Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2016	May. 02, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	ST JOE CO
Trading Symbol	JOE
Entity Central Index Key	0000745308
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Common Stock, Shares Outstanding		74,333,907

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Investment in real estate, net	$ 311,738	$ 313,599
Cash and cash equivalents	201,325	212,773
Investments	193,537	191,240
Restricted investments	5,651	7,072
Notes receivable, net	2,491	2,555
Property and equipment, net of accumulated depreciation of $57.7 million and $57.1 million at March 31, 2016 and December 31, 2015, respectively	9,733	10,145
Claim settlement receivable	12,556	0
Other assets	33,540	36,573
Investments held by special purpose entities	208,414	208,785
Total assets	978,985	982,742
LIABILITIES:
Debt	54,646	54,474
Other liabilities	43,146	41,880
Deferred tax liabilities	37,919	36,847
Senior Notes held by special purpose entity	176,147	176,094
Total liabilities	311,858	309,295
EQUITY:
Common stock, no par value; 180,000,000 shares authorized; 92,332,565 issued at March 31, 2016 and December 31, 2015; and 74,333,907 and 75,329,557 outstanding at March 31, 2016 and December 31, 2015, respectively	892,387	892,387
Retained earnings	87,516	78,851
Accumulated other comprehensive loss	(740)	(686)
Treasury stock at cost, 17,998,658 and 17,003,008 held at March 31, 2016 and December 31, 2015, respectively	(320,109)	(305,289)
Total stockholders’ equity	659,054	665,263
Non-controlling interest	8,073	8,184
Total equity	667,127	673,447
Total liabilities and equity	978,985	982,742
Variable Interest Entities
ASSETS
Investment in real estate, net	46,450	46,156
Cash and cash equivalents	3,781	4,067
Other assets	11,239	12,853
Investments held by special purpose entities	208,414	208,785
Total assets	269,884	271,861
LIABILITIES:
Debt	47,512	47,480
Other liabilities	2,193	4,416
Senior Notes held by special purpose entity	176,147	176,094
Total liabilities	$ 225,852	$ 227,990

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Property and equipment, Accumulated depreciation	$ 57.7	$ 57.1
Common stock, shares authorized (in shares)	180,000,000	180,000,000
Common stock, issued (in shares)	92,332,565	92,332,565
Common stock, outstanding (in shares)	74,333,907	75,329,557
Treasury stock (in shares)	17,998,658	17,003,008

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Real estate sales	$ 7,081	$ 5,437
Resorts and leisure revenues	8,751	7,803
Leasing revenues	2,361	2,045
Timber sales	2,061	1,806
Total revenues	20,254	17,091
Expenses:
Cost of real estate sales	1,765	3,137
Cost of resorts and leisure revenues	9,319	8,806
Cost of leasing revenues	750	634
Cost of timber sales	210	184
Other operating and corporate expenses	6,819	7,117
Depreciation, depletion and amortization	2,288	2,915
Total expenses	21,151	22,793
Operating loss	(897)	(5,702)
Other income (expense):
Investment income, net	2,730	5,212
Interest expense	(3,035)	(2,876)
Claim settlement	12,548	0
Other, net	452	577
Total other income	12,695	2,913
Income (loss) before income taxes	11,798	(2,789)
Income tax (expense) benefit	(3,244)	1,073
Net income (loss)	8,554	(1,716)
Net loss (income) attributable to non-controlling interest	111	(22)
Net income (loss) attributable to the Company	$ 8,665	$ (1,738)
Basic and Diluted
Weighted average shares outstanding (in shares)	74,809,010	92,302,636
Net income (loss) per share attributable to the Company (in dollars per share)	$ 0.12	$ (0.02)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss):	$ 8,554	$ (1,716)
Other comprehensive (loss) income, net of tax:
Net unrealized (loss) gains on available-for-sale investments	(88)	1,257
Total before income taxes	(88)	1,257
Income tax benefit (expense)	34	(484)
Total	(54)	773
Total other comprehensive (loss) income, net of tax	(54)	773
Total comprehensive income (loss), net of tax	$ 8,500	$ (943)

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Non-controlling Interest
Balance (in shares) at Dec. 31, 2015	75,329,557	75,329,557
Balance at Dec. 31, 2015	$ 673,447	$ 892,387	$ 78,851	$ (686)	$ (305,289)	$ 8,184
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	8,554		8,665			(111)
Other comprehensive loss	$ (54)			(54)
Repurchase of common shares (in shares)	(995,650)	(995,650)
Repurchase of common shares	$ (14,820)				(14,820)
Balance at Mar. 31, 2016	$ 667,127	$ 892,387	$ 87,516	$ (740)	$ (320,109)	$ 8,073
Balance (in shares) at Mar. 31, 2016	74,333,907	74,333,907

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income (loss)	$ 8,554	$ (1,716)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation, depletion and amortization	2,288	2,915
Deferred income tax expense	1,106	159
Cost of real estate sold	1,434	2,748
Expenditures for and acquisition of real estate to be sold	(1,249)	(2,213)
Deferred revenue	(160)	(64)
Accretion income and other	(365)	(658)
Changes in operating assets and liabilities:
Notes receivable	65	1,980
Claim settlement receivable	(12,548)	0
Other assets	1,004	(997)
Other liabilities	2,165	152
Income taxes receivable	2,137	(1,233)
Net cash provided by operating activities	4,431	1,073
Cash flows from investing activities:
Expenditures for Pier Park North joint venture	(277)	(1,716)
Purchases of property and equipment	(347)	(900)
Purchases of investments	(9,275)	0
Maturities of investments	0	125,000
Sales of investments	8,460	129,149
Maturities of assets held by special purpose entities	415	416
Net cash (used in) provided by investing activities	(1,024)	251,949
Cash flows from financing activities:
Repurchase of common shares	(14,820)	0
Borrowings on construction/refinanced loan in Pier Park joint venture	0	2,171
Principal payments for debt	(35)	0
Net cash (used in) provided by financing activities	(14,855)	2,171
Net (decrease) increase in cash and cash equivalents	(11,448)	255,193
Cash and cash equivalents at beginning of the period	212,773	34,515
Cash and cash equivalents at end of the period	201,325	289,708
Cash paid during the period for:
Interest expense	5,664	4,864
Income taxes	0	0
Non-cash financing and investing activities:
Increase in Community Development District debt	174	671
Decrease in pledged treasury securities related to defeased debt	0	158
Expenditures for operating properties and property and equipment financed through accounts payable	$ 4	$ 4

Nature of Operations	3 Months Ended
Nature of Operations	Mar. 31, 2016
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations The St. Joe Company together with its consolidated subsidiaries (the “Company”) is a real estate development, asset management, and operating company with real estate assets and operations currently concentrated primarily between Tallahassee and Destin, Florida. The Company conducts primarily all of its business in the following five reportable operating segments: 1) residential real estate, 2) commercial real estate, 3) resorts and leisure, 4) leasing operations and 5) forestry. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements are not included herein. The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries. The equity method of accounting is used for investments in which the Company has significant influence, but not a controlling financial interest. All significant intercompany accounts and transactions have been eliminated in consolidation. The December 31, 2015 balance sheet amounts have been derived from the Company’s December 31, 2015 audited consolidated financial statements. Certain prior period amounts in the accompanying consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported stockholders’ equity or net income (loss). Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results of the Company that may be expected for the year ending December 31, 2016. A variable interest entity (“VIE”) is an entity in which a controlling financial interest may be achieved through arrangements that do not involve voting interests. A VIE is required to be consolidated by its primary beneficiary, which is the entity that possesses the power to direct the activities of the VIE that most significantly impact its economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to it. The Company consolidates VIEs when it is the primary beneficiary of the VIE, including real estate joint ventures determined to be VIEs (see Note 9, Real Estate Joint Ventures) and VIEs involved in a 2014 real estate sale, as further described below. The statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2015 annual financial statements. As required under GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates. Recently Adopted Accounting Pronouncements Consolidation In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-02 that amends the existing consolidation guidance related to (i) limited partnerships and similar legal entities, (ii) the evaluation of variable interests for fees paid to decision makers or service providers, (iii) the effect of fee arrangements and related parties on the primary beneficiary determination and (iv) certain investment funds. These changes are expected to limit the number of consolidation models and place more emphasis on risk of loss when determining a controlling financial interest. The Company adopted the new guidance as of January 1, 2016. The adoption of this guidance had no impact on the Company’s condensed consolidated balance sheets, statements of operations, statements of comprehensive income (loss), statements of cash flows or notes to the condensed financial statements. Debt issuance costs In April 2015, the FASB issued ASU 2015-03 that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendment does not affect the recognition and measurement guidance for debt issuance costs. During the three months ended March 31, 2016, the Company adopted this ASU, which required retrospective application and resulted in the reclassification of debt issuance costs of $2.1 million from other assets to a reduction of $0.7 million in debt and a reduction of $1.4 million in Senior Notes held by special purpose entity in the Company’s condensed consolidated balance sheet as of December 31, 2015. Other than this change in presentation, this ASU did not have an impact on the Company’s condensed consolidated financial condition, results of operations or cash flows. See Note 10, Debt for more information. Cloud computing costs In April 2015, the FASB issued ASU 2015-05, Customer’s Accounting For Fees Paid In A Cloud Computing Arrangement, which provides guidance for a customer’s accounting for cloud computing costs. This ASU is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2015. The adoption of this ASU had no impact on the Company’s financial condition, results of operations or cash flows. Recently Issued Accounting Pronouncements Revenue recognition In May 2014, the FASB issued an ASU that establishes the principles used to recognize revenue for all entities. In March 2016, the FASB issued ASU 2016-08 that further clarifies the implementation guidance on principal versus agent considerations. The new guidance will be effective for annual and interim periods beginning after December 15, 2017. Early application will be permitted, but not before annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows. Financial Instruments In January 2016, the FASB issued ASU 2016-01 that amends existing guidance to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The new guidance will require equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. Additionally, certain disclosure requirements and other aspects of accounting for financial instruments will change as a result of the new guidance, which is effective for interim and annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact that the adoption of the new guidance will have on its financial condition and results of operations. Leases In February 2016, the FASB issued ASU 2016-02 that amends the existing accounting standards for lease accounting, including requiring lessees to recognize both finance and operating leases with terms of more than 12 months on the balance sheet. The accounting applied by a lessor is largely unchanged from existing guidance. The amendments also require certain quantitative and qualitative disclosures about leasing arrangements. The new guidance will be effective for annual and interim periods beginning after December 15, 2018 and requires a modified retrospective adoption. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows.

Investment in Real Estate

3 Months Ended

Mar. 31, 2016

Real Estate [Abstract]

Investment in Real Estate

Real estate by property type and segment includes the following:



	March 31, 2016		December 31, 2015
Development property:
Residential real estate	$	98,766	$	99,413
Commercial real estate	56,652		56,587
Leasing operations	528		360
Forestry	2,639		2,681
Corporate	2,271		2,211
Total development property	160,856		161,252

Operating property:
Residential real estate	8,091		8,091
Resorts and leisure	109,525		109,425
Leasing operations	79,571		79,550
Forestry	19,234		19,300
Other	50		50
Total operating property	216,471		216,416
Less: Accumulated depreciation	65,589		64,069
Total operating property, net	150,882		152,347
Investment in real estate, net	$	311,738	$	313,599

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

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

The Company had no capitalized indirect development costs during the three months ended March 31, 2016 and less than $0.1 million during the three months ended March 31, 2015, primarily related to the consolidated joint venture at Pier Park North.

Impairment of Long Lived Assets

3 Months Ended

Mar. 31, 2016

Asset Impairment Charges [Abstract]

Impairment of Long Lived Assets

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


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


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


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


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


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


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

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

There were no events or changes in circumstances that would indicate that the carrying value of the Company’s long-lived assets would not be recoverable, and, therefore, the Company did not record any impairment charges during the three months ended March 31, 2016 and 2015.

Investments

3 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Investments

Investments and restricted investments consist of available-for-sale securities and are recorded at fair value, which is based on quoted market prices and pricing data from external pricing services that use prices observed for recently executed market transactions. Unrealized gains and temporary losses on investments, net of tax, are recorded in other comprehensive (loss) income. Realized gains and losses are determined using the specific identification method. The amortized cost of debt securities are adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization and accretion is included in investment income, net. In addition, at March 31, 2016, the Company had investments in short term commercial paper that are classified as cash equivalents, since they had maturity dates of ninety days or less from the date of purchase.

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



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities:
U.S. Treasury securities	$	184,930	$	19	$	—	$	184,949
Corporate debt securities	9,546		11		1,117		8,440
Preferred stock	265		—		117		148
	194,741		30		1,234		193,537
Restricted investments:
Money market fund	5,651		—		—		5,651
	$	200,392	$	30	$	1,234	$	199,188

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



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

Fairholme Capital Management, L.L.C., or one of its affiliates (“Fairholme Capital”), has served as an investment advisor to the Company since April 2013. As of March 31, 2016, funds managed by Fairholme Capital beneficially owned approximately 32.3% of the Company’s common stock. Mr. Bruce Berkowitz is the Managing Member of Fairholme Capital and the Chairman of the Company’s Board of Directors. Fairholme Capital does not receive any compensation for services as the Company’s investment advisor.

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

As of March 31, 2016, the investment account included $184.9 million of U.S. Treasury securities, $8.4 million of corporate debt securities and $0.2 million of preferred stock investments (all of which are classified within investments on the Company’s condensed consolidated balance sheets). The corporate debt securities and preferred stock are issued by Sears Holdings Corp or affiliates, and are non-investment grade.

During the three months ended March 31, 2016, there were no realized losses from the sale or maturity of available-for-sale securities and proceeds from the sale of available-for-sale securities were $8.5 million.

During the three months ended March 31, 2015, there were no realized losses from the sale of available-for-sale securities, proceeds from the sale of available-for-sale securities were $129.1 million and proceeds from the maturity of available-for-sale securities were $125.0 million.

As of March 31, 2016 and December 31, 2015, certain of the Company’s debt securities and preferred stock had unrealized losses of $1.2 million and $1.1 million, respectively, that were deemed temporary and included in accumulated other comprehensive loss. The following table provides the debt securities and preferred stock unrealized loss position and related fair values:



	As of March 31, 2016								As of December 31, 2015
	Less Than 12 Months				12 Months or Greater				Less Than 12 Months				12 Months or Greater
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Debt securities:
U.S. Treasury securities	$	—	$	—	$	—	$	—	$	184,740	$	79	$	—	$	—
Corporate debt securities	8,251		1,117		—		—		6,292		981		—		—
Preferred stock	148		117		—		—		208		57		—		—
	$	8,399	$	1,234	$	—	$	—	$	191,240	$	1,117	$	—	$	—

As of March 31, 2016 and December 31, 2015, the Company did not intend to sell the investments with unrealized losses and it is more likely than not that the Company will not be required to sell any of these securities prior to their anticipated recovery, which could be maturity; therefore, the Company does not believe that its investment in the corporate debt securities was other-than-temporarily impaired at March 31, 2016 and December 31, 2015.

The net carrying value and estimated fair value of investments and restricted investments classified as available-for-sale at March 31, 2016, by contractual maturity are shown in the following table. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations.



	Amortized Cost		Fair Value
Due in one year or less	$	184,930	$	184,949
Due after one year through five years	9,448		8,359
Due after ten years through fifteen years	98		81
	194,476		193,389
Preferred stock	265		148
Restricted investments	5,651		5,651
	$	200,392	$	199,188

- Definition

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

+ References + Details

Financial Instruments and Fair Value Measurements

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

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

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

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

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

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



	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	20,308	$	—	$	—	$	20,308
Commercial paper	158,973		—		—		158,973
Debt securities:
U.S. Treasury securities	184,949		—		—		184,949
Corporate debt securities	—		8,440		—		8,440
Preferred stock	—		148		—		148
Restricted investments:
Money market fund	5,651		—		—		5,651
	$	369,881	$	8,588	$	—	$	378,469

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



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

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

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

Restricted investments include certain of the surplus assets that were transferred from the Company’s Pension Plan to a suspense account in the Company’s 401(k) Plan in December 2014. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s condensed consolidated financial statements until they are allocated to participants. As of December 31, 2015, the assets held in the suspense account were invested in the Prudential Guaranteed Income Fund, which is a stable value fund designed to provide safety of principal, liquidity, and a rate of return. The Prudential Guaranteed Income Fund is valued based upon the contributions made to the fund, plus earnings at guaranteed crediting rates, less withdrawals and fees and are categorized as level 2 financial instruments. As of March 31, 2016 the assets were transferred to a Vanguard Money Market Fund, which invests in U.S. government securities and seeks to provide current income and preserve shareholders’ principal investment. The Vanguard Money Market Fund is measured based on quoted market prices in an active market and categorized within level 1 of the fair value hierarchy. The Company’s Retirement Plan Investment Committee is responsible for investing decisions and allocation decisions of the suspense account. Refer to Note 15, Employee Benefit Plans.

Fair Value of Financial Instruments


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


•	The fair value of the Investments held by special purpose entities is based on the present value of future cash flows at the current market rate.


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


•	The fair value of the Senior Notes held by special purpose entity is based on the present value of future cash flows at the current market rate.

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



	March 31, 2016					December 31, 2015
	Carrying value		Fair value		Level	Carrying value		Fair value		Level
Assets
Retained interest investments	$	10,316	$	13,257	3	$	10,246	$	13,333	3
Investments held by special purpose entities:
Time deposit	$	200,000	$	200,000	3	$	200,000	$	200,000	3
U.S. Treasury securities and cash equivalents	$	8,414	$	8,952	1	$	8,785	$	9,033	1
Liabilities
Senior Notes held by special purpose entity	$	176,147	$	208,525	3	$	176,094	$	178,035	3

Retained Interest Investments

The Company has a beneficial interest in certain bankruptcy remote qualified special purpose entities (the “SPEs”) used in the installment sale monetization of certain sales of timberlands in 2007 and 2008. The SPEs’ assets are not available to satisfy the Company’s liabilities or obligations and the liabilities of the SPEs are not the Company’s liabilities or obligations. In the event that proceeds from the financial instruments are insufficient to settle all of the liabilities of the SPEs, the Company is not obligated to contribute any funds to the SPEs. The Company has determined that it is not the primary beneficiary of the SPEs, since the Company is not the primary decision maker with respect to activities that could significantly impact the economic performance of the SPEs, nor does the Company perform any service activity related to the SPEs. Therefore, the SPEs’ assets and liabilities are not consolidated in the Company’s condensed consolidated financial statements as of March 31, 2016 and December 31, 2015.

At the time of monetization the initial retained interest recorded was an estimate based on the present value of future excess cash flows expected to be received over the life of the retained interest, using management’s best estimate of underlying assumptions, including credit risk and discount rates. The Company’s continuing involvement with the SPEs is the receipt of the net interest payments and the remaining principal of approximately $15.1 million to be received at the end of the installment notes’ fifteen year maturity period, in 2022 through 2024.

The Company has a beneficial or retained interest investment related to these SPEs of $10.3 million and $10.2 million as of March 31, 2016 and December 31, 2015, respectively, recorded in other assets on the Company’s condensed consolidated balance sheets. The Company has classified its retained interest investment as held-to-maturity because the Company has both the intent and the ability to hold its interest in the SPEs to maturity. Accordingly, the Company has recorded the retained interest investment at cost, adjusted for the accretion of investment income over the life of the retained interest using the effective yield method with rates ranging from 3.7% to 11.4%. The Company continues to update the expectation of cash flows to be collected over the term of the retained interest. Changes to the previously projected cash flows are accounted for prospectively, unless based on management’s assessment of current information and events, it is determined that there is an other-than-temporary impairment. The Company has not recorded an other-than-temporary impairment related to its retained interest investments during the three months ended March 31, 2016 and 2015.

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

Investments and Senior Notes Held by Special Purpose Entities

In connection with a real estate sale in 2014, the Company received consideration consisting of (i) cash, (ii) a $200.0 million fifteen-year installment note (the “Timber Note”) issued by Panama City Timber Finance Company, LLC, a buyer-sponsored special purpose entity (“AgReserves SPE”) and (iii) an Irrevocable Standby Letter of Credit issued by JPMorgan Chase Bank, N.A. (the “Letter of Credit”) at the request of AgReserves SPE, in favor of the Company. In 2014, the Company contributed the Timber Note and assigned its rights as a beneficiary under the Letter of Credit to Northwest Florida Timber Finance, LLC (“NFTF”), a bankruptcy-remote, qualified special purpose entity wholly-owned by the Company. NFTF monetized the Timber Note by issuing $180.0 million aggregate principal amount of its 4.8% Senior Secured Notes due in 2029 (the “Senior Notes”) at an issue price of 98.5% of face value to third party investors. AgReserves SPE and NFTF are VIEs, which the Company consolidates as the primary beneficiary of each entity. The investments held by special purpose entities consist of a $200.0 million time deposit that, subsequent to April 2, 2014, pays interest at 4.0% and matures in March 2029, U.S. Treasuries of $8.1 million, and cash of $0.3 million. The Senior Notes issued by NFTF consist of $176.1 million net of the $3.9 million discount and debt issuance costs.

- Definition

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

+ References + Details

Notes Receivable, net

3 Months Ended

Mar. 31, 2016

Receivables [Abstract]

Notes Receivable, net

Notes Receivable, Net

Notes receivable, net consists of the following:



	March 31, 2016		December 31, 2015
Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% — 8.0%	$	1,986	$	1,985
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, any remaining payments outstanding are due August 2016	33		90
Various mortgage notes, secured by certain real estate, bearing interest at various rates	472		480
Total notes receivable, net	$	2,491	$	2,555

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

Claim Settlement Receivable

On March 24, 2016, the Company entered into a full and final release agreement with BP p.l.c. and various related entities pursuant to which the Company, on its own behalf and on behalf of certain wholly owned subsidiaries, released any and all claims related to the Deepwater Horizon oil spill which occurred on April 20, 2010. In exchange for this release, the Company will receive the amount of $13.2 million from BP Exploration & Production Inc., a large portion of which will reimburse the Company for expenses incurred. Payment of the settlement amount is to be made pursuant to the following schedule: the amount of $5.0 million is to be paid in October of 2016 followed by payments of $2.7 million due in October of 2017, 2018 and 2019. The Company also received a guaranty of payments from BP North America Corporation Inc. During the three months ended March 31, 2016, the Company recorded the claim settlement receivable using an imputed interest rate of 3.0%, based on its best estimate of the prevailing market rates for the source of credit, resulting in an initial present value of $12.5 million and discount of $0.7 million. $12.5 million of the claim settlement was recognized as other income in the Company’s condensed consolidated statements of operations for the three months ended March 31, 2016. The discount is being accreted over the expected three and a half year term of the receivable using the effective interest method. Interest income during the period from March 24, 2016 through March 31, 2016 was less than $0.1 million.

Claim Settlement Receivable

3 Months Ended

Mar. 31, 2016

Receivables [Abstract]

Claim settlement receivable

Notes Receivable, Net

Notes receivable, net consists of the following:



	March 31, 2016		December 31, 2015
Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% — 8.0%	$	1,986	$	1,985
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, any remaining payments outstanding are due August 2016	33		90
Various mortgage notes, secured by certain real estate, bearing interest at various rates	472		480
Total notes receivable, net	$	2,491	$	2,555

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

Claim Settlement Receivable

Real Estate Joint Ventures

3 Months Ended

Mar. 31, 2016

Real Estate Joint Ventures [Abstract]

Real Estate Joint Ventures

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

Consolidated Real Estate Joint Ventures

During 2012, the Company entered into a joint venture agreement with a partner to develop a retail center at Pier Park North. The Company’s partner is responsible for the day-to-day activities of the joint venture. However, the Company has significant involvement in the design of the development and approves all major decisions, including project development, annual budgets and financing. The Company determined the joint venture is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2016 and December 31, 2015.

In October 2015, the Pier Park North joint venture refinanced a construction loan by entering into a $48.2 million loan (the “Refinanced Loan”), which is secured by a first lien on, and security interest in, a majority of the Pier Park North joint venture’s property and a $6.6 million short-term letter of credit. Additionally, in connection with this refinancing, each of the Pier Park North joint venture partners executed a limited guarantee in favor of the lender, based on their percentage ownership in the joint venture. See Note 10, Debt.

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

Unconsolidated Real Estate VIE

As of March 31, 2016, the Company is a partner in ALP Liquidating Trust (“ALP”) that is accounted for using the equity method. The joint venture was entered into to develop and sell certain mixed use residential and commercial projects. The Company has evaluated the VIE consolidation requirements with respect to this joint venture and has determined that the Company is not the primary beneficiary, since the Company does not have the power to direct the activities that most significantly impact the economic performance of the VIE. The Company is not required to contribute additional funds to ALP.

Summarized financial information for ALP is as follows:



	March 31, 2016		December 31, 2015

Cash and cash equivalents	$	13,164	$	13,760
Other assets	59		58
Total assets	$	13,223	$	13,818

Accounts payable and other liabilities	$	1,381	$	1,978
Equity⁽¹⁾	11,842		11,840
Total liabilities and equity	$	13,223	$	13,818

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

For the three months ended March 31, 2016 and 2015, ALP reported net income of less than $0.1 million and a net loss of $0.6 million, respectively.

Debt

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Debt

Debt consists of the following at March 31, 2016:



	Principal		Unamortized Discount and Debt Issuance Costs		Net
Refinanced loan in the Pier Park North joint venture, due November 2025, bearing interest at 4.1%	$	48,200	$	688	$	47,512
Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2031 - May 2039, bearing interest at 3.1% to 7.0% at March 31, 2016	7,134		—		7,134
Total debt	$	55,334	$	688	$	54,646

Debt consists of the following at December 31, 2015:



	Principal		Unamortized Discount and Debt Issuance Costs		Net
Refinanced loan in the Pier Park North joint venture, due November 2025, bearing interest at 4.1%	$	48,200	$	720	$	47,480
Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2016 - May 2039, bearing interest at 2.8% to 7.0% at December 31, 2015	6,994		—		6,994
Total debt	$	55,194	$	720	$	54,474

The Refinanced Loan accrues interest at a rate of 4.1% per annum and matures in November 2025. In connection with the Refinanced Loan, the Company entered into a limited guarantee in favor of the lender, based on its percentage ownership of the joint venture. In addition, the guarantee can become full recourse in the case of any fraud or intentional misrepresentation by the Pier Park North joint venture; any voluntary transfer or encumbrance of the property in violation of the due-on-sale clause in the security instrument; upon commencement of voluntary or insolvency proceedings and upon breach of covenants in the security instrument.

Community Development District (“CDD”) bonds financed the construction of infrastructure improvements at several of the Company’s projects. The principal and interest payments on the bonds are paid by assessments on, or from sales proceeds of, the properties benefited by the improvements financed by the bonds. The Company has recorded a liability for CDD assessments that are associated with platted property, which is the point at which the assessments become fixed or determinable. Additionally, the Company has recorded a liability for the balance of the CDD assessment that is associated with unplatted property if it is probable and reasonably estimable that the Company will ultimately be responsible for repaying. The Company has recorded debt of $7.1 million and $7.0 million related to CDD assessments as of March 31, 2016 and December 31, 2015, respectively. The Company’s total outstanding CDD assessments were $22.5 million at both March 31, 2016 and December 31, 2015. The Company pays interest on the total outstanding CDD assessments.

The aggregate maturities of debt subsequent to March 31, 2016 are:



	March 31, 2016
2016	$	213
2017	988
2018	1,029
2019	1,071
2020	1,116
Thereafter	50,917
	$	55,334

Other Liabilities

3 Months Ended

Mar. 31, 2016

Payables and Accruals [Abstract]

Other Liabilities

Other liabilities consist of the following:



	March 31, 2016		December 31, 2015
Accounts payable	$	3,333	$	2,585
Accrued compensation	1,802		3,366
Deferred revenue	14,998		15,222
Membership deposits	7,202		7,778
Advance deposits	8,233		3,574
Other accrued liabilities	6,866		6,505
Accrued interest expense for Senior Notes held by special purpose entity	712		2,850
Total other liabilities	$	43,146	$	41,880

Deferred revenue at March 31, 2016 and December 31, 2015 includes $12.5 million related to a 2006 agreement pursuant to which the Company agreed to sell approximately 3,900 acres of rural land to the Florida Department of Transportation (the “FDOT”). Revenue is recognized when title to a specific parcel is legally transferred.

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

Income Taxes

3 Months Ended

Mar. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

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



	Three Months Ended March 31,
	2016			2015
Tax expense (benefit) at the federal statutory rate	$	4,168		$	(982	)
State income tax expense (benefit) (net of federal benefit)	417			(98		)
Tax effect of timber at the federal statutory rate of 23.8%	(206		)	—
Decrease in valuation allowance	(354		)	(14		)
Other	(781		)	21
Total income tax expense (benefit)	$	3,244		$	(1,073	)

As of March 31, 2016, the Company had no federal net operating loss carryforwards and had $319.0 million of state net operating loss carryforwards, which are available to offset future taxable income through 2031.

In general, a valuation allowance is recorded if, based on the available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. Realization of the Company’s deferred tax assets is dependent upon the Company generating sufficient taxable income in future years in the appropriate tax jurisdictions to obtain a benefit from the reversal of deductible temporary differences and from loss carryforwards. As of December 31, 2015, based on the timing of reversal of future taxable amounts and the Company’s history of losses, management did not believe it met the requirements to realize the benefits of certain of its deferred tax assets; therefore, the Company had maintained a valuation allowance of $6.0 million. During the three months ended March 31, 2016, the Company reversed $0.3 million of the valuation allowance that was recorded as of December 31, 2015. As of March 31, 2016, management believes it has not met the requirements to realize the benefits for a portion of its deferred tax assets for state net operating loss carryforwards; therefore, the Company has maintained a valuation allowance of $5.7 million for these deferred tax assets.

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2016

Stockholders' Equity Note [Abstract]

Accumulated Other Comprehensive Loss

Following is a summary of the changes in the accumulated balances for each component of accumulated other comprehensive loss, which is presented net of tax, for the three months ended March 31, 2016 and 2015:



	Unrealized Losses on Available-for-Sale Securities			Total
Accumulated other comprehensive loss at December 31, 2015	$	(686	)	$	(686	)
Other comprehensive loss	(54		)	(54		)
Accumulated other comprehensive loss at March 31, 2016	$	(740	)	$	(740	)



	Unrealized Gains and (Losses) on Available-for-Sale Securities			Total
Accumulated other comprehensive loss at December 31, 2014	$	(1,325	)	$	(1,325	)
Other comprehensive income	773			773
Accumulated other comprehensive loss at March 31, 2015	$	(552	)	$	(552	)

Following is a summary of the tax effects allocated to each component of other comprehensive loss for the three months ended March 31, 2016:



	Three Months Ended March 31, 2016
	Before-Tax Amount			Tax Benefit or (Expense)		Net-of-Tax Amount
Unrealized losses on available-for-sale investments	$	(88	)	$	34	$	(54	)

Following is a summary of the tax effects allocated to each component of other comprehensive income for the three months ended March 31, 2015:



	Three Months Ended March 31, 2015
	Before-Tax Amount		Tax Benefit or (Expense)			Net-of-Tax Amount
Unrealized gains on available-for-sale investments	$	1,257	$	(484	)	$	773

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 4
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
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-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Topic 505
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-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

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

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

+ Details

Stock Repurchase Program	3 Months Ended
Stock Repurchase Program	Mar. 31, 2016
Equity [Abstract]
Stock Repurchase Program	Stock Repurchase Program As of January 1, 2016, the Company had a total authority of $205.7 million available for purchase of shares of its common stock pursuant to its stock repurchase program (the “Stock Repurchase Program”). In the first quarter of 2016, the Company repurchased 995,650 shares of its common stock at an average purchase price of $14.88 per share, for an aggregate purchase price of $14.8 million, pursuant to its Stock Repurchase Program. As of March 31, 2016, the Company had a total authority of $190.9 million remaining available for purchase of shares under its Stock Repurchase Program. The Company may repurchase its common stock in open market purchases from time to time, in privately negotiated transactions or otherwise, pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing and amount of any additional shares to be repurchased will depend upon a variety of factors, including market and business conditions and other factors. Repurchases may be commenced or suspended at any time or from time to time without prior notice. The Stock Repurchase Program will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in its sole discretion.

Employee Benefit Plans	3 Months Ended
Employee Benefit Plans	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company maintains a 401(k) retirement plan covering substantially all officers and employees, which permits participants to defer up to the maximum allowable amount determined by the IRS of their eligible compensation. As part of the Pension Plan termination in 2014, the Company directed the Pension Plan to transfer $7.9 million of the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) Plan. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s condensed consolidated financial statements until they are allocated to participants. At March 31, 2016 and December 31, 2015, the fair values of these assets were recorded in restricted investments on the Company’s condensed consolidated balance sheets and were $5.7 million and $7.1 million, respectively. The Company expenses the fair value of the assets at the time the assets are allocated to participants, which is expected to be up to the next five years. During the three months ended March 31, 2016 and 2015, the Company recorded an expense of $1.4 million and $0.9 million, respectively, for the fair value of the assets, less expenses, that were allocated to participants during that period. In addition, any gains and losses on these assets are reflected in the Company’s condensed consolidated financial statements and were less than a $0.1 million gain for both the three months ended March 31, 2016 and 2015. Refer to Note 5, Financial Instruments and Fair Value Measurements.

Other Income (Expense)

3 Months Ended

Mar. 31, 2016

Other Income and Expenses [Abstract]

Other Income (Expense)

Other income (expense) consists of the following:



	Three Months Ended March 31,
	2016			2015
Investment income, net
Net investment income from available-for-sale securities
Interest and dividend income	$	189		$	2,257
Accretion income	464			621
Total net investment income from available-for-sale securities	653			2,878
Interest income from investments in special purpose entities	2,050			2,003
Interest accrued on notes receivable and other interest	27			331
Total investment income, net	2,730			5,212
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by special purpose entity	(2,190		)	(2,188		)
Interest expense	(845		)	(688		)
Total interest expense	(3,035		)	(2,876		)
Claim settlement	12,548			—
Other income, net
Accretion income from retained interest investments	241			211
Hunting lease income	199			210
Other income, net	12			156
Other income, net	452			577

Total other income	$	12,695		$	2,913

Investment income, net

Interest and dividend income includes interest income accrued or received on the Company’s corporate debt securities and dividend income received from the Company’s preferred stock investments. Accretion income includes the amortization of the premium or discount related to the Company’s available-for-sale securities, which is amortized based on an effective interest rate method over the term of the available-for-sale securities.

Interest income from investments in special purpose entities primarily includes interest accrued or received on the Timber Note, which is used to pay the interest expense for the Senior Notes issued by NFTF.

Interest expense

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

Claim settlement

Claim settlement during the three months ended March 31, 2016 includes $12.5 million for a settlement related to the Deepwater Horizon oil spill. See Note 7, Claim Settlement Receivable for further discussion.

Other income, net

The Company records the accretion of investment income from its retained interest investment over the life of the retained interest using the effective yield method with rates ranging from 3.7% to 11.4%. Hunting lease income is recognized as income over the term of the lease.

Segment Information

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Segment Information

The Company conducts primarily all of its business in the following five reportable operating segments: 1) residential real estate, 2) commercial real estate, 3) resorts and leisure, 4) leasing and 5) forestry.

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

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

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

The accounting policies of the segments are set forth in Note 2 to the Company’s consolidated financial statements contained in Item 15 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. Total revenues represent sales to unaffiliated customers, as reported in the Company’s condensed consolidated statements of operations. All intercompany transactions have been eliminated. The caption entitled “Other” consists of non-allocated corporate general and administrative expenses, net of investment income.

Information by business segment is as follows:



	Three Months Ended March 31,
	2016			2015
Operating Revenues
Residential real estate	$	6,988		$	5,411
Commercial real estate	—			—
Resorts and leisure	8,751			7,803
Leasing operations	2,361			2,045
Forestry	2,121			1,806
Other	33			26
Total operating revenues	$	20,254		$	17,091

Income (loss) before income taxes:
Residential real estate	$	3,357		$	382
Commercial real estate	(600		)	(604		)
Resorts and leisure	(1,800		)	(2,931		)
Leasing operations	(43		)	201
Forestry	1,854			1,637
Other	9,030			(1,474		)
Total income (loss) before income taxes	$	11,798		$	(2,789	)



	March 31, 2016		December 31, 2015
Total Assets:
Residential real estate	$	109,456	$	109,791
Commercial real estate	62,702		62,649
Resorts and leisure	74,611		75,441
Leasing operations	80,763		81,400
Forestry	20,085		20,244
Other	631,368		633,217
Total assets	$	978,985	$	982,742

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 41
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 33
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 280
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-Paragraph 35
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
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-Name Accounting Standards Codification
-Topic 280
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 31
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599

+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company establishes an accrued liability when it believes it is both probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The Company will evaluate the range of reasonably estimated losses and record an accrued liability based on what it believes to be the minimum amount in the range, unless it believes an amount within the range is a better estimate than any other amount. In such cases, there may be an exposure to loss in excess of the amounts accrued. The Company evaluates quarterly whether further developments could affect the amount of the accrued liability previously established or would make a loss contingency both probable and reasonably estimable. The Company also provides disclosure when it believes it is reasonably possible that a loss will be incurred or when it believes it is reasonably possible that the amount of a loss will exceed the recorded liability. The Company reviews loss contingencies at least quarterly to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. This estimated range of possible loss is based upon currently available information and is subject to significant judgment and a variety of assumptions, and known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. The Company is subject to a variety of litigation, claims, other disputes and governmental proceedings that arise from time to time in the ordinary course of its business, including litigation related to its prior homebuilding activities and those described herein. The Company cannot assure that it will be successful in defending these matters. Based on current knowledge, the Company does not believe that loss contingencies arising from pending litigation, claims, other disputes and governmental proceedings, including those described herein, will have a material adverse effect on the consolidated financial position or liquidity of the Company. However, in light of the inherent uncertainties involved in these matters, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. The Company is subject to costs arising out of environmental laws and regulations, which include obligations to remove or limit the effects on the environment of the disposal or release of certain wastes or substances at various sites, including sites which have been previously sold. It is the Company’s policy to accrue and charge against earnings environmental cleanup costs when it is probable that a liability has been incurred or range of loss can be reasonably estimated. As assessments and cleanups proceed, these accruals are reviewed and adjusted, if necessary, as additional information becomes available. The Company’s former paper mill site in Gulf County and certain adjacent properties are subject to various Consent Agreements and Brownfield Site Rehabilitation Agreements with the Florida Department of Environmental Protection (“FDEP”). The paper mill site has been rehabilitated by Smurfit-Stone Container Corporation in accordance with these agreements and a final Site Rehabilitation Completion Order (“SRCO”) issued by the FDEP has been received. The Company is in the process of assessing certain neighboring properties. Management is unable to quantify future rehabilitation costs above present accruals at this time or provide a reasonably estimated range of loss. Other litigation, claims, disputes and governmental proceedings, including environmental matters, are pending against the Company. Accrued aggregate liabilities related to the matters described above and other litigation matters were $2.5 million as of March 31, 2016 and December 31, 2015, including a $1.2 million accrual related to legal costs for the settled SEC investigation as of each such date. Significant judgment is required in both the determination of probability and the determination as to whether the amount of an exposure is reasonably estimable. Due to uncertainties related to these matters, accruals are based only on the information available at the time. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company's results of operations in a given period. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage, including our timber assets. At March 31, 2016 and December 31, 2015, the Company was required to provide surety bonds that guarantee completion of certain infrastructure in certain development projects and mitigation banks of $6.2 million and $7.1 million, respectively, and standby letters of credit in the amount of $0.5 million as of each such date, which may potentially result in liability to the Company if certain obligations of the Company are not met. At March 31, 2016, the Company has a total of $2.4 million in contractual obligations, of which $1.8 million are for the remainder of 2016, $0.2 million are for 2017 and $0.4 million are for 2018 and thereafter. In connection with the Refinanced Loan, the Company guaranteed the joint venture’s obligations under a short term $6.6 million letter of credit which is securing a portion of the joint venture’s obligations under the Refinanced Loan. See Note 9, Real Estate Joint Ventures for a further discussion on the Refinanced Loan. As part of the AgReserves Sale in 2014 and certain sales of timberlands in 2007 and 2008, the Company generated significant tax gains. The installment notes structure allowed the Company to defer the resulting tax liability of $61.8 million until 2022 - 2024 and $69.3 million until 2029, respectively, the maturity dates for the installment notes. The Company has a deferred tax liability related to the gains in connection with these sales.

Concentration of Risks and Uncertainties	3 Months Ended
Concentration of Risks and Uncertainties	Mar. 31, 2016
Risks and Uncertainties [Abstract]
Concentration of Risks and Uncertainties	Concentration of Risks and Uncertainties The Company’s real estate investments are concentrated in Northwest Florida in a number of specific development projects. Uncertain economic conditions could have an adverse impact on the Company’s real estate values and could cause the Company to sell assets at depressed values in order to pay ongoing expenses. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, notes receivable, other receivables, investments held by special purpose entities, and investments in retained interests. The Company deposits and invests cash with a major financial institution in the United States, which balances exceed the amount of F.D.I.C. insurance provided on such deposits. In addition, as of March 31, 2016, the Company had $184.9 million invested in U.S. Treasury securities and $8.4 million invested in one issuer of corporate debt securities that is non-investment grade. In addition, as of March 31, 2016, the Company had investments in short term commercial paper from eight issuers of $159.0 million.

Nature of Operations (Policies)

3 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Description of Business

The St. Joe Company together with its consolidated subsidiaries (the “Company”) is a real estate development, asset management, and operating company with real estate assets and operations currently concentrated primarily between Tallahassee and Destin, Florida.

Basis of Presentation

The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements are not included herein. The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries. The equity method of accounting is used for investments in which the Company has significant influence, but not a controlling financial interest. All significant intercompany accounts and transactions have been eliminated in consolidation. The December 31, 2015 balance sheet amounts have been derived from the Company’s December 31, 2015 audited consolidated financial statements. Certain prior period amounts in the accompanying consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported stockholders’ equity or net income (loss). Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results of the Company that may be expected for the year ending December 31, 2016.

A variable interest entity (“VIE”) is an entity in which a controlling financial interest may be achieved through arrangements that do not involve voting interests. A VIE is required to be consolidated by its primary beneficiary, which is the entity that possesses the power to direct the activities of the VIE that most significantly impact its economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to it. The Company consolidates VIEs when it is the primary beneficiary of the VIE, including real estate joint ventures determined to be VIEs (see Note 9, Real Estate Joint Ventures) and VIEs involved in a 2014 real estate sale, as further described below.

The statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2015 annual financial statements. As required under GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates.

Recently Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Consolidation

In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-02 that amends the existing consolidation guidance related to (i) limited partnerships and similar legal entities, (ii) the evaluation of variable interests for fees paid to decision makers or service providers, (iii) the effect of fee arrangements and related parties on the primary beneficiary determination and (iv) certain investment funds. These changes are expected to limit the number of consolidation models and place more emphasis on risk of loss when determining a controlling financial interest. The Company adopted the new guidance as of January 1, 2016. The adoption of this guidance had no impact on the Company’s condensed consolidated balance sheets, statements of operations, statements of comprehensive income (loss), statements of cash flows or notes to the condensed financial statements.

Debt issuance costs

In April 2015, the FASB issued ASU 2015-03 that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendment does not affect the recognition and measurement guidance for debt issuance costs. During the three months ended March 31, 2016, the Company adopted this ASU, which required retrospective application and resulted in the reclassification of debt issuance costs of $2.1 million from other assets to a reduction of $0.7 million in debt and a reduction of $1.4 million in Senior Notes held by special purpose entity in the Company’s condensed consolidated balance sheet as of December 31, 2015. Other than this change in presentation, this ASU did not have an impact on the Company’s condensed consolidated financial condition, results of operations or cash flows. See Note 10, Debt for more information.

Cloud computing costs

In April 2015, the FASB issued ASU 2015-05, Customer’s Accounting For Fees Paid In A Cloud Computing Arrangement, which provides guidance for a customer’s accounting for cloud computing costs. This ASU is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2015. The adoption of this ASU had no impact on the Company’s financial condition, results of operations or cash flows.

Recently Issued Accounting Pronouncements

Revenue recognition

In May 2014, the FASB issued an ASU that establishes the principles used to recognize revenue for all entities. In March 2016, the FASB issued ASU 2016-08 that further clarifies the implementation guidance on principal versus agent considerations. The new guidance will be effective for annual and interim periods beginning after December 15, 2017. Early application will be permitted, but not before annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows.

Financial Instruments

In January 2016, the FASB issued ASU 2016-01 that amends existing guidance to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The new guidance will require equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. Additionally, certain disclosure requirements and other aspects of accounting for financial instruments will change as a result of the new guidance, which is effective for interim and annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact that the adoption of the new guidance will have on its financial condition and results of operations.

Leases

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

Impairment or Disposal of Long-Lived Assets


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


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


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


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


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


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

Investments

- Definition

Disclosure of accounting policy for investments in financial assets, including marketable securities (debt and equity securities with readily determinable fair values), investments accounted for under the equity method and cost method, securities borrowed and loaned, and repurchase and resale agreements. For marketable securities, the disclosure may include the entity's accounting treatment for transfers between investment categories and how the fair values for such securities are determined. Also, for all investments, an entity may describe its policy for assessing, recognizing and measuring impairment of the investment.

+ References + Details

Investments (Tables)

3 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

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



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities:
U.S. Treasury securities	$	184,930	$	19	$	—	$	184,949
Corporate debt securities	9,546		11		1,117		8,440
Preferred stock	265		—		117		148
	194,741		30		1,234		193,537
Restricted investments:
Money market fund	5,651		—		—		5,651
	$	200,392	$	30	$	1,234	$	199,188

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



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

Continuous Unrealized Loss Position

The following table provides the debt securities and preferred stock unrealized loss position and related fair values:



	As of March 31, 2016								As of December 31, 2015
	Less Than 12 Months				12 Months or Greater				Less Than 12 Months				12 Months or Greater
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Debt securities:
U.S. Treasury securities	$	—	$	—	$	—	$	—	$	184,740	$	79	$	—	$	—
Corporate debt securities	8,251		1,117		—		—		6,292		981		—		—
Preferred stock	148		117		—		—		208		57		—		—
	$	8,399	$	1,234	$	—	$	—	$	191,240	$	1,117	$	—	$	—

Contractual Maturities of Investments



	Amortized Cost		Fair Value
Due in one year or less	$	184,930	$	184,949
Due after one year through five years	9,448		8,359
Due after ten years through fifteen years	98		81
	194,476		193,389
Preferred stock	265		148
Restricted investments	5,651		5,651
	$	200,392	$	199,188

- Definition

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

+ References + Details

Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

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

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



	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	20,308	$	—	$	—	$	20,308
Commercial paper	158,973		—		—		158,973
Debt securities:
U.S. Treasury securities	184,949		—		—		184,949
Corporate debt securities	—		8,440		—		8,440
Preferred stock	—		148		—		148
Restricted investments:
Money market fund	5,651		—		—		5,651
	$	369,881	$	8,588	$	—	$	378,469

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



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

Carrying Amount and Fair Value of Financial Instruments

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



	March 31, 2016					December 31, 2015
	Carrying value		Fair value		Level	Carrying value		Fair value		Level
Assets
Retained interest investments	$	10,316	$	13,257	3	$	10,246	$	13,333	3
Investments held by special purpose entities:
Time deposit	$	200,000	$	200,000	3	$	200,000	$	200,000	3
U.S. Treasury securities and cash equivalents	$	8,414	$	8,952	1	$	8,785	$	9,033	1
Liabilities
Senior Notes held by special purpose entity	$	176,147	$	208,525	3	$	176,094	$	178,035	3

Notes Receivable, net (Tables)

3 Months Ended

Mar. 31, 2016

Receivables [Abstract]

Notes Receivable, net

Notes receivable, net consists of the following:



	March 31, 2016		December 31, 2015
Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% — 8.0%	$	1,986	$	1,985
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, any remaining payments outstanding are due August 2016	33		90
Various mortgage notes, secured by certain real estate, bearing interest at various rates	472		480
Total notes receivable, net	$	2,491	$	2,555

Real Estate Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2016

Real Estate Joint Ventures [Abstract]

Summarized Balance Sheets for Unconsolidated Investments

Summarized financial information for ALP is as follows:



	March 31, 2016		December 31, 2015

Cash and cash equivalents	$	13,164	$	13,760
Other assets	59		58
Total assets	$	13,223	$	13,818

Accounts payable and other liabilities	$	1,381	$	1,978
Equity⁽¹⁾	11,842		11,840
Total liabilities and equity	$	13,223	$	13,818

Debt (Tables)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Debt

Debt consists of the following at March 31, 2016:



	Principal		Unamortized Discount and Debt Issuance Costs		Net
Refinanced loan in the Pier Park North joint venture, due November 2025, bearing interest at 4.1%	$	48,200	$	688	$	47,512
Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2031 - May 2039, bearing interest at 3.1% to 7.0% at March 31, 2016	7,134		—		7,134
Total debt	$	55,334	$	688	$	54,646

Debt consists of the following at December 31, 2015:



	Principal		Unamortized Discount and Debt Issuance Costs		Net
Refinanced loan in the Pier Park North joint venture, due November 2025, bearing interest at 4.1%	$	48,200	$	720	$	47,480
Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2016 - May 2039, bearing interest at 2.8% to 7.0% at December 31, 2015	6,994		—		6,994
Total debt	$	55,194	$	720	$	54,474

Maturities of Debt

The aggregate maturities of debt subsequent to March 31, 2016 are:



	March 31, 2016
2016	$	213
2017	988
2018	1,029
2019	1,071
2020	1,116
Thereafter	50,917
	$	55,334

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of effective income tax rate reconciliation

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



	Three Months Ended March 31,
	2016			2015
Tax expense (benefit) at the federal statutory rate	$	4,168		$	(982	)
State income tax expense (benefit) (net of federal benefit)	417			(98		)
Tax effect of timber at the federal statutory rate of 23.8%	(206		)	—
Decrease in valuation allowance	(354		)	(14		)
Other	(781		)	21
Total income tax expense (benefit)	$	3,244		$	(1,073	)

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2016

Stockholders' Equity Note [Abstract]

Summary of Changes in Accumulated Other Comprehensive Loss for Pension Plan Items



	Unrealized Losses on Available-for-Sale Securities			Total
Accumulated other comprehensive loss at December 31, 2015	$	(686	)	$	(686	)
Other comprehensive loss	(54		)	(54		)
Accumulated other comprehensive loss at March 31, 2016	$	(740	)	$	(740	)



	Unrealized Gains and (Losses) on Available-for-Sale Securities			Total
Accumulated other comprehensive loss at December 31, 2014	$	(1,325	)	$	(1,325	)
Other comprehensive income	773			773
Accumulated other comprehensive loss at March 31, 2015	$	(552	)	$	(552	)

Reclassification out of Accumulated Other Comprehensive Income

Following is a summary of the tax effects allocated to each component of other comprehensive loss for the three months ended March 31, 2016:



	Three Months Ended March 31, 2016
	Before-Tax Amount			Tax Benefit or (Expense)		Net-of-Tax Amount
Unrealized losses on available-for-sale investments	$	(88	)	$	34	$	(54	)

Following is a summary of the tax effects allocated to each component of other comprehensive income for the three months ended March 31, 2015:



	Three Months Ended March 31, 2015
	Before-Tax Amount		Tax Benefit or (Expense)			Net-of-Tax Amount
Unrealized gains on available-for-sale investments	$	1,257	$	(484	)	$	773

Other Income (Expense) (Tables)

3 Months Ended

Mar. 31, 2016

Other Income and Expenses [Abstract]

Schedule of other income (expense)

Other income (expense) consists of the following:



	Three Months Ended March 31,
	2016			2015
Investment income, net
Net investment income from available-for-sale securities
Interest and dividend income	$	189		$	2,257
Accretion income	464			621
Total net investment income from available-for-sale securities	653			2,878
Interest income from investments in special purpose entities	2,050			2,003
Interest accrued on notes receivable and other interest	27			331
Total investment income, net	2,730			5,212
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by special purpose entity	(2,190		)	(2,188		)
Interest expense	(845		)	(688		)
Total interest expense	(3,035		)	(2,876		)
Claim settlement	12,548			—
Other income, net
Accretion income from retained interest investments	241			211
Hunting lease income	199			210
Other income, net	12			156
Other income, net	452			577

Total other income	$	12,695		$	2,913

Segment Information (Tables)

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Information by Business Segment

Information by business segment is as follows:



	Three Months Ended March 31,
	2016			2015
Operating Revenues
Residential real estate	$	6,988		$	5,411
Commercial real estate	—			—
Resorts and leisure	8,751			7,803
Leasing operations	2,361			2,045
Forestry	2,121			1,806
Other	33			26
Total operating revenues	$	20,254		$	17,091

Income (loss) before income taxes:
Residential real estate	$	3,357		$	382
Commercial real estate	(600		)	(604		)
Resorts and leisure	(1,800		)	(2,931		)
Leasing operations	(43		)	201
Forestry	1,854			1,637
Other	9,030			(1,474		)
Total income (loss) before income taxes	$	11,798		$	(2,789	)



	March 31, 2016		December 31, 2015
Total Assets:
Residential real estate	$	109,456	$	109,791
Commercial real estate	62,702		62,649
Resorts and leisure	74,611		75,441
Leasing operations	80,763		81,400
Forestry	20,085		20,244
Other	631,368		633,217
Total assets	$	978,985	$	982,742

Nature of Operations (Details) $ in Millions	3 Months Ended
Nature of Operations (Details) $ in Millions	Mar. 31, 2016 Segment	Dec. 31, 2015 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of reportable operating segments \| Segment	5
ASU 2015-03 \| Other assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt issuance costs		$ (2.1)
ASU 2015-03 \| Debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt issuance costs		0.7
ASU 2015-03 \| Senior Notes held by special purpose entity
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt issuance costs		$ 1.4

Investment in Real Estate - Real Estate by Property Type and Segment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Real Estate Properties [Line Items]
Development property	$ 160,856,000		$ 161,252,000
Operating property	216,471,000		216,416,000
Less: Accumulated depreciation	65,589,000		64,069,000
Total operating property, net	150,882,000		152,347,000
Investment in real estate, net	311,738,000		313,599,000
Capitalized indirect costs incurred (less than for the three months ended March 31, 2015)	0	$ 100,000
Residential real estate
Real Estate Properties [Line Items]
Development property	98,766,000		99,413,000
Operating property	8,091,000		8,091,000
Commercial real estate
Real Estate Properties [Line Items]
Development property	56,652,000		56,587,000
Resorts and leisure
Real Estate Properties [Line Items]
Operating property	109,525,000		109,425,000
Leasing operations
Real Estate Properties [Line Items]
Development property	528,000		360,000
Operating property	79,571,000		79,550,000
Forestry
Real Estate Properties [Line Items]
Development property	2,639,000		2,681,000
Operating property	19,234,000		19,300,000
Other
Real Estate Properties [Line Items]
Operating property	50,000		50,000
Corporate
Real Estate Properties [Line Items]
Development property	$ 2,271,000		$ 2,211,000

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 200,392	$ 199,429
Gross Unrealized Gains	30	0
Gross Unrealized Losses	1,234	1,117
Fair Value	199,188	198,312
U.S. Treasury securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	184,930	184,819
Gross Unrealized Gains	19	0
Gross Unrealized Losses	0	79
Fair Value	184,949	184,740
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	9,546	7,273
Gross Unrealized Gains	11	0
Gross Unrealized Losses	1,117	981
Fair Value	8,440	6,292
Preferred stock
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	265	265
Gross Unrealized Gains	0	0
Gross Unrealized Losses	117	57
Fair Value	148	208
Debt Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	194,741	192,357
Gross Unrealized Gains	30	0
Gross Unrealized Losses	1,234	1,117
Fair Value	193,537	191,240
Money market fund
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	5,651
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair Value	$ 5,651
Guaranteed income fund
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		7,072
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Fair Value		$ 7,072

Investments - Narrative (Details) - USD ($)	3 Months Ended
Investments - Narrative (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Debt securities	$ 193,389,000
Realized losses from the sale of available-for-sale securities	0	$ 0
Proceeds from sales of available-for-sale securities	8,460,000	129,149,000
Proceeds from maturity of available-for-sale securities	0	$ 125,000,000
Unrealized losses	1,234,000		$ 1,117,000
U.S. Treasury Securities
Schedule of Available-for-sale Securities [Line Items]
U.S. Treasury securities	184,900,000
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Debt securities	8,400,000
Unrealized losses	1,117,000		$ 981,000
Preferred stock investments
Schedule of Available-for-sale Securities [Line Items]
Preferred stock investments	$ 200,000
Required percent of investment account held in cash or cash equivalents \| Minimum
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations	50.00%
Other aggregated investments \| Minimum \| Securities of any one issuer (excluding the U.S. Government)
Schedule of Available-for-sale Securities [Line Items]
Investments, portfolio allocations requiring additional consent	10.00%
Other aggregated investments \| Maximum \| Securities of any one issuer (excluding the U.S. Government)
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations	15.00%
Investments, portfolio allocations requiring additional consent	15.00%
Investor \| Fairholme Capital Management, L.L.C.
Schedule of Available-for-sale Securities [Line Items]
Common stock ownership percentage	32.30%

Investments - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	$ 8,399	$ 191,240
Less Than 12 Months, Unrealized Losses	1,234	1,117
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Unrealized Losses	0	0
U.S. Treasury securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	0	184,740
Less Than 12 Months, Unrealized Losses	0	79
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Unrealized Losses	0	0
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	8,251	6,292
Less Than 12 Months, Unrealized Losses	1,117	981
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Unrealized Losses	0	0
Preferred stock
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	148	208
Less Than 12 Months, Unrealized Losses	117	57
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Unrealized Losses	$ 0	$ 0

Investments - Contractual Maturities of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Amortized Cost
Due in one year or less	$ 184,930
Due after one year through five years	9,448
Due after ten years through fifteen years	98
Amortized Cost	194,476
Preferred stock	265
Restricted investments	5,651
Amortized Cost	200,392	$ 199,429
Fair Value
Due in one year or less	184,949
Due after one year through five years	8,359
Due after ten years through fifteen years	81
Fair Value	193,389
Preferred stock	148
Restricted investments	5,651
Fair Value	$ 199,188	$ 198,312

Financial Instruments and Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	$ 5,651	$ 7,072
Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	378,469	391,518
Fair value, measurements, recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	369,881	377,946
Fair value, measurements, recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	8,588	13,572
Fair value, measurements, recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Fair value, measurements, recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	20,308	18,233
Restricted investments	5,651
Fair value, measurements, recurring \| Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	20,308	18,233
Restricted investments	5,651
Fair value, measurements, recurring \| Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Restricted investments	0
Fair value, measurements, recurring \| Money market funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Restricted investments	0
Fair value, measurements, recurring \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	158,973	174,973
Fair value, measurements, recurring \| Commercial paper \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	158,973	174,973
Fair value, measurements, recurring \| Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Fair value, measurements, recurring \| Commercial paper \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Fair value, measurements, recurring \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	184,949	184,740
Fair value, measurements, recurring \| U.S. Treasury securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	184,949	184,740
Fair value, measurements, recurring \| U.S. Treasury securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Fair value, measurements, recurring \| U.S. Treasury securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Fair value, measurements, recurring \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	8,440	6,292
Fair value, measurements, recurring \| Corporate debt securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Fair value, measurements, recurring \| Corporate debt securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	8,440	6,292
Fair value, measurements, recurring \| Corporate debt securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Fair value, measurements, recurring \| Preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	148	208
Fair value, measurements, recurring \| Preferred stock \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Fair value, measurements, recurring \| Preferred stock \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	148	208
Fair value, measurements, recurring \| Preferred stock \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	$ 0	0
Fair value, measurements, recurring \| Guaranteed income fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments		7,072
Fair value, measurements, recurring \| Guaranteed income fund \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments		0
Fair value, measurements, recurring \| Guaranteed income fund \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments		7,072
Fair value, measurements, recurring \| Guaranteed income fund \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments		$ 0

Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2014	Dec. 31, 2008	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt principal amount		$ 180,000
Debt interest rate		4.80%
Retained interest promissory note receivable	$ 15,100
Notes, maturity period			15 years
Senior Notes Held By Special Purpose Entity	176,147			$ 176,094
Unamortized discount and debt issuance costs	688			720
Carrying Value \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained interest, fair value	10,316			10,246
Senior Notes Held By Special Purpose Entity	$ 176,147			$ 176,094
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note maturity year			2022
Retained interest, effective interest rate	3.70%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note maturity year			2024
Retained interest, effective interest rate	11.40%
AgReserves Sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note received in sale of real estate		$ 200,000
Maturity of installment note		15 years
Special Purpose Entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasuries Held By Special Purpose Entities	$ 8,100
Cash Held By Special Purpose Entities	300
Senior Notes Held By Special Purpose Entity	176,100
Unamortized discount and debt issuance costs	3,900
Buyer Special Purpose Entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Time Deposits Held By Special Purpose Entities	$ 200,000
Notes Receivable \| Subsidiaries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Issue price of Senior Secured Notes		98.50%
Notes Receivable \| Special Purpose Entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt interest rate	4.006%

Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes held by special purpose entity	$ 176,147	$ 176,094
Carrying Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Retained interest investments	10,316	10,246
Time deposit	200,000	200,000
Senior Notes held by special purpose entity	176,147	176,094
Carrying Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
U.S. Treasury securities and cash equivalents	8,414	8,785
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Retained interest investments	13,257	13,333
Time deposit	200,000	200,000
Senior Notes held by special purpose entity	208,525	178,035
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
U.S. Treasury securities and cash equivalents	$ 8,952	$ 9,033

Notes Receivable, net (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable, net	$ 2,491	$ 2,555
Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% — 8.0%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable, net	1,986	1,985
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, any remaining payments outstanding are due August 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable, net	33	90
Various mortgage notes, secured by certain real estate, bearing interest at various rates
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable, net	$ 472	$ 480

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

Claim Settlement Receivable (Details) - USD ($) $ in Thousands		3 Months Ended
	Mar. 24, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Receivables with Imputed Interest [Line Items]
Litigation settlement receivable		$ 12,556		$ 0
Litigation settlement proceeds		$ 12,548	$ 0
BP Exploration & Production Inc.
Receivables with Imputed Interest [Line Items]
Litigation settlement receivable, gross	$ 13,200
Litigation settlement receivable due October 2016	5,000
Litigation settlement receivable due in October 2017, 2018 and 2019	$ 2,700
Imputed interest rate on litigation settlement receivable		3.00%
Litigation settlement receivable		$ 12,500
Unamortized discount		700
Interest income (less than)		100
Other income \| BP Exploration & Production Inc.
Receivables with Imputed Interest [Line Items]
Litigation settlement proceeds		$ 12,500

Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Retained interest investments	$ 10,316	$ 10,246
Accounts receivable, net	4,575	4,382
Prepaid expenses	6,187	5,849
Straight line rent	3,741	3,732
Income tax receivable	138	2,275
Other assets	7,248	6,751
Accrued interest receivable for Senior Notes held by special purpose entity	1,335	3,338
Total other assets	$ 33,540	$ 36,573

Real Estate Joint Ventures - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Oct. 31, 2015
Variable Interest Entity [Line Items]
Letters of credit outstanding	$ 500		$ 500
Net income (loss)	8,554	$ (1,716)
Statements Of Operations
Variable Interest Entity [Line Items]
Net income (loss)	100	$ (600)
Pier Park North \| Consolidated variable interest entities \| Refinanced loan in the Pier Park North joint venture, due November 2025, bearing interest at 4.1%
Variable Interest Entity [Line Items]
Construction loan				$ 48,200
Letters of credit outstanding	$ 6,600			$ 6,600
Artisan Park, L.L.C \| Consolidated variable interest entities
Variable Interest Entity [Line Items]
Percentage of cash contribution for joint venture by parent	74.00%

Real Estate Joint Ventures - Summarized Financial Information for Unconsolidated Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Investment In Unconsolidated Affiliates [Line Items]
Cash and cash equivalents	$ 201,325	$ 212,773	$ 289,708	$ 34,515
Other assets	33,540	36,573
Total assets	978,985	982,742
Equity	659,054	665,263
Total liabilities and equity	978,985	982,742
Other affiliates
Investment In Unconsolidated Affiliates [Line Items]
Cash and cash equivalents	13,164	13,760
Other assets	59	58
Total assets	13,223	13,818
Accounts payable and other liabilities	1,381	1,978
Equity	11,842	11,840
Total liabilities and equity	$ 13,223	$ 13,818

Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Principal	$ 55,334	$ 55,194
Unamortized Discount and Debt Issuance Costs	688	720
Debt	54,646	54,474
Construction loan \| Refinanced loan in the Pier Park North joint venture, due November 2025, bearing interest at 4.1%
Debt Instrument [Line Items]
Principal	48,200	48,200
Unamortized Discount and Debt Issuance Costs	688	720
Debt	47,512	47,480
Secured debt \| Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2031 - May 2039, bearing interest at 3.1% to 7.0% at March 31, 2016
Debt Instrument [Line Items]
Principal	7,134	6,994
Unamortized Discount and Debt Issuance Costs	0	0
Debt	$ 7,134	$ 6,994

Debt (Descriptors) (Details)	3 Months Ended	12 Months Ended
Debt (Descriptors) (Details)	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Debt interest rate			4.80%
Construction loan \| Refinanced loan in the Pier Park North joint venture, due November 2025, bearing interest at 4.1%
Debt Instrument [Line Items]
Debt interest rate	4.10%	4.10%
Secured debt \| Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2031 - May 2039, bearing interest at 3.1% to 7.0% at March 31, 2016
Debt Instrument [Line Items]
Debt instrument, minimum interest	3.10%	2.80%
Debt instrument, maximum interest	7.00%	7.00%

Debt - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Debt interest rate			4.80%
Debt	$ 54,646	$ 54,474
Total community development district debt	$ 22,500	22,500
Refinanced loan in the Pier Park North joint venture, due November 2025, bearing interest at 4.1% \| Consolidated variable interest entities
Debt Instrument [Line Items]
Debt interest rate	4.10%
Secured debt \| Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2031 - May 2039, bearing interest at 3.1% to 7.0% at March 31, 2016
Debt Instrument [Line Items]
Debt	$ 7,134	$ 6,994

Debt - Maturities of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
2016	$ 213
2017	988
2018	1,029
2019	1,071
2020	1,116
Thereafter	50,917
Long-term debt	$ 55,334	$ 55,194

Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accrued Liabilities And Deferred Credits [Line Items]
Accounts payable	$ 3,333	$ 2,585
Accrued compensation	1,802	3,366
Deferred revenue	14,998	15,222
Membership deposits	7,202	7,778
Advance deposits	8,233	3,574
Other accrued liabilities	6,866	6,505
Total other liabilities	43,146	41,880
Special Purpose Entities
Accrued Liabilities And Deferred Credits [Line Items]
Accrued interest expense for Senior Notes held by special purpose entity	$ 712	$ 2,850

Other Liabilities - Narrative (Details) $ in Thousands	12 Months Ended
Other Liabilities - Narrative (Details) $ in Thousands	Dec. 31, 2006 a	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred revenue		$ 14,998	$ 15,222
Florida Department of Transportation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred revenue		$ 12,500	$ 12,500
Acres of land sold \| a	3,900

Income Taxes - Income Tax Expense (Benefit) Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Tax expense (benefit) at the federal statutory rate	$ 4,168	$ (982)
State income tax expense (benefit) (net of federal benefit)	417	(98)
Tax effect of timber at the federal statutory rate of 23.8%	(206)	0
Decrease in valuation allowance	(354)	(14)
Other	(781)	21
Total income tax expense (benefit)	$ 3,244	$ (1,073)
Timber statutory federal rate	23.80%

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Federal statutory rate	35.00%
Operating Loss Carryforwards [Line Items]
Deferred tax assets, valuation allowance	$ 5,700,000	$ 6,000,000
Valuation allowance increase (decrease)	(300,000)
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	0
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 319,000,000

Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive loss, beginning balance	$ (686)	$ (1,325)
Other comprehensive income	(54)	773
Accumulated other comprehensive loss, ending balance	(740)	(552)
Unrealized Gains and (Losses) on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive loss, beginning balance	(686)	(1,325)
Other comprehensive income	(54)	773
Accumulated other comprehensive loss, ending balance	$ (740)	$ (552)

- Definition

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

+ References + Details

Accumulated Other Comprehensive Loss - Summary of Reclassifications out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Stockholders' Equity Note [Abstract]
Unrealized gains on available-for-sale investments before-tax amount	$ (88)	$ 1,257
Unrealized gains on available-for-sale investments tax benefit or (expense)	34	(484)
Unrealized gains on available-for-sale investments net-of-tax amount	$ (54)	$ 773

Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Jan. 01, 2016
Equity [Abstract]
Stock repurchase program, authorized amount	$ 190,900		$ 205,700
Shares repurchased during the period (in shares)	995,650
Average purchase price per share for share repurchase (in dollars per share)	$ 14.88
Payments for repurchase of common stock	$ 14,820	$ 0

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Assets contributed to 401(k) Plan			$ 7,900
Restricted investments	$ 5,651			$ 7,072
401(k) Plan distribution period (in years)	5 years
Compensation expense for assets allocated to participants	$ 1,400	$ 900
Gain on allocated asset (less than)	$ 100	$ 100

Other Income (Expense) - Other income (expense) summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Investment income, net
Interest and dividend income	$ 189	$ 2,257
Accretion income	464	621
Total net investment income from available-for-sale securities	653	2,878
Interest income from investments in special purpose entities	2,050	2,003
Interest accrued on notes receivable and other interest	27	331
Total investment income, net	2,730	5,212
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by special purpose entity	(2,190)	(2,188)
Interest expense	(845)	(688)
Total interest expense	(3,035)	(2,876)
Claim settlement	12,548	0
Other income, net
Accretion income from retained interest investments	241	211
Hunting lease income	199	210
Other income, net	12	156
Other income, net	452	577
Total other income	$ 12,695	$ 2,913

Other Income (Expense) - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Other Income (Expense) [Line Items]
Debt interest rate	4.90%
Litigation settlement proceeds	$ 12,548	$ 0
Minimum
Other Income (Expense) [Line Items]
Retained interest, effective interest rate	3.70%
Maximum
Other Income (Expense) [Line Items]
Retained interest, effective interest rate	11.40%

Segment Information - Information by Business Segment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($) golf_course Segment	Mar. 31, 2015 USD ($)	Dec. 31, 2015 USD ($)
Segment Reporting Information [Line Items]
Number of reportable operating segments \| Segment	5
Operating Revenues	$ 20,254	$ 17,091
Income (loss) before income taxes	11,798	(2,789)
Total Assets	$ 978,985		$ 982,742
Resorts and leisure
Segment Reporting Information [Line Items]
Number of golf courses \| golf_course	4
Operating segments \| Residential real estate
Segment Reporting Information [Line Items]
Operating Revenues	$ 6,988	5,411
Income (loss) before income taxes	3,357	382
Total Assets	109,456		109,791
Operating segments \| Commercial real estate
Segment Reporting Information [Line Items]
Operating Revenues	0	0
Income (loss) before income taxes	(600)	(604)
Total Assets	62,702		62,649
Operating segments \| Resorts and leisure
Segment Reporting Information [Line Items]
Operating Revenues	8,751	7,803
Income (loss) before income taxes	(1,800)	(2,931)
Total Assets	74,611		75,441
Operating segments \| Leasing operations
Segment Reporting Information [Line Items]
Operating Revenues	2,361	2,045
Income (loss) before income taxes	(43)	201
Total Assets	80,763		81,400
Operating segments \| Forestry
Segment Reporting Information [Line Items]
Operating Revenues	2,121	1,806
Income (loss) before income taxes	1,854	1,637
Total Assets	20,085		20,244
Other
Segment Reporting Information [Line Items]
Operating Revenues	33	26
Income (loss) before income taxes	9,030	$ (1,474)
Total Assets	$ 631,368		$ 633,217

Commitments and Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015	Oct. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Accrued liabilities for other litigation, claims, other disputes and governmental proceedings	$ 2.5	$ 2.5
Accrued liabilities, amounts related to the SEC investigation	1.2	1.2
Guarantor Obligations [Line Items]
Letters of credit outstanding	0.5	0.5
Purchase obligations, total	2.4
Purchase obligations, remainder of 2016	1.8
Purchase obligations, 2017	0.2
Purchase obligations, 2018 and thereafter	0.4
Tax year 2022 to 2024
Guarantor Obligations [Line Items]
Deferred tax liabilities	61.8
Tax year 2029
Guarantor Obligations [Line Items]
Deferred tax liabilities	69.3
Pier Park North \| Refinanced loan in the Pier Park North joint venture, due November 2025, bearing interest at 4.1% \| Consolidated variable interest entities
Guarantor Obligations [Line Items]
Letters of credit outstanding	6.6		$ 6.6
Surety bonds \| Certain development projects
Guarantor Obligations [Line Items]
Commitment obligations	$ 6.2	$ 7.1

Concentration of Risks and Uncertainties (Details) $ in Thousands	Mar. 31, 2016 USD ($) issuer
Concentration Risk [Line Items]
Corporate debt securities	$ 193,389
U.S. Treasury Securities
Concentration Risk [Line Items]
U.S. Treasury securities	184,900
Corporate debt securities
Concentration Risk [Line Items]
Corporate debt securities	$ 8,400
Number of issuers \| issuer	1
Commercial paper
Concentration Risk [Line Items]
Number of issuers \| issuer	8
Commercial paper	$ 159,000

Impairment of Long Lived Assets (Details) - USD ($)	3 Months Ended
Impairment of Long Lived Assets (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Asset Impairment Charges [Abstract]
Impairment charges	$ 0	$ 0