Implementation Guide (Q and A)

-Number FAS88

-Paragraph 63

+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2011
Income Taxes [Abstract]
Income Taxes	9. Income Taxes The Company had approximately $1.7 million and $1.4 million of total unrecognized tax benefits as of March 31, 2011 and December 31, 2010, none of which, if recognized, would materially affect the effective income tax rate. 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 March 31, 2011 and December 31, 2010, respectively, related to uncertain tax positions. There were no significant changes to unrecognized tax benefits including interest and penalties during the first quarter of 2011, and the Company does not expect any significant changes to its unrecognized tax benefits during the next twelve months.

Segment Information

3 Months Ended

Mar. 31, 2011

Segment Information [Abstract]

Segment Information

10. Segment Information

The Company’s reportable operating segments are residential real estate, commercial real estate, rural land sales and forestry. The residential real estate segment primarily develops and sells homesites to builders. This segment also includes the Company’s resort and club operations, the purpose of which is to enhance the desirability of the Company’s residential real estate. The commercial real estate segment sells and leases developed and undeveloped lands. The rural land sales segment primarily sells parcels of land included in the Company’s timberland holdings. The forestry segment produces and sells pine pulpwood, sawtimber and other forest products.

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

The accounting policies of the segments are the same as those described above in the summary of significant accounting policies herein and in our Form 10-K. Total revenues represent sales to unaffiliated customers, as reported in the Company’s consolidated statements of operations. All intercompany transactions have been eliminated. The caption entitled “Other” consists of general and administrative expenses, net of investment income.

Information by business segment is as follows:


	Three Months Ended
	March 31,
	2011			2010
Operating Revenues:
Residential real estate	$	7,765		$	5,511
Commercial real estate		297			388
Rural land sales		2,750			986
Forestry		62,624			6,415

Consolidated operating revenues	$	73,436		$	13,300

Income (loss) from continuing operations before equity in (loss) income of unconsolidated affiliates and income taxes:
Residential real estate	$	(8,845	)	$	(11,244	)
Commercial real estate		(1,866	)		(434	)
Rural land sales		2,285			(309	)
Forestry		52,744			1,470
Other		(22,651	)		(7,119	)

Consolidated income (loss) from continuing operations before equity in (loss) income of unconsolidated affiliates and income taxes	$	21,667		$	(17,636	)


	March 31, 2011		December 31, 2010
Total Assets:
Residential real estate	$	636,685	$	639,460
Commercial real estate		76,199		72,581
Rural land sales		7,963		7,964
Forestry		58,268		61,756
Other		303,134		269,934

Total Assets	$	1,082,249	$	1,051,695

Contingencies	3 Months Ended
Contingencies	Mar. 31, 2011
Contingencies [Abstract]
Contingenceis	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 March 31, 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 current and former 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 current and former 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 failed 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 plaintiff also alleges 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. On April 5, 2011, at the request of the plaintiff, the court dismissed the claims under the Securities Act of 1933 and dismissed the current and former director defendants from the case. The Company believes that it has meritorious defenses to the plaintiff’s remaining 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, a derivative lawsuit was filed by a shareholder on behalf of the Company against certain of its current and former 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). The complaint alleges 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 three 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 is conducting an informal inquiry into the Company’s policies and practices concerning impairment of investment in real estate assets. The Company is fully cooperating with the SEC in connection with the informal inquiry. The notification from the SEC does not indicate any allegations of wrongdoing, and an inquiry is not an indication of any violations of federal securities laws. 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 $14 million in the first year of air service or $12 million in the second year. 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 March 31, 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 March 31, 2011 and December 31, 2010, the Company was party to surety bonds of $27.6 million and $27.9 million, respectively, and standby letters of credit in the amount of $0.8 million at March 31, 2011 and December 31, 2010 which may potentially result in liability to the Company if certain obligations of the Company are not met.

Concentration of Risks and Uncertainties	3 Months Ended
Concentration of Risks and Uncertainties	Mar. 31, 2011
Concentration of Risks and Uncertainties [Abstract]
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. 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. See Note 3 for further discussion of this standby guarantee. 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 supply agreement, 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.

Common Stock Purchase Rights Plan	3 Months Ended
Common Stock Purchase Rights Plan	Mar. 31, 2011
Common Stock Purchase Rights Plan [Abstract]
Common Stock Purchase Rights Plan	13. Common Stock Purchase Rights Plan On February 15, 2011, the Board of Directors adopted a Common Stock Purchase Rights Plan. On March 4, 2011 the Board of Directors amended the plan such that the rights which were previously dividended to holders of record of common stock as of the close of business on February 28, 2011, expired on March 4, 2011.

- Definition

Disclosures related to accounts comprising shareholders' equity, including other comprehensive income. Includes: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables; effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References+ Details