Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2017	May 01, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	ST JOE CO
Trading Symbol	JOE
Entity Central Index Key	0000745308
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding (in shares)		71,969,882

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Investment in real estate, net	$ 322,097	$ 314,620
Cash and cash equivalents	216,982	241,111
Investments	175,623	175,725
Restricted investments	4,448	5,636
Income tax receivable	26,672	27,057
Claim settlement receivable	7,863	7,804
Other assets	36,473	38,410
Property and equipment, net of accumulated depreciation of $59.8 million and $59.4 million at March 31, 2017 and December 31, 2016, respectively	9,067	8,992
Investments held by special purpose entities	208,219	208,590
Total assets	1,007,444	1,027,945
LIABILITIES:
Debt	55,525	55,040
Other liabilities	47,715	40,950
Deferred tax liabilities	70,276	68,846
Senior notes held by special purpose entity	176,366	176,310
Total liabilities	349,882	341,146
EQUITY:
Common stock, no par value; 180,000,000 shares authorized; 74,342,826 issued at both March 31, 2017 and December 31, 2016; and 72,297,845 and 74,342,826 outstanding at March 31, 2017 and December 31, 2016, respectively	572,059	572,040
Retained earnings	99,114	94,746
Accumulated other comprehensive income	3,219	2,507
Treasury stock at cost, 2,044,981 shares held at March 31, 2017	(34,156)	0
Total stockholders’ equity	640,236	669,293
Non-controlling interest	17,326	17,506
Total equity	657,562	686,799
Total liabilities and equity	1,007,444	1,027,945
Variable Interest Entities
ASSETS
Investment in real estate, net	63,946	63,362
Cash and cash equivalents	3,303	3,965
Other assets	11,882	13,209
Investments held by special purpose entities	208,219	208,590
Total assets	287,350	289,126
LIABILITIES:
Debt	47,342	47,519
Other liabilities	2,194	4,275
Senior notes held by special purpose entity	176,366	176,310
Total liabilities	$ 225,902	$ 228,104

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Property and equipment, Accumulated depreciation	$ 59.8	$ 59.4
Common stock, shares authorized (in shares)	180,000,000	180,000,000
Common stock, issued (in shares)	74,342,826	74,342,826
Common stock, outstanding (in shares)	72,297,845	74,342,826
Treasury stock (in shares)	2,044,981

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue:
Real estate revenue	$ 1,525	$ 7,081
Resorts and leisure revenue	8,108	8,751
Leasing revenue	2,393	2,361
Timber revenue	1,171	2,061
Total revenue	13,197	20,254
Expenses:
Cost of real estate revenue	331	1,765
Cost of resorts and leisure revenue	8,804	9,319
Cost of leasing revenue	669	750
Cost of timber revenue	157	210
Other operating and corporate expenses	6,180	6,819
Depreciation, depletion and amortization	1,953	2,288
Total expenses	18,094	21,151
Operating loss	(4,897)	(897)
Other income (expense):
Investment income, net	10,356	2,730
Interest expense	(3,043)	(3,035)
Claim settlement	0	12,548
Other, net	4,051	452
Total other income, net	11,364	12,695
Income before income taxes	6,467	11,798
Income tax expense	(2,279)	(3,244)
Net income	4,188	8,554
Net loss attributable to non-controlling interest	180	111
Net income attributable to the Company	$ 4,368	$ 8,665
Basic and Diluted
Weighted average shares outstanding (in shares)	73,970,407	74,809,010
Net income per share attributable to the Company (in dollars per share)	$ 0.06	$ 0.12

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net income:	$ 4,188	$ 8,554
Other comprehensive income (loss), net of tax:
Reclassification of realized gain included in earnings	(3,122)	0
Reclassification of other-than-temporary impairment loss included in earnings	366	0
Total before income taxes	1,153	(88)
Income tax (expense) benefit	(441)	34
Total other comprehensive income (loss), net of tax	712	(54)
Total comprehensive income, net of tax	4,900	8,500
Available-for-sale Securities
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on available-for-sale investments	3,905	(88)
Restricted investments
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on available-for-sale investments	$ 4	$ 0

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Income	Treasury Stock	Non-controlling Interest
Balance (in shares) at Dec. 31, 2016	74,342,826	74,342,826
Beginning Balance at December 31, 2016 at Dec. 31, 2016	$ 686,799	$ 572,040	$ 94,746	$ 2,507	$ 0	$ 17,506
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for director’s fees (in shares)
Issuance of common stock for director’s fees	$ 19	$ 19
Repurchase of common shares (in shares)	(2,044,981)	(2,044,981)
Repurchase of common shares	$ (34,156)				(34,156)
Other comprehensive income	712			712
Net income (loss)	$ 4,188		4,368			(180)
Balance (in shares) at Mar. 31, 2017	72,297,845	72,297,845
Ending Balance at March 31, 2017 at Mar. 31, 2017	$ 657,562	$ 572,059	$ 99,114	$ 3,219	$ (34,156)	$ 17,326

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income	$ 4,188	$ 8,554
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	1,953	2,288
Stock based compensation	19	0
Gain on sale of investments	(3,122)	0
Other-than-temporary impairment loss	366	0
Deferred income tax expense	988	1,106
Cost of real estate sold	174	1,434
Expenditures for and acquisition of real estate to be sold	(2,183)	(1,249)
Accretion income and other	(1,208)	(365)
Changes in operating assets and liabilities:
Notes receivable	40	65
Claim settlement receivable	0	(12,548)
Other assets	651	1,004
Other liabilities	4,928	4,142
Income taxes receivable	348	0
Net cash provided by operating activities	7,142	4,431
Cash flows from investing activities:
Expenditures for Pier Park North JV	(489)	(277)
Expenditures for property and equipment	(4,847)	(347)
Purchases of investments	(49,510)	(9,275)
Sales of investments	57,053	8,460
Maturities of assets held by special purpose entities	415	415
Net cash provided by (used in) investing activities	2,622	(1,024)
Cash flows from financing activities:
Repurchase of common shares	(34,156)	(14,820)
Borrowings on construction loan	509	0
Principal payments for debt	(226)	(35)
Debt issue costs	(20)	0
Net cash used in financing activities	(33,893)	(14,855)
Net decrease in cash and cash equivalents	(24,129)	(11,448)
Cash and cash equivalents at beginning of the period	241,111	212,773
Cash and cash equivalents at end of the period	216,982	201,325
Cash paid during the period for:
Interest expense	5,137	5,664
Income taxes	0	0
Non-cash financing and investing activities:
Increase in Community Development District debt	194	174
Expenditures for operating properties and property and equipment financed through accounts payable	$ 1,206	$ 4

Nature of Operations	3 Months Ended
Nature of Operations	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations The St. Joe Company together with its consolidated subsidiaries (the “Company”) is a Florida real estate development, asset management and operating company with real estate assets and operations currently concentrated primarily between Tallahassee and Destin, Florida. The Company conducts primarily all of its business in the following five reportable operating segments: 1) residential real estate, 2) commercial real estate, 3) resorts and leisure, 4) leasing operations and 5) forestry.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Significant Accounting Policies

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements are not included herein. The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company is the primary beneficiary. Investments in joint ventures and limited partnerships in which the Company has significant influence, but not a controlling interest are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. The December 31, 2016 balance sheet amounts have been derived from the Company’s December 31, 2016 audited consolidated financial statements. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results of the Company that may be expected for the full year ending December 31, 2017.

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

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

Use of Estimates

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

Cash and Cash Equivalents

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

Investments

Investments and restricted investments consist of available-for-sale securities recorded at fair value, which is established through external pricing services that use quoted market prices and pricing data from recently executed market transactions. Unrealized gains and temporary losses on investments, net of tax, are recorded in other comprehensive income (loss). Realized gains and losses on investments are determined using the specific identification method. The amortized cost of debt securities are adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization and accretion is included in investment income, net.

The Company evaluates investments classified as available-for-sale with an unrealized loss to determine if they are other-than-temporary impaired. This evaluation is based on various factors, including the financial condition, business prospects, industry and creditworthiness of the issuer, severity and length of time the securities were in a loss position, the Company’s ability and intent to hold investments until the unrealized loss is recovered or until maturity and the amount of the unrealized loss. If a decline in fair value is considered other-than-temporary, the decline is then bifurcated into its credit and non-credit related components. The amount of the credit-related component is recognized in earnings, and the amount of the non-credit related component is recognized in other comprehensive income (loss), unless the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security prior to its anticipated recovery. During 2017, the Company determined that a certain unrealized loss was other than temporarily impaired and recorded an impairment of $0.4 million related to credit-related loss in investment income, net in the Company’s condensed consolidated statements of income.

Restricted Investments

The Company’s restricted investments are related to the Company’s deferred compensation plan. As part of the Pension Plan termination in 2014, the Company directed the Pension Plan to transfer the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) Plan. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s condensed consolidated balance sheets until they are allocated to current and future 401(k) plan participants for up to the next four years. See Note 14. Employee Benefit Plan.

Fair Value Measurements

Fair value is an exit price, representing the amount that would be received 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.

Long-Lived Assets

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


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


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


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


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


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


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

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

During the three months ended March 31, 2017 and March 31, 2016, there were no impairments of long-lived assets.

Comprehensive Income

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

Income Taxes

The Company follows the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax impact of differences between financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in earnings in the period in which the new rate is enacted. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than fifty percent likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits, if any, in interest expense and penalties in other, net.

Concentration of Risks and Uncertainties

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

Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, other receivables, investments held by special purpose entity or entities (“SPE”) and investments in retained interests. The Company deposits and invests cash with regional financial institutions, which balances as of March 31, 2017 exceed the amount of F.D.I.C. insurance provided on such deposits. In addition, as of March 31, 2017, the Company had $132.8 million invested in eight issuers of corporate debt securities that are non-investment grade, $41.0 million invested in four issuers of preferred stock that are non-investment grade and $1.8 million invested in one issuer of common stock. In addition, as of March 31, 2017, the Company had investments in short term commercial paper from nine issuers of $157.4 million and short term U.S. Treasury securities of $25.0 million.

Earnings Per Share

Basic earnings per share is calculated by dividing net income by the average number of common shares outstanding for the period. Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding for the period, including all potentially dilutive shares issuable under outstanding stock options. Stock options are not considered in any diluted earnings per share calculation when the Company has a loss from operations as their effect would be anti-dilutive. Non-vested restricted stock is included in outstanding shares at the time of grant. For the three months ended March 31, 2017 and 2016 basic average shares outstanding were the same as diluted shares outstanding. There were no outstanding common stock equivalents as of March 31, 2017 or December 31, 2016.

Revenue and Revenue Recognition

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

Real Estate Revenue

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

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

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

Resorts and Leisure Revenue

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

Leasing Revenue

Leasing revenue consists of long term rental revenue from retail operations, commercial operations, cell towers and other assets, which is recognized as earned, using the straight-line method over the life of the lease. Leasing revenue includes properties located in the Company’s consolidated Pier Park North JV and Windmark JV, as well as the Company’s industrial park, VentureCrossings, and other properties. Certain leases provide for tenant occupancy during periods for which no rent is due or where minimum rent payments change during the lease term. Accordingly, a receivable or liability is recorded representing the difference between the straight-line rent and the rent that is contractually due from the tenant.

Forestry Product Revenue

Revenue from the sale of the Company’s forestry products is primarily derived from pay-as-cut sales contracts or timber bid sales, whereby risk of loss and title to the trees transfer to the buyer when cut by the buyer. Under a pay-as-cut sales contract, the buyer or some other third party is responsible for all logging and hauling costs, if any.

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

Recently Adopted Accounting Pronouncements

Improvements to Employee Share-Based Payment Accounting

In March 2016, the FASB issued ASU 2016-09 that simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The Company adopted the new guidance as of January 1, 2017. The adoption of this guidance did not have a material impact on the Company’s financial condition, results of operations or cash flows.

Consolidation

In October 2016, the FASB issued ASU 2016-17 that amends the evaluation of whether a reporting entity is the primary beneficiary of a VIE by changing how a reporting entity that is a single decision maker of a VIE treats indirect interests in the entity held through related parties that are under common control with the reporting entity. The Company adopted the new guidance as of January 1, 2017. The adoption of this guidance 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 ASU 2014-09 that establishes the principles used to recognize revenue for all entities. In March 2016, the FASB issued ASU 2016-08 that further clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10 that clarifies guidance on identifying performance obligations and to improve the operability and understandability of licensing implementation guidance. In May 2016, the FASB issued ASU 2016-11 that rescinds SEC guidance pursuant to announcements at the March 3, 2016 Emerging Issues Task Force Meeting. In May 2016, the FASB issued ASU 2016-12 that provides narrow-scope improvements and practical expedients to Revenue from Contracts with Customers. In December 2016, the FASB issued ASU 2016-20 that includes technical corrections and improvements to ASU 2014-09. The new guidance will be effective for annual and interim periods beginning after December 15, 2017. The Company plans to adopt this guidance effective January 1, 2018 and has evaluated the impact of the adoption of this guidance and as a result of this evaluation does not expect it will have a material impact on its financial condition, results of operations and cash flows.

Financial Instruments

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

Leases

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

Financial Instruments - Credit Losses

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

Statement of Cash Flows

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

Income Taxes

In October 2016, the FASB issued ASU 2016-16 that requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This amendment eliminates the exception for an intra-entity transfer of an asset other than inventory. The new standard is effective for annual and interim periods beginning after December 15, 2017, with early adoption permitted in the first interim period and the amendments should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company is currently evaluating the impact that the adoption of the new guidance will have on its financial condition, results of operations and cash flows.

Business Combinations

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

Investment in Real Estate

3 Months Ended

Mar. 31, 2017

Real Estate [Abstract]

Investment in Real Estate

Real estate by property type and segment includes the following:



	March 31, 2017		December 31, 2016
Development property:
Residential real estate	$	103,919	$	101,292
Commercial real estate	56,118		56,073
Resorts and leisure	855		263
Leasing operations	6,916		2,291
Forestry	2,491		2,492
Corporate	2,470		2,438
Total development property	172,769		164,849

Operating property:
Residential real estate	8,138		8,097
Resorts and leisure	105,818		107,029
Leasing operations	83,891		82,336
Forestry	20,072		19,608
Other	50		50
Total operating property	217,969		217,120
Less: Accumulated depreciation	68,641		67,349
Total operating property, net	149,328		149,771
Investment in real estate, net	$	322,097	$	314,620

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

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

The Company capitalized indirect development costs during the three months ended March 31, 2017 of less than $0.1 million and had no capitalized indirect development costs during the three months ended March 31, 2016.

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References + Details

Investments

3 Months Ended

Mar. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Investments

At March 31, 2017, investments and restricted investments classified as available-for-sale securities were as follows:



	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Investments:
Corporate debt securities	$	128,200	$	6,005	$	1,420	$	132,785
Preferred stock	40,525		876		335		41,066
Common stock	1,662		110		—		1,772
	170,387		6,991		1,755		175,623
Restricted investments:
Short-term bond	4,235		4		—		4,239
Money market fund	209		—		—		209
	4,444		4		—		4,448
	$	174,831	$	6,995	$	1,755	$	180,071

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



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

Mr. Bruce R. Berkowitz is the Chairman of the Company’s Board of Directors. He is the Manager of, and controls entities that own and control, Fairholme Holdings, LLC, which wholly owns Fairholme Capital Management, L.L.C. (“FCM”, a registered investment advisor registered with the Securities and Exchange Commission) and the Fairholme Trust Company, L.L.C. (“FTC”, a non-depository trust company regulated by the Florida Office of Financial Regulation). Mr. Berkowitz is the Chief Investment Officer of FCM, and the Chief Executive Officer and a director of FTC. Since April 2013, FCM has provided investment advisory services to the Company directly, or more recently, as the sub-advisor to FTC. Neither FCM nor FTC receives any compensation for services as the Company’s investment advisor. As of March 31, 2017, clients of FCM and FTC beneficially owned approximately 33.75% of the Company’s common stock. FCM and its client the Fairholme Fund, a Series of the Fairholme Funds, Inc., are affiliates of the Company.

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

Pursuant to the terms of the Investment Management Agreement, as amended (the “Agreement”), FTC agreed to supervise and direct the investments of investment accounts established by the Company in accordance with the investment guidelines and restrictions approved by the Investment Committee of the Company’s Board of Directors. The investment guidelines are set forth in the Agreement and require that, as of the date of any investment: (i) no more than 15% of the investment account may be invested in securities of any one issuer (excluding the U.S. Government), (ii) any investment in any one issuer (excluding the U.S. Government) that exceeds 10%, but not 15%, requires the consent of at least two members of the Investment Committee, (iii) 25% of the investment account must be held in cash or cash equivalents, (iv) the investment account is permitted to be invested in common equity securities; however, common stock investments shall be limited to exchange-traded common equities, shall not exceed 5% ownership of a single issuer and, cumulatively, the common stock held in the Company’s investment portfolio shall not exceed $100.0 million market value, and (v) the aggregate market value of investments in common stock, preferred stock or other equity investments cannot exceed 25% of the market value of the Company’s investment portfolio at the time of purchase.

As of March 31, 2017, the investment account included $132.8 million of corporate debt securities, $41.0 million of preferred stock and $1.8 million of common stock investments. Of the $132.8 million corporate debt securities and $41.0 million preferred stock $8.5 million and $0.1 million, respectively, were issued by Sears Holdings Corp or affiliates, of which Messrs. Berkowitz and Alvarez are on the board of directors, and may be deemed an affiliate of FCM, or the Company.

During the three months ended March 31, 2017, realized gain from the sale of available for-sale securities were $3.1 million and proceeds from the sale of available-for-sale securities were $57.1 million.

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

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



	As of March 31, 2017								As of December 31, 2016
	Less Than 12 Months				12 Months or Greater				Less Than 12 Months				12 Months or Greater
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Investments:
Corporate debt securities	$	45,034	$	480	$	8,462	$	940	$	64,516	$	1,410	$	6,971	$	359
Preferred stock	7,447		272		132		63		—		—		153		111
Restricted investments:
Short-term bond	—		—		—		—		4,226		6		—		—
	$	52,481	$	752	$	8,594	$	1,003	$	68,742	$	1,416	$	7,124	$	470

As of March 31, 2017, the Company had an unrealized loss of $1.8 million related to corporate debt securities and preferred stock. The Company had an unrealized loss of $1.9 million as of December 31, 2016 related to corporate debt securities, preferred stock and restricted investments. As of March 31, 2017 and December 31, 2016, the Company did not intend to sell the investments with a material unrealized loss and it is more likely than not that the Company will not be required to sell any of these securities prior to their anticipated recovery, which could be maturity. As of March 31, 2017, the Company determined that an unrealized loss related to its corporate debt securities and preferred stock was other-than-temporarily impaired and recorded an impairment of $0.4 million for credit-related loss in investment income, net in the Company's condensed consolidated statements of income.

The net carrying value and estimated fair value of investments and restricted investments classified as available-for-sale at March 31, 2017, 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	$	3,932	$	3,470
Due after one year through five years	124,177		129,266
Due after ten years through fifteen years	91		49
	128,200		132,785
Preferred stock	40,525		41,066
Common stock	1,662		1,772
Restricted investments	4,444		4,448
	$	174,831	$	180,071

- 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, 2017

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

Fair Value Measurements

The financial instruments measured at fair value on a recurring basis at March 31, 2017 were as follows:



	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	12,524	$	—	$	—	$	12,524
Commercial paper	157,370		—		—		157,370
U.S. Treasury securities	24,992		—		—		24,992
	194,886		—		—		194,886
Investments:
Corporate debt securities	44,372		88,413		—		132,785
Preferred stock	11,011		30,055		—		41,066
Common stock	1,772		—		—		1,772
	57,155		118,468		—		175,623
Restricted investments:
Short-term bond	4,239		—		—		4,239
Money market fund	209		—		—		209
	4,448		—		—		4,448
	$	256,489	$	118,468	$	—	$	374,957

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



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

Money market funds, commercial paper, U.S. Treasury securities, certain corporate debt securities, certain preferred stock, common stock and short-term bonds are measured based on quoted market prices in an active market and categorized within level 1 of the fair value hierarchy. Money market funds, commercial paper and short term U.S. Treasury securities 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.

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

Restricted investments include certain of the surplus assets that were transferred from the Company’s Pension Plan to a suspense account in the Company’s 401(k) Plan in December 2014. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s condensed consolidated financial statements until they are allocated to participants. As of March 31, 2017 and December 31, 2016, the assets held in the suspense account were invested in the Vanguard Money Market Fund, which invests in short-term, high quality securities and seeks to provide current income and preserve shareholders’ principal investment and a Vanguard Short-Term Bond Fund, which invests in money market instruments and short-term high quality bonds, including asset-backed, government, and investment grade corporate securities with an expected maturity of 0-3 years. The Vanguard Money Market Fund and Vanguard Short-Term Bond Fund are measured based on quoted market prices in an active market and categorized within level 1 of the fair value hierarchy. The Company’s Retirement Plan Investment Committee is responsible for investing decisions and allocation decisions of the suspense account. Refer to Note 14. Employee Benefit Plan.

Fair Value of Financial Instruments

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


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


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


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


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

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



	March 31, 2017					December 31, 2016
	Carrying value		Fair value		Level	Carrying value		Fair value		Level
Assets
Retained interest investments	$	10,757	$	13,760	3	$	10,635	$	13,669	3
Investments held by special purpose entities:
Time deposit	$	200,000	$	200,000	3	$	200,000	$	200,000	3
U.S. Treasury securities and cash equivalents	$	8,219	$	8,055	1	$	8,590	$	8,398	1
Liabilities
Senior notes held by special purpose entity	$	176,366	$	198,690	3	$	176,310	$	199,691	3

Retained Interest Investments

The Company has a beneficial interest in certain bankruptcy-remote qualified SPEs used in the installment sale monetization of certain sales of timberlands in 2007 and 2008. The SPEs’ assets are not available to satisfy the Company’s liabilities or obligations and the liabilities of the SPEs are not the Company’s liabilities or obligations. Therefore, the SPEs’ assets and liabilities are not consolidated in the Company’s condensed consolidated financial statements as of March 31, 2017 and December 31, 2016. The Company’s continuing involvement with the SPEs is the receipt of the net interest payments and the remaining principal of approximately $16.9 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 $10.8 million and $10.6 million as of March 31, 2017 and December 31, 2016, respectively, recorded in other assets on the Company’s condensed consolidated balance sheets.

Investments and Senior Notes Held by Special Purpose Entities

In connection with a real estate sale in 2014, the Company received consideration including a $200.0 million fifteen-year installment note (the “Timber Note”) issued by Panama City Timber Finance Company, LLC (“PCTFC”). The Company contributed the Timber Note and assigned its rights as a beneficiary under a letter of credit to Northwest Florida Timber Finance, LLC (“NFTF”). 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. The investments held by PCTFC as of March 31, 2017, consist of a $200.0 million time deposit that, subsequent to April 2, 2014, pays interest at 4.0% and matures in March 2029, U.S. Treasuries of $7.8 million and cash of $0.4 million. The Senior Notes held by NFTF as of March 31, 2017 consist of $176.4 million, net of the $3.6 million discount and debt issuance costs. PCTFC and NFTF are VIEs, which the Company consolidates as the primary beneficiary of each entity.

- Definition

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

+ References + Details

Claim Settlement Receivable	3 Months Ended
Claim Settlement Receivable	Mar. 31, 2017
Receivables [Abstract]
Claim Settlement Receivable	Claim Settlement Receivable On March 24, 2016, the Company entered into a full and final release agreement with BP p.l.c. and various related entities pursuant to which the Company, on its own behalf and on behalf of certain wholly owned subsidiaries, released any and all claims related to the Deepwater Horizon oil spill which occurred on April 20, 2010. In exchange for this release, the Company will receive $13.2 million, of which $8.2 million remains to be received as of March 31, 2017, from BP Exploration & Production Inc., a large portion of which will reimburse the Company for expenses incurred. On October 3, 2016, the Company received a $5.0 million payment. The remaining settlement amount will be made in payments of $2.7 million due in October of 2017, 2018 and 2019. The Company also received a guaranty of payments from BP North America Corporation Inc. As of March 24, 2016, the Company recorded the claim settlement receivable using an imputed interest rate of 3.0%, based on its best estimate of the prevailing market rates for the source of credit, resulting in an initial present value of $12.5 million and a discount of $0.7 million. $12.5 million of the claim settlement was recognized as other income in the Company’s condensed consolidated statements of income for the three months ended March 31, 2016. The discount is being accreted over the term of the receivable using the effective interest method. Interest income for the three months ended March 31, 2017 and the period from March 24, 2016 to March 31, 2016 was less than $0.1 million.

- Definition

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

+ References + Details

Other Assets

3 Months Ended

Mar. 31, 2017

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

Other Assets

Other assets consist of the following:



	March 31, 2017		December 31, 2016
Retained interest investments	$	10,757	$	10,635
Accounts receivable, net	3,858		4,625
Notes receivable, net	1,886		1,926
Prepaid expenses	6,951		5,685
Straight line rent	3,806		3,812
Other assets	8,280		8,789
Accrued interest receivable for Senior Notes held by SPE	935		2,938
Total other assets	$	36,473	$	38,410

Notes receivable, net consists of the following:



	March 31, 2017		December 31, 2016
Pier Park Community Development District notes, non-interest bearing, due September 2022	$	1,684	$	1,684
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, due December 2016, paid January 2017	—		33
Various mortgage notes, secured by certain real estate, bearing interest at various rates	202		209
Total notes receivable, net	$	1,886	$	1,926

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

Real Estate Joint Ventures

3 Months Ended

Mar. 31, 2017

Equity Method Investments and 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 loss and right to receive benefits that are significant to the VIE. The Company examines specific criteria and uses judgment when determining whether the Company is the primary beneficiary and must consolidate a VIE. The Company continues to assess whether it is the primary beneficiary on an ongoing basis.

Consolidated Real Estate Joint Ventures

In December 2016, the Company entered into a joint venture agreement with Windmark JV pursuant to which the Company transferred to Windmark JV all of its interest in the Windmark Beach project. As of March 31, 2017 and December 31, 2016, the Company owned a 49.0% equity interest in the consolidated joint venture. A wholly owned subsidiary of the Company is the managing member of Windmark JV and runs its day-to-day operations. Windmark JV owns and its members make major decisions related to the management and development of the Windmark Beach project. For financial accounting purposes, the Company is deemed to control Windmark JV, which is consolidated within the financial results of the Company as of March 31, 2017 and December 31, 2016.

During 2012, the Company entered into a joint venture agreement with a partner to develop a retail center at Pier Park North. As of March 31, 2017 and December 31, 2016, the Company owned a 60.0% equity interest in the consolidated joint venture. The Company’s partner is responsible for the day-to-day activities of the joint venture. However, the Company has significant involvement in the design of the development and approves all major decisions, including project development, annual budgets and financing. The Company determined the joint venture is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2017 and December 31, 2016.

In addition, the Company is the primary beneficiary of Artisan Park, L.L.C, another real estate joint venture that is consolidated within the financial results of the Company. The Company is entitled to 74% of the profit or loss of this VIE and is responsible for the day-to-day activities of the joint venture.

Unconsolidated Real Estate VIE

As of March 31, 2017 and December 31, 2016, the Company was a partner in ALP Liquidating Trust (“ALP”) that is accounted for using the equity method. The joint venture was entered into to develop and sell certain mixed use residential and commercial projects. The Company has evaluated the VIE consolidation requirements with respect to this joint venture and has determined that the Company is not the primary beneficiary, since the Company does not have the power to direct the activities that most significantly impact the economic performance of the VIE. The Company is not required to contribute additional funds to ALP.

Summarized financial information for ALP is as follows:



	March 31, 2017		December 31, 2016
BALANCE SHEETS:
Cash and cash equivalents	$	11,412	$	11,948
Other assets	61		59
Total assets	$	11,473	$	12,007

Accounts payable and other liabilities	$	592	$	955
Equity⁽¹⁾	10,881		11,052
Total liabilities and equity	$	11,473	$	12,007

(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, 2017 and 2016, ALP reported net loss of $0.2 million and net income of less than $0.1 million, respectively.

Debt

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Debt

Debt consists of the following at March 31, 2017:



	Principal		Unamortized Discount and Debt Issuance Costs		Net
Refinanced loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%	$	47,926	$	584	$	47,342
Community Development District debt, secured by certain real estate or other collateral, due May 2031 - May 2039, bearing interest at 3.4% to 7.0% at March 31, 2017	7,695		—		7,695
Construction loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 2.7% at March 31, 2017)	508		20		488
Total debt	$	56,129	$	604	$	55,525

Debt consists of the following at December 31, 2016:



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

In October 2015, the Pier Park North JV refinanced a construction loan by entering into a $48.2 million loan (the “Refinanced Loan”). As of March 31, 2017 and December 31, 2016, $47.9 million and $48.1 million, respectively, was outstanding on the Refinanced Loan. The Refinanced Loan accrues interest at a rate of 4.1% per annum and matures in November 2025. The Refinanced Loan was secured by a first lien on, and security interest in, a majority of the Pier Park North JV’s property and a remaining $1.3 million short term letter of credit. In connection with the Refinanced Loan, the Company entered into a limited guarantee in favor of the lender, based on its percentage ownership of the joint venture. In addition, the guarantee can become full recourse in the case of any fraud or intentional misrepresentation by the Pier Park North JV; any voluntary transfer or encumbrance of the property in violation of the due-on-sale clause in the security instrument; upon commencement of voluntary 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 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 $7.7 million and $7.5 million related to CDD assessments as of March 31, 2017 and December 31, 2016, respectively. The Company’s total outstanding CDD assessments were $22.6 million as of March 31, 2017 and December 31, 2016. The Company pays interest on the total outstanding CDD assessments.

In March 2017, a wholly owned subsidiary of the Company entered into a $1.6 million construction loan to finance the construction of a two retail tenant commercial leasing property located in Panama City Beach, Florida (the “Construction Loan”). The Construction Loan bears interest at LIBOR plus 1.70% and matures in March 2027. The Construction Loan provides for interest only payments during the first twelve months and principal and interest payments thereafter with a final balloon payment at maturity. The Construction Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Construction Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Construction Loan until the project meets certain cash flow stabilization requirements. As of March 31, 2017, $0.5 million was outstanding under the Construction Loan.

The aggregate maturities of debt subsequent to March 31, 2017 are:



	March 31, 2017
2017	$	784
2018	1,047
2019	1,094
2020	1,139
2021	1,186
Thereafter	50,879
	$	56,129

Other Liabilities

3 Months Ended

Mar. 31, 2017

Payables and Accruals [Abstract]

Other Liabilities

Other liabilities consist of the following:



	March 31, 2017		December 31, 2016
Accounts payable	$	6,164	$	4,376
Accrued compensation	1,269		2,655
Deferred revenue	16,261		15,289
Membership deposits and initiation fees	7,852		7,384
Advance deposits	7,872		3,419
Other accrued liabilities	7,585		4,977
Accrued interest expense for Senior Notes held by SPE	712		2,850
Total other liabilities	$	47,715	$	40,950

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

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

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

Other accrued liabilities include $1.2 million of accrued property taxes as of March 31, 2017, which are generally paid annually in November. As of December 31, 2016 the Company had no accrued property taxes.

Income Taxes

3 Months Ended

Mar. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

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



	Three Months Ended March 31,
	2017			2016
Tax at the federal statutory rate	$	2,326		$	4,168
State income taxes (net of federal benefit)	233			417
Tax effect of timber at the federal statutory rate of 23.8%	(114		)	(206		)
Decrease in valuation allowance	(280		)	(354		)
Other	114			(781		)
Total income tax expense	$	2,279		$	3,244

The Company had no federal net operating loss carryforwards as of March 31, 2017 and December 31, 2016. The Company had a federal AMT credit carryforward of $12.7 million and $13.5 million as of March 31, 2017 and December 31, 2016, respectively. The AMT credit carryforward is available indefinitely to offset future federal income tax liabilities. As of March 31, 2017 and December 31, 2016, the Company had state net operating loss carryforwards of $421.0 million and $427.3 million, respectively. The state net operating loss is available to offset future taxable income through 2036.

In general, a valuation allowance is recorded if, based on the available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. Realization of the Company’s deferred tax assets is dependent upon the Company generating sufficient taxable income in future years in the appropriate tax jurisdictions to obtain a benefit from the reversal of deductible temporary differences and from loss carryforwards.

As of December 31, 2016, based on the timing of reversal of future taxable amounts and the Company’s history of losses, management did not believe it met the requirements to realize the benefits of certain of its deferred tax assets; therefore, the Company had maintained a valuation allowance of $5.1 million. During the three months ended March 31, 2017, the Company reversed $0.3 million of the valuation allowance that was recorded as of December 31, 2016. As of March 31, 2017, management believes it has not met the requirements to realize the benefits for a portion of its deferred tax assets for state net operating loss carryforwards; therefore, the Company has maintained a valuation allowance of $4.8 million for these deferred tax assets.

The Company had approximately $1.7 million of total unrecognized tax benefits as of each March 31, 2017 and December 31, 2016. Of this total, there are no amounts of unrecognized tax benefits that, if recognized, would affect the effective income tax rate. There were no decreases or increases related to prior year or current year tax positions.

In December 2016, the Company entered into a joint venture agreement with Windmark JV, pursuant to which the Company sold to Windmark JV all of its interest in the Windmark Beach project. The sale of the Windmark Beach project created a net taxable loss for the Company in 2016. The loss will be carried back to 2014 for a federal income tax refund of $22.3 million.

Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2017

Stockholders' Equity Note [Abstract]

Accumulated Other Comprehensive Income

Following is a summary of the changes in the balances of accumulated other comprehensive income, which is presented net of tax, as of March 31, 2017:



	Unrealized Gain and (Loss) on Available-for-Sale Securities
Accumulated other comprehensive income at December 31, 2016	$	2,507
Other comprehensive income before reclassifications	2,405
Amounts reclassified from accumulated other comprehensive income	(1,693		)
Other comprehensive income	712
Accumulated other comprehensive income at March 31, 2017	$	3,219

Following is a summary of the tax effects allocated to other comprehensive income (loss) for the three months ended March 31, 2017 and 2016:



	Three Months Ended March 31, 2017
	Before-Tax Amount			Tax (Expense) or Benefit			Net-of-Tax Amount
Unrealized gain on debt securities:
Unrealized gain on available-for-sale investments	$	3,905		$	(1,503	)	$	2,402
Unrealized gain on restricted investments	4			(1		)	3
Reclassification adjustment for gain included in earnings	(3,122		)	1,203			(1,919		)
Reclassification adjustment for other-than-temporary impairment loss included in earnings	366			(140		)	226
Net unrealized gain	1,153			(441		)	712
Other comprehensive income	$	1,153		$	(441	)	$	712



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

- 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
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+ Details

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2017
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Stock Repurchase Program During the three months ended March 31, 2017 and 2016, the Company repurchased 2,044,981 and 995,650 shares, respectively, of its common stock at an average purchase price of $16.70 and $14.88, per share, respectively, for an aggregate purchase price of $34.2 million and $14.8 million, respectively, pursuant to its stock repurchase program (the “Stock Repurchase Program”). As of March 31, 2017, the Company had a total authority of $156.8 million available for purchase of shares of its common stock pursuant to its Stock Repurchase Program. The Company may repurchase its common stock in open market purchases from time to time, in privately negotiated transactions or otherwise, pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing and amount of any additional shares to be repurchased will depend upon a variety of factors, including market and business conditions and other factors. Repurchases may be commenced or suspended at any time or from time to time without prior notice. The Stock Repurchase Program will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in its sole discretion. During the period from April 1, 2017 through May 1, 2017, the Company purchased an additional 327,963 shares for an aggregate purchase price of $5.6 million. Issuance of Common Stock for Director’s Fees On May 17, 2016, the Board approved the issuance of 8,919 restricted stock awards to three members of the Board of Directors as part of their compensation package and pursuant to the 2015 Performance and Equity Incentive Plan. These restricted stock awards vested 25% on the date of issue and 25% on August 17, 2016, November 17, 2016 and February 17, 2017. For the three months ended March 31, 2017, the Company recorded expense of less than $0.1 million, related to restricted stock awards to the Company’s directors.

Employee Benefit Plan	3 Months Ended
Employee Benefit Plan	Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plan	Employee Benefit Plan The Company maintains a 401(k) retirement plan covering substantially all officers and employees of the Company, which permits participants to defer up to the maximum allowable amount determined by the IRS of their eligible compensation. As part of the Pension Plan termination in 2014, the Company directed the Pension Plan to transfer $7.9 million of the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) Plan. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s condensed consolidated financial statements until they are allocated to participants. As of March 31, 2017 and December 31, 2016, the fair value of these assets was recorded in restricted investments on the Company’s condensed consolidated balance sheets and were $4.4 million and $5.6 million, respectively. The Company expenses the fair value of the assets at the time the assets are allocated to participants, which is expected to be allocated up to the next four years. During the three months ended March 31, 2017 and 2016, the Company recorded an expense of $1.2 million and $1.4 million, respectively, for the fair value of the assets, less expenses, that were allocated to participants during that period. Any gain or loss on these assets is reflected in the Company’s condensed consolidated statements of income and was less than a $0.1 million gain for both the three months ended March 31, 2017 and 2016. Refer to Note 5. Financial Instruments and Fair Value Measurements.

Other Income (Expense)

3 Months Ended

Mar. 31, 2017

Other Income and Expenses [Abstract]

Other Income (Expense)

Other income (expense) consists of the following:



	Three Months Ended March 31,
	2017			2016
Investment income, net
Net investment income from available-for-sale securities
Interest and dividend income	$	4,548		$	189
Accretion income	922			464
Realized gain on the sale of investments	3,122			—
Other-than-temporary impairment loss	(366		)	—
Total net investment income from available-for-sale securities	8,226			653
Interest income from investments in SPEs	2,051			2,050
Interest accrued on notes receivable and other interest	79			27
Total investment income, net	10,356			2,730
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE	(2,193		)	(2,190		)
Interest expense	(850		)	(845		)
Total interest expense	(3,043		)	(3,035		)
Claim settlement	—			12,548
Other, net
Accretion income from retained interest investments	263			241
Hunting lease income	139			138
Miscellaneous income, net	3,649			73
Other, net	4,051			452

Total other income, net	$	11,364		$	12,695

Investment Income, Net

Interest and dividend income includes interest income accrued or received on the Company’s corporate debt securities and dividend income received from the Company’s preferred stock and other investments. Accretion income includes the amortization of the premium or accretion of discount related to the Company’s available-for-sale securities, which is amortized based on an effective interest rate method over the term of the available-for-sale securities. Realized gain on the sale of investments include the gain recognized on the sale of an available-for-sale security prior to maturity. During the three months ended March 31, 2017, the Company determined that a portion of its investments in corporate debt securities and preferred stock were other-than-temporarily impaired and recorded a $0.4 million impairment related to credit-related loss in investment income, net on the Company's condensed consolidated statements of income. See Note 4. Investments.

Interest income from investments in SPEs primarily includes interest accrued or received on the investments held by PCTFC, which is used to pay the interest expense for Senior Notes held by NFTF.

Interest Expense

Interest expense includes interest expense related to the Company’s CDD debt and Refinanced Loan in the Pier Park North JV. Borrowing costs, including the discount and issuance costs for the Senior Notes issued by NFTF, 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 6. Claim Settlement Receivable for further discussion.

Other, Net

During the three months ended March 31, 2017, the Company negotiated an insurance settlement that resulted in proceeds of $3.5 million, for reimbursement of certain attorney fees and related costs incurred by the Company in defending shareholder litigation and the SEC investigation which was resolved in October 2015. This amount was included in other, net in the condensed consolidated statements of income.

The Company records the accretion of investment income from its retained interest investment over the life of the retained interest using the effective yield method with rates ranging from 3.7% to 11.8%. Hunting lease income is recognized as income over the term of each lease.

Segment Information

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Segment Information

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

The residential real estate segment generates revenue from the development and sale of homes and homesites and the sale of parcels of entitled, undeveloped land. The commercial real estate segment sells undeveloped or developed land and commercial operating property. The resort and leisure segment generates revenue and incurs costs from the WaterColor Inn and Resort, vacation rental program, management of The Pearl Hotel, membership sales, restaurants, four golf courses, a beach club, marina operations and other related resort activities. The leasing segment generates revenue and costs from leasing retail property, commercial property, cell towers and other assets. Leasing operations include properties located in the Company’s consolidated Pier Park North JV and Windmark JV, as well as the Company’s industrial park, VentureCrossings and other properties. The forestry segment produces and sells pulpwood, sawtimber and other forest products and may sell the Company’s timber or rural land holdings.

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

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

The accounting policies of the segments are set forth in Note 2 to the Company’s consolidated financial statements contained in Item 15 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. Total revenue represents sales to unaffiliated customers, as reported in the Company’s condensed consolidated statements of income. All significant intercompany accounts and transactions have been eliminated in consolidation. The caption entitled “Other” consists of mitigation credit revenue and non-allocated corporate general and administrative expenses, net of investment income.

Information by business segment is as follows:



	Three Months Ended March 31,
	2017			2016
Operating revenue:
Residential real estate	$	1,275		$	6,988
Commercial real estate	—			—
Resorts and leisure	8,108			8,751
Leasing operations	2,384			2,361
Forestry	1,350			2,121
Other	80			33
Total operating revenue	$	13,197		$	20,254

(Loss) income before income taxes:
Residential real estate	$	(668	)	$	3,357
Commercial real estate	(576		)	(600		)
Resorts and leisure	(1,776		)	(1,800		)
Leasing operations	203			(43		)
Forestry	1,242			1,854
Other	8,042			9,030
Total income before income taxes	$	6,467		$	11,798



	March 31, 2017		December 31, 2016
Total Assets:
Residential real estate	$	119,119	$	112,220
Commercial real estate	60,238		60,150
Resorts and leisure	77,797		73,436
Leasing operations	85,206		80,863
Forestry	21,091		20,664
Other	643,993		680,612
Total assets	$	1,007,444	$	1,027,945

- 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.

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+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company establishes an accrued liability when it believes it is both probable that a material loss has been incurred and the amount of the loss can be reasonably estimated. The Company will evaluate the range of reasonably estimated loss and record an accrued liability based on what it believes to be the minimum amount in the range, unless it believes an amount within the range is a better estimate than any other amount. In such cases, there may be an exposure to loss in excess of the amounts accrued. The Company evaluates quarterly whether further developments could affect the amount of the accrued liability previously established or would make a loss contingency both probable and reasonably estimable. The Company also provides disclosure when it believes it is reasonably possible that a material loss will be incurred or when it believes it is reasonably possible that the amount of a loss will exceed the recorded liability. The Company reviews loss contingencies at least quarterly to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. This estimated range of possible loss is based upon currently available information and is subject to significant judgment and a variety of assumptions, as well as known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. The Company is subject to a variety of litigation, claims, other disputes and governmental proceedings that arise from time to time in the ordinary course of its business, including litigation related to its prior homebuilding and development activities and those described herein. The Company cannot assure that it will be successful in defending these matters. Based on current knowledge, the Company does not believe that loss contingencies arising from pending litigation, claims, other disputes and governmental proceedings, including those described herein, will have a material adverse effect on the consolidated financial position or liquidity of the Company. However, in light of the inherent uncertainties involved in these matters, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. The Company is subject to costs arising out of environmental laws and regulations, which include obligations to remove or limit the effects on the environment of the disposal or release of certain wastes or substances at various sites, including sites which have been previously sold. It is the Company’s policy to accrue and charge against earnings environmental cleanup costs when it is probable that a liability has been incurred and a range of loss can be reasonably estimated. As assessments and cleanups proceed, these accruals are reviewed and adjusted, if necessary, as additional information becomes available. The Company’s former paper mill site in Gulf County and certain adjacent properties are subject to various Consent Agreements and Brownfield Site Rehabilitation Agreements with the Florida Department of Environmental Protection (“FDEP”). The paper mill site has been rehabilitated 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 $1.2 million and $1.3 million as of March 31, 2017 and December 31, 2016, respectively. Significant judgment is required in both the determination of probability and the determination as to whether the amount of an exposure is reasonably estimable. Due to uncertainties related to these matters, accruals are based only on the information available at the time. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company's results of operations in a given period. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage, including its timber assets. At March 31, 2017 and December 31, 2016, the Company was required to provide surety bonds that guarantee completion of certain infrastructure in certain development projects and mitigation banks of $6.2 million and standby letters of credit of $0.4 million, which may potentially result in liability to the Company if certain obligations of the Company are not met. As of March 31, 2017, the Company had a total of $33.2 million in contractual obligations, all of which are for the remainder of 2017. Security on the Refinanced Loan includes a remaining short term $1.3 million letter of credit. See Note 9. Debt for a further discussion on the Refinanced Loan.

Summary of Significant Accounting Policies - (Policies)

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Use of Estimates

Cash and Cash Equivalents

Investments

Restricted Investments

Fair Value Measurements

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

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

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

Long-Lived Assets


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


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


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


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


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


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

Comprehensive Income

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

Income Taxes

Concentration of Risks and Uncertainties

Earnings Per Share

Revenue and Revenue Recognition

Real Estate Revenue

Resorts and Leisure Revenue

Leasing Revenue

Forestry Product Revenue

Recently Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Improvements to Employee Share-Based Payment Accounting

Consolidation

Recently Issued Accounting Pronouncements

Revenue Recognition

Financial Instruments

Leases

Financial Instruments - Credit Losses

Statement of Cash Flows

Income Taxes

Business Combinations

Investment in Real Estate (Tables)

3 Months Ended

Mar. 31, 2017

Real Estate [Abstract]

Real estate by property type and segment

Real estate by property type and segment includes the following:



	March 31, 2017		December 31, 2016
Development property:
Residential real estate	$	103,919	$	101,292
Commercial real estate	56,118		56,073
Resorts and leisure	855		263
Leasing operations	6,916		2,291
Forestry	2,491		2,492
Corporate	2,470		2,438
Total development property	172,769		164,849

Operating property:
Residential real estate	8,138		8,097
Resorts and leisure	105,818		107,029
Leasing operations	83,891		82,336
Forestry	20,072		19,608
Other	50		50
Total operating property	217,969		217,120
Less: Accumulated depreciation	68,641		67,349
Total operating property, net	149,328		149,771
Investment in real estate, net	$	322,097	$	314,620

Investments (Tables)

3 Months Ended

Mar. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

At March 31, 2017, investments and restricted investments classified as available-for-sale securities were as follows:



	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Investments:
Corporate debt securities	$	128,200	$	6,005	$	1,420	$	132,785
Preferred stock	40,525		876		335		41,066
Common stock	1,662		110		—		1,772
	170,387		6,991		1,755		175,623
Restricted investments:
Short-term bond	4,235		4		—		4,239
Money market fund	209		—		—		209
	4,444		4		—		4,448
	$	174,831	$	6,995	$	1,755	$	180,071

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



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

Continuous Unrealized Loss Position

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



	As of March 31, 2017								As of December 31, 2016
	Less Than 12 Months				12 Months or Greater				Less Than 12 Months				12 Months or Greater
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Investments:
Corporate debt securities	$	45,034	$	480	$	8,462	$	940	$	64,516	$	1,410	$	6,971	$	359
Preferred stock	7,447		272		132		63		—		—		153		111
Restricted investments:
Short-term bond	—		—		—		—		4,226		6		—		—
	$	52,481	$	752	$	8,594	$	1,003	$	68,742	$	1,416	$	7,124	$	470

Contractual Maturities of Investments



	Amortized Cost		Fair Value
Due in one year or less	$	3,932	$	3,470
Due after one year through five years	124,177		129,266
Due after ten years through fifteen years	91		49
	128,200		132,785
Preferred stock	40,525		41,066
Common stock	1,662		1,772
Restricted investments	4,444		4,448
	$	174,831	$	180,071

- 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, 2017

Fair Value Disclosures [Abstract]

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

The financial instruments measured at fair value on a recurring basis at March 31, 2017 were as follows:



	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	12,524	$	—	$	—	$	12,524
Commercial paper	157,370		—		—		157,370
U.S. Treasury securities	24,992		—		—		24,992
	194,886		—		—		194,886
Investments:
Corporate debt securities	44,372		88,413		—		132,785
Preferred stock	11,011		30,055		—		41,066
Common stock	1,772		—		—		1,772
	57,155		118,468		—		175,623
Restricted investments:
Short-term bond	4,239		—		—		4,239
Money market fund	209		—		—		209
	4,448		—		—		4,448
	$	256,489	$	118,468	$	—	$	374,957

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



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

Carrying Amount and Fair Value of Financial Instruments

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



	March 31, 2017					December 31, 2016
	Carrying value		Fair value		Level	Carrying value		Fair value		Level
Assets
Retained interest investments	$	10,757	$	13,760	3	$	10,635	$	13,669	3
Investments held by special purpose entities:
Time deposit	$	200,000	$	200,000	3	$	200,000	$	200,000	3
U.S. Treasury securities and cash equivalents	$	8,219	$	8,055	1	$	8,590	$	8,398	1
Liabilities
Senior notes held by special purpose entity	$	176,366	$	198,690	3	$	176,310	$	199,691	3

Other Assets (Tables)

3 Months Ended

Mar. 31, 2017

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

Schedule of Other Assets

Other assets consist of the following:



	March 31, 2017		December 31, 2016
Retained interest investments	$	10,757	$	10,635
Accounts receivable, net	3,858		4,625
Notes receivable, net	1,886		1,926
Prepaid expenses	6,951		5,685
Straight line rent	3,806		3,812
Other assets	8,280		8,789
Accrued interest receivable for Senior Notes held by SPE	935		2,938
Total other assets	$	36,473	$	38,410

Schedule of Notes Receivable, net

Notes receivable, net consists of the following:



	March 31, 2017		December 31, 2016
Pier Park Community Development District notes, non-interest bearing, due September 2022	$	1,684	$	1,684
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, due December 2016, paid January 2017	—		33
Various mortgage notes, secured by certain real estate, bearing interest at various rates	202		209
Total notes receivable, net	$	1,886	$	1,926

Real Estate Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

Summarized Balance Sheets for Unconsolidated Investments

Summarized financial information for ALP is as follows:



	March 31, 2017		December 31, 2016
BALANCE SHEETS:
Cash and cash equivalents	$	11,412	$	11,948
Other assets	61		59
Total assets	$	11,473	$	12,007

Accounts payable and other liabilities	$	592	$	955
Equity⁽¹⁾	10,881		11,052
Total liabilities and equity	$	11,473	$	12,007

Debt (Tables)

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Debt

Debt consists of the following at March 31, 2017:



	Principal		Unamortized Discount and Debt Issuance Costs		Net
Refinanced loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%	$	47,926	$	584	$	47,342
Community Development District debt, secured by certain real estate or other collateral, due May 2031 - May 2039, bearing interest at 3.4% to 7.0% at March 31, 2017	7,695		—		7,695
Construction loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 2.7% at March 31, 2017)	508		20		488
Total debt	$	56,129	$	604	$	55,525

Debt consists of the following at December 31, 2016:



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

Maturities of Debt

The aggregate maturities of debt subsequent to March 31, 2017 are:



	March 31, 2017
2017	$	784
2018	1,047
2019	1,094
2020	1,139
2021	1,186
Thereafter	50,879
	$	56,129

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of effective income tax rate reconciliation

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



	Three Months Ended March 31,
	2017			2016
Tax at the federal statutory rate	$	2,326		$	4,168
State income taxes (net of federal benefit)	233			417
Tax effect of timber at the federal statutory rate of 23.8%	(114		)	(206		)
Decrease in valuation allowance	(280		)	(354		)
Other	114			(781		)
Total income tax expense	$	2,279		$	3,244

Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2017

Stockholders' Equity Note [Abstract]

Summary of Changes in Accumulated Other Comprehensive (Loss) Income

Following is a summary of the changes in the balances of accumulated other comprehensive income, which is presented net of tax, as of March 31, 2017:



	Unrealized Gain and (Loss) on Available-for-Sale Securities
Accumulated other comprehensive income at December 31, 2016	$	2,507
Other comprehensive income before reclassifications	2,405
Amounts reclassified from accumulated other comprehensive income	(1,693		)
Other comprehensive income	712
Accumulated other comprehensive income at March 31, 2017	$	3,219

Reclassification out of Accumulated Other Comprehensive (Loss) Income

Following is a summary of the tax effects allocated to other comprehensive income (loss) for the three months ended March 31, 2017 and 2016:



	Three Months Ended March 31, 2017
	Before-Tax Amount			Tax (Expense) or Benefit			Net-of-Tax Amount
Unrealized gain on debt securities:
Unrealized gain on available-for-sale investments	$	3,905		$	(1,503	)	$	2,402
Unrealized gain on restricted investments	4			(1		)	3
Reclassification adjustment for gain included in earnings	(3,122		)	1,203			(1,919		)
Reclassification adjustment for other-than-temporary impairment loss included in earnings	366			(140		)	226
Net unrealized gain	1,153			(441		)	712
Other comprehensive income	$	1,153		$	(441	)	$	712



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

Other Income (Expense) (Tables)

3 Months Ended

Mar. 31, 2017

Other Income and Expenses [Abstract]

Schedule of other income (expense)

Other income (expense) consists of the following:



	Three Months Ended March 31,
	2017			2016
Investment income, net
Net investment income from available-for-sale securities
Interest and dividend income	$	4,548		$	189
Accretion income	922			464
Realized gain on the sale of investments	3,122			—
Other-than-temporary impairment loss	(366		)	—
Total net investment income from available-for-sale securities	8,226			653
Interest income from investments in SPEs	2,051			2,050
Interest accrued on notes receivable and other interest	79			27
Total investment income, net	10,356			2,730
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE	(2,193		)	(2,190		)
Interest expense	(850		)	(845		)
Total interest expense	(3,043		)	(3,035		)
Claim settlement	—			12,548
Other, net
Accretion income from retained interest investments	263			241
Hunting lease income	139			138
Miscellaneous income, net	3,649			73
Other, net	4,051			452

Total other income, net	$	11,364		$	12,695

Segment Information (Tables)

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Information by Business Segment

Information by business segment is as follows:



	Three Months Ended March 31,
	2017			2016
Operating revenue:
Residential real estate	$	1,275		$	6,988
Commercial real estate	—			—
Resorts and leisure	8,108			8,751
Leasing operations	2,384			2,361
Forestry	1,350			2,121
Other	80			33
Total operating revenue	$	13,197		$	20,254

(Loss) income before income taxes:
Residential real estate	$	(668	)	$	3,357
Commercial real estate	(576		)	(600		)
Resorts and leisure	(1,776		)	(1,800		)
Leasing operations	203			(43		)
Forestry	1,242			1,854
Other	8,042			9,030
Total income before income taxes	$	6,467		$	11,798



	March 31, 2017		December 31, 2016
Total Assets:
Residential real estate	$	119,119	$	112,220
Commercial real estate	60,238		60,150
Resorts and leisure	77,797		73,436
Leasing operations	85,206		80,863
Forestry	21,091		20,664
Other	643,993		680,612
Total assets	$	1,007,444	$	1,027,945

Summary of Significant Accounting Policies - (Details)	3 Months Ended
Summary of Significant Accounting Policies - (Details)	Mar. 31, 2017 USD ($) issuer shares	Mar. 31, 2016 USD ($)	Dec. 31, 2016 shares
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Other than temporary impairment, credit losses recognized in earnings, additions, no previous impairment	$ 366,000	$ 0
401(k) Plan distribution period (in years)	4 years
Impairment losses	$ 0	$ 0
Debt securities	$ 132,785,000
Common stock equivalents \| shares	0		0
Property management fee, percent fee	50.00%
Corporate debt securities
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Debt securities	$ 132,800,000
Preferred stock
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Preferred stock investments	41,000,000
Common Stock
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Preferred stock investments	$ 1,800,000
Commercial paper
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of issuers \| issuer	9
Commercial paper	$ 157,400,000
US Treasury Securities [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Commercial paper	25,000,000
Non-investment grade \| Corporate debt securities
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Debt securities	$ 132,800,000
Number of issuers \| issuer	8
Non-investment grade \| Preferred stock
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of issuers \| issuer	4
Preferred stock investments	$ 41,000,000
External Credit Rating, Investment Grade [Member] \| Common Stock
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of issuers \| issuer	1
Preferred stock investments	$ 1,800,000

Investments in Real Estate - Real Estate by Property Type and Segment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Real Estate Properties [Line Items]
Development property	$ 172,769,000		$ 164,849,000
Operating property	217,969,000		217,120,000
Less: Accumulated depreciation	68,641,000		67,349,000
Total operating property, net	149,328,000		149,771,000
Investment in real estate, net	322,097,000		314,620,000
Capitalized indirect costs incurred	100,000.0	$ 0
Residential real estate
Real Estate Properties [Line Items]
Development property	103,919,000		101,292,000
Operating property	8,138,000		8,097,000
Commercial real estate
Real Estate Properties [Line Items]
Development property	56,118,000		56,073,000
Resorts and leisure
Real Estate Properties [Line Items]
Development property	855,000		263,000
Operating property	105,818,000		107,029,000
Leasing operations
Real Estate Properties [Line Items]
Development property	6,916,000		2,291,000
Operating property	83,891,000		82,336,000
Forestry
Real Estate Properties [Line Items]
Development property	2,491,000		2,492,000
Operating property	20,072,000		19,608,000
Other
Real Estate Properties [Line Items]
Operating property	50,000		50,000
Corporate
Real Estate Properties [Line Items]
Development property	$ 2,470,000		$ 2,438,000

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 174,831	$ 177,280
Gross Unrealized Gain	6,995	5,967
Gross Unrealized Loss	1,755	1,886
Fair Value	180,071	181,361
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	128,200	135,590
Gross Unrealized Gain	6,005	5,311
Gross Unrealized Loss	1,420	1,769
Fair Value	132,785	139,132
Preferred stock
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	40,525	36,048
Gross Unrealized Gain	876	656
Gross Unrealized Loss	335	111
Fair Value	41,066	36,593
Common Stock
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,662
Gross Unrealized Gain	110
Gross Unrealized Loss	0
Fair Value	1,772
Debt and Equity Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	170,387	171,638
Gross Unrealized Gain	6,991	5,967
Gross Unrealized Loss	1,755	1,880
Fair Value	175,623	175,725
Short-term bond
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	4,235	4,232
Gross Unrealized Gain	4	0
Gross Unrealized Loss	0	6
Fair Value	4,239	4,226
Money market funds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	209	1,410
Gross Unrealized Gain	0	0
Gross Unrealized Loss	0	0
Fair Value	209	1,410
Restricted investments
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	4,444	5,642
Gross Unrealized Gain	4	0
Gross Unrealized Loss	0	6
Fair Value	$ 4,448	$ 5,636

Investments - Narrative (Details)	3 Months Ended
Investments - Narrative (Details)	Mar. 31, 2017 USD ($) member	Mar. 31, 2016 USD ($)	Dec. 31, 2016 USD ($)
Schedule of Available-for-sale Securities [Line Items]
Number of Investment Committee Members Required to Authorize Investment \| member	2
Debt securities	$ 132,785,000
Realized losses from the sale of available-for-sale securities (less than)	3,100,000	$ 0
Proceeds from sales of available-for-sale securities	57,100,000	8,500,000
Unrealized losses	1,755,000		$ 1,886,000
Other-than-temporary impairment loss	366,000	$ 0
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Debt securities	132,800,000
Unrealized losses	1,420,000		1,769,000
Preferred stock
Schedule of Available-for-sale Securities [Line Items]
Preferred stock investments	41,000,000
Unrealized losses	335,000		$ 111,000
Common Stock
Schedule of Available-for-sale Securities [Line Items]
Preferred stock investments	1,800,000
Unrealized losses	0
Sears Holdings Corp or affiliates \| Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Debt securities	8,500,000
Sears Holdings Corp or affiliates \| Preferred stock
Schedule of Available-for-sale Securities [Line Items]
Preferred stock investments	$ 100,000
Required percent of investment account held in cash or cash equivalents \| Minimum
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations	25.00%
Other aggregated investments \| Minimum \| Securities of any one issuer (excluding the U.S. Government)
Schedule of Available-for-sale Securities [Line Items]
Investments, portfolio allocations requiring additional consent	10.00%
Other aggregated investments \| Maximum \| Securities of any one issuer (excluding the U.S. Government)
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations	15.00%
Investments, portfolio allocations requiring additional consent	15.00%
Other aggregated investments \| Maximum \| Single Issuer, exchange-traded common equities
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations	5.00%
Common stock investments \| Maximum
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations, amount	$ 100,000,000.0
Common, preferred or other equity investments \| Maximum
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations	25.00%
Investor \| Fairholme Capital Management, L.L.C.
Schedule of Available-for-sale Securities [Line Items]
Common stock ownership percentage	33.75%

Investments - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	$ 52,481	$ 68,742
Less Than 12 Months, Unrealized Losses	752	1,416
12 Months or Greater, Fair Value	8,594	7,124
12 Months or Greater, Unrealized Losses	1,003	470
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	45,034	64,516
Less Than 12 Months, Unrealized Losses	480	1,410
12 Months or Greater, Fair Value	8,462	6,971
12 Months or Greater, Unrealized Losses	940	359
Preferred stock
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	7,447	0
Less Than 12 Months, Unrealized Losses	272	0
12 Months or Greater, Fair Value	132	153
12 Months or Greater, Unrealized Losses	63	111
Short-term bond
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	0	4,226
Less Than 12 Months, Unrealized Losses	0	6
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Unrealized Losses	$ 0	$ 0

Investments - Contractual Maturities of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Amortized Cost
Due in one year or less	$ 3,932
Due after one year through five years	124,177
Due after ten years through fifteen years	91
Amortized Cost	128,200
Amortized Cost	174,831	$ 177,280
Fair Value
Due in one year or less	3,470
Due after one year through five years	129,266
Due after ten years through fifteen years	49
Fair Value	132,785
Fair Value	180,071	181,361
Preferred stock
Amortized Cost
Securities without maturity date, amortized cost	40,525
Amortized Cost	40,525	36,048
Fair Value
Securities without maturity date, fair value	41,066
Fair Value	41,066	36,593
Common Stock
Amortized Cost
Securities without maturity date, amortized cost	1,662
Amortized Cost	1,662
Fair Value
Securities without maturity date, fair value	1,772
Fair Value	1,772
Restricted investments
Amortized Cost
Securities without maturity date, amortized cost	4,444
Amortized Cost	4,444	5,642
Fair Value
Securities without maturity date, fair value	4,448
Fair Value	$ 4,448	$ 5,636

Financial Instruments and Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	$ 4,448	$ 5,636
Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	194,886	215,907
Investments	175,623	175,725
Restricted investments	4,448	5,636
Total Fair Value	374,957	397,268
Fair value, measurements, recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	194,886	215,907
Investments	57,155	76,965
Restricted investments	4,448	5,636
Total Fair Value	256,489	298,508
Fair value, measurements, recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Investments	118,468	98,760
Restricted investments	0	0
Total Fair Value	118,468	98,760
Fair value, measurements, recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Investments	0	0
Restricted investments	0	0
Total Fair Value	0	0
Fair value, measurements, recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	12,524	86,236
Restricted investments	209	1,410
Fair value, measurements, recurring \| Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	12,524	86,236
Restricted investments	209	1,410
Fair value, measurements, recurring \| Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Restricted investments	0	0
Fair value, measurements, recurring \| Money market funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Restricted investments	0	0
Fair value, measurements, recurring \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	157,370	129,671
Fair value, measurements, recurring \| Commercial paper \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	157,370	129,671
Fair value, measurements, recurring \| Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Fair value, measurements, recurring \| Commercial paper \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Fair value, measurements, recurring \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	24,992
Fair value, measurements, recurring \| U.S. Treasury securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	24,992
Fair value, measurements, recurring \| U.S. Treasury securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Fair value, measurements, recurring \| U.S. Treasury securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Fair value, measurements, recurring \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	132,785	139,132
Fair value, measurements, recurring \| Corporate debt securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	44,372	57,788
Fair value, measurements, recurring \| Corporate debt securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	88,413	81,344
Fair value, measurements, recurring \| Corporate debt securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Fair value, measurements, recurring \| Preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	41,066	36,593
Fair value, measurements, recurring \| Preferred stock \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	11,011	19,177
Fair value, measurements, recurring \| Preferred stock \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	30,055	17,416
Fair value, measurements, recurring \| Preferred stock \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Fair value, measurements, recurring \| Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,772
Fair value, measurements, recurring \| Common Stock \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,772
Fair value, measurements, recurring \| Common Stock \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
Fair value, measurements, recurring \| Common Stock \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
Fair value, measurements, recurring \| Short-term bond
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	4,239	4,226
Fair value, measurements, recurring \| Short-term bond \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	4,239	4,226
Fair value, measurements, recurring \| Short-term bond \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	0	0
Fair value, measurements, recurring \| Short-term bond \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	$ 0	$ 0

Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained interest promissory note receivable	$ 16,900,000
Notes, maturity period	15 years
Debt principal amount			$ 180,000,000.0
Debt interest rate			4.80%
Senior notes held by special purpose entity	$ 176,366,000	$ 176,310,000
Carrying Value \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained interest, fair value	10,757,000	10,635,000
Senior notes held by special purpose entity	176,366,000	$ 176,310,000
AgReserves Sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note received in sale of real estate			$ 200,000,000
Maturity of installment note			15 years
Subsidiaries \| Notes Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Issue price of senior secured notes			98.50%
Special Purpose Entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Time deposits held by special purpose entities	200,000,000.0
U.S. Treasury securities	7,800,000
Cash held by special purpose entities	$ 400,000
Special Purpose Entities \| Notes Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt interest rate	4.00%
Northwest Florida Timber Finance, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes held by special purpose entity	$ 176,400,000
Unamortized discount and debt issuance costs	$ 3,600,000
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note maturity year	2022
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note maturity year	2024
Short-term bond \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value assumptions, expected term	0 years	0 years
Short-term bond \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value assumptions, expected term	3 years	3 years

Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes held by special purpose entity	$ 176,366	$ 176,310
Carrying Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Retained interest investments	10,757	10,635
Time deposit	200,000	200,000
Senior notes held by special purpose entity	176,366	176,310
Carrying Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
U.S. Treasury securities and cash equivalents	8,219	8,590
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Retained interest investments	13,760	13,669
Time deposit	200,000	200,000
Senior notes held by special purpose entity	198,690	199,691
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
U.S. Treasury securities and cash equivalents	$ 8,055	$ 8,398

Claim Settlement Receivable (Details) - USD ($) $ in Thousands			3 Months Ended
	Oct. 03, 2016	Mar. 24, 2016	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Receivables with Imputed Interest [Line Items]
Litigation settlement receivable			$ 7,863		$ 7,804
Litigation settlement gain (loss)			0	$ 12,548
BP Exploration & Production Inc.
Receivables with Imputed Interest [Line Items]
Litigation settlement receivable, gross		$ 13,200
Litigation settlement receivable		12,500	8,200
Litigation settlement amount received	$ 5,000
Litigation settlement receivable due in October 2017, 2018 and 2019		$ 2,700
Imputed interest rate on litigation settlement receivable		3.00%
Unamortized discount		$ 700
Interest income			$ 100
Other income \| BP Exploration & Production Inc.
Receivables with Imputed Interest [Line Items]
Litigation settlement gain (loss)				$ 12,500

Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Retained interest investments	$ 10,757	$ 10,635
Accounts receivable, net	3,858	4,625
Notes receivable, net	1,886	1,926
Prepaid expenses	6,951	5,685
Straight line rent	3,806	3,812
Other assets	8,280	8,789
Accrued interest receivable for Senior Notes held by SPE	935	2,938
Total other assets	$ 36,473	$ 38,410

Other Assets - Notes Receivable, Net (Details) - USD ($)	1 Months Ended
	Jan. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable, net		$ 1,886,000	$ 1,926,000
Notes receivable, allowance		0	0
Mortgage loans on real estate, collections of principal	$ 33,000
Pier Park Community Development District notes, non-interest bearing, due September 2022
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable, net		1,684,000	1,684,000
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, due December 2016, paid January 2017
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable, net		0	$ 33,000
Mortgage loans on real estate, stated interest rate			4.00%
Various mortgage notes, secured by certain real estate, bearing interest at various rates
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable, net		$ 202,000	$ 209,000

Real Estate Joint Ventures - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Oct. 31, 2015
Variable Interest Entity [Line Items]
Income taxes receivable	$ 27,057	$ 26,672		$ 27,057
Deferred tax assets, tax credit carryforwards, alternative minimum tax	13,500	12,700		13,500
Principal	55,653	56,129		55,653
Letters of credit outstanding	$ 400	400		400
Net income (loss)		4,188	$ 8,554
Statements Of Operations
Variable Interest Entity [Line Items]
Net income (loss)		(200)	$ 100
Pier Park North \| Consolidated variable interest entities \| Refinanced loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%
Variable Interest Entity [Line Items]
Construction loan					$ 48,200
Letters of credit outstanding		$ 1,300
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%
WindMark JV
Variable Interest Entity [Line Items]
Variable interest entity, qualitative or quantitative information, ownership percentage	49.00%	49.00%
Income taxes receivable	$ 22,300			$ 22,300
Pier Park North
Variable Interest Entity [Line Items]
Variable interest entity, qualitative or quantitative information, ownership percentage		60.00%		60.00%
Construction loan \| Refinanced loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%
Variable Interest Entity [Line Items]
Principal	$ 48,132	$ 47,926		$ 48,132

Real Estate Joint Ventures - Summarized Financial Information for Unconsolidated Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Investments in and Advances to Affiliates [Line Items]
Cash and cash equivalents	$ 216,982	$ 241,111	$ 201,325	$ 212,773
Other assets	36,473	38,410
Total assets	1,007,444	1,027,945
Equity	640,236	669,293
Total liabilities and equity	1,007,444	1,027,945
Other affiliates
Investments in and Advances to Affiliates [Line Items]
Cash and cash equivalents	11,412	11,948
Other assets	61	59
Total assets	11,473	12,007
Accounts payable and other liabilities	592	955
Equity	10,881	11,052
Total liabilities and equity	$ 11,473	$ 12,007

Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Principal	$ 56,129	$ 55,653
Unamortized Discount and Debt Issuance Costs	604	613
Debt	55,525	55,040
Construction loan \| Refinanced loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%
Debt Instrument [Line Items]
Principal	47,926	48,132
Unamortized Discount and Debt Issuance Costs	584	613
Debt	47,342	47,519
Construction loan \| Construction loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 2.7% at March 31, 2017)
Debt Instrument [Line Items]
Principal	508
Unamortized Discount and Debt Issuance Costs	20
Debt	488
Secured debt \| Community Development District debt, secured by certain real estate or other collateral, due May 2031 - May 2039, bearing interest at 3.4% to 7.0% at March 31, 2017
Debt Instrument [Line Items]
Principal	7,695	7,521
Unamortized Discount and Debt Issuance Costs	0	0
Debt	$ 7,695	$ 7,521

Debt (Descriptors) (Details)	3 Months Ended
Debt (Descriptors) (Details)	Mar. 31, 2017	Dec. 31, 2014
Debt Instrument [Line Items]
Debt interest rate		4.80%
Effective interest rate	4.90%
Construction loan \| Refinanced loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%
Debt Instrument [Line Items]
Debt interest rate	4.10%
Construction loan \| Construction loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 2.7% at March 31, 2017)
Debt Instrument [Line Items]
Effective interest rate	2.70%
Basis interest rate	1.70%
Minimum \| Construction loan \| Community Development District debt, secured by certain real estate or other collateral, due May 2031 - May 2039, bearing interest at 3.4% to 7.0% at March 31, 2017
Debt Instrument [Line Items]
Debt interest rate	3.40%
Maximum \| Construction loan \| Community Development District debt, secured by certain real estate or other collateral, due May 2031 - May 2039, bearing interest at 3.4% to 7.0% at March 31, 2017
Debt Instrument [Line Items]
Debt interest rate	7.00%

Debt - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended
Debt - Narrative (Details) $ in Thousands	Mar. 31, 2017 USD ($) location	Mar. 31, 2017 USD ($) location	Dec. 31, 2016 USD ($)	Oct. 31, 2015 USD ($)	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term debt	$ 56,129	$ 56,129	$ 55,653
Debt interest rate					4.80%
Letters of credit outstanding	400	400	400
Debt	55,525	55,525	55,040
Total community development district debt	$ 22,600	$ 22,600
Number of retail tenant commercial lease property locations to be constructed \| location	2	2
Refinanced loan in the Pier Park North JV, due November 2025, bearing interest at 4.1% \| Consolidated variable interest entities
Debt Instrument [Line Items]
Debt interest rate	4.10%	4.10%
Secured debt \| Community Development District debt, secured by certain real estate or other collateral, due May 2031 - May 2039, bearing interest at 3.4% to 7.0% at March 31, 2017
Debt Instrument [Line Items]
Long-term debt	$ 7,695	$ 7,695	7,521
Debt	7,695	7,695	7,521
Construction loan \| Refinanced loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%
Debt Instrument [Line Items]
Long-term debt	$ 47,926	$ 47,926	48,132
Debt interest rate	4.10%	4.10%
Debt	$ 47,342	$ 47,342	$ 47,519
Construction loan \| Construction loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 2.7% at March 31, 2017)
Debt Instrument [Line Items]
Long-term debt	508	508
Debt	488	$ 488
Proceeds from issuance of long-term debt	$ 1,600
Basis interest rate		1.70%
Debt instrument, period subject to interest payments only	12 months
Pier Park North \| Refinanced loan in the Pier Park North JV, due November 2025, bearing interest at 4.1% \| Consolidated variable interest entities
Debt Instrument [Line Items]
Construction loan				$ 48,200
Letters of credit outstanding	$ 1,300	$ 1,300

Debt - Maturities of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
2017	$ 784
2018	1,047
2019	1,094
2020	1,139
2021	1,186
Thereafter	50,879
Long-term debt	$ 56,129	$ 55,653

Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Accrued Liabilities And Deferred Credits [Line Items]
Accounts payable	$ 6,164	$ 4,376
Accrued compensation	1,269	2,655
Deferred revenue	16,261	15,289
Advance deposits	7,852	7,384
Other accrued liabilities	7,872	3,419
Other accrued liabilities	7,585	4,977
Accrued Liabilities And Deferred Revenue Combined	47,715	40,950
Special Purpose Entities
Accrued Liabilities And Deferred Credits [Line Items]
Accrued interest expense for Senior Notes held by SPE	$ 712	$ 2,850

Other Liabilities - Narrative (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred revenue	$ 16,261,000	$ 15,289,000
Accrued property taxes	1,200,000	0
Florida Department of Transportation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred revenue	$ 12,500,000	$ 12,500,000

Income Taxes - Income Tax Expense (Benefit) Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Tax at the federal statutory rate	$ 2,326	$ 4,168
State income taxes (net of federal benefit)	233	417
Tax effect of timber at the federal statutory rate of 23.8%	(114)	(206)
Decrease in valuation allowance	(280)	(354)
Other	114	(781)
Total income tax expense	$ 2,279	$ 3,244
Federal statutory rate	35.00%	35.00%
Timber statutory federal rate	23.80%	23.80%

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Operating Loss Carryforwards [Line Items]
Deferred tax assets, tax credit carryforwards, alternative minimum tax	$ 12,700,000		$ 13,500,000
Deferred tax assets, valuation allowance	4,800,000		5,100,000
Valuation allowance increase (decrease)	(300,000)
Unrecognized tax benefits	1,700,000		1,700,000
Unrecognized tax benefits, that would impact effective tax rate	0		0
Unrecognized tax benefits, period increase (decrease)	0	$ 0
Income tax receivable	26,672,000		27,057,000
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	0		0
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 421,000,000		427,300,000
WindMark JV
Operating Loss Carryforwards [Line Items]
Income tax receivable			$ 22,300,000

Accumulated Other Comprehensive Income - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance at December 31, 2016	$ 686,799
Total other comprehensive income (loss), net of tax	712	$ (54)
Ending Balance at March 31, 2017	657,562
Unrealized Gain and (Loss) on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance at December 31, 2016	2,507
Other comprehensive income before reclassifications	2,405
Amounts reclassified from accumulated other comprehensive income	(1,693)
Total other comprehensive income (loss), net of tax	712
Ending Balance at March 31, 2017	$ 3,219

Summary of the Tax Effects Allocated to Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Unrealized gains on debt securities:
Reclassification adjustment for other-than-temporary impairment loss included in earnings, before tax	$ 366	$ 0
Other comprehensive income, before-tax amount	1,153
Other comprehensive income, tax (expense) or benefit	(441)
Total other comprehensive income (loss), net of tax	712	(54)
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest
Unrealized gains on debt securities:
Reclassification of realized gain included in earnings	(3,122)
Less: reclassification adjustment for gain included in earnings tax (expense) or benefit	1,203
Less: reclassification adjustment for gain included in earnings net-of-tax	(1,919)
Reclassification adjustment for other-than-temporary impairment loss included in earnings, before tax	366
Reclassification adjustment for other-than-temporary impairment loss included in earnings, tax (expense) or benefit	(140)
Reclassification adjustment for other-than-temporary impairment loss included in earnings, net of tax	226
Other comprehensive income, before-tax amount	1,153
Other comprehensive income, tax (expense) or benefit	(441)
Total other comprehensive income (loss), net of tax	712
Available-for-sale Securities \| Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest
Unrealized gains on debt securities:
Unrealized gain on available-for-sale investments, before-tax amount	3,905	(88)
Unrealized gain on available-for-sale investments, tax (expense) or benefit	(1,503)	34
Unrealized gain on available-for-sale investments, net-of-tax amount	2,402	$ (54)
Restricted investments \| Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest
Unrealized gains on debt securities:
Unrealized gain on available-for-sale investments, before-tax amount	4
Unrealized gain on available-for-sale investments, tax (expense) or benefit	(1)
Unrealized gain on available-for-sale investments, net-of-tax amount	$ 3

Stockholders' Equity (Details)		1 Months Ended	3 Months Ended
Stockholders' Equity (Details)	May 17, 2016 director shares	May 01, 2017 USD ($) shares	Mar. 31, 2017 USD ($) $ / shares shares	Mar. 31, 2016 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares repurchased during the period (in shares) \| shares			2,044,981	995,650
Average purchase price per share for share repurchase (in dollars per share) \| $ / shares			$ 16.70	$ 14.88
Payments for repurchase of common stock			$ 34,156,000	$ 14,820,000
Stock repurchase program, authorized amount			156,800,000.0
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards expense (less than)			$ 100,000
Restricted stock awards \| 2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock awards issued (in shares) \| shares	8,919
Number of Board of Directors members granted restricted stock awards \| director	3
Date of issue \| Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
August 17, 2016 \| Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
November 17, 2016 \| Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
February 17, 2017 \| Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares repurchased during the period (in shares) \| shares		327,963
Payments for repurchase of common stock		$ 5,600,000

Employee Benefit Plan (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2014	Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Assets contributed to 401(k) Plan			$ 7,900
Restricted investments	$ 4,448			$ 5,636
401(k) Plan distribution period (in years)	4 years
Compensation expense for assets allocated to participants	$ 1,200	$ 1,400
Gain on allocated asset (less than)	$ 100	$ 100

Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
Other Income (Expense) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Mar. 31, 2016
Investment income, net
Interest and dividend income	$ 4,548	$ 189
Accretion income	922	464
Realized gain on the sale of investments	3,122	0
Other-than-temporary impairment loss	(366)	0
Total net investment income from available-for-sale securities	8,226	653
Interest income from investments in SPEs	2,051	2,050
Interest accrued on notes receivable and other interest	79	27
Total investment income, net	10,356	2,730
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE	(2,193)	(2,190)
Interest expense	(850)	(845)
Total interest expense	(3,043)	(3,035)
Claim settlement	0	12,548
Other, net
Accretion income from retained interest investments	263	241
Hunting lease income	139	138
Other income, net	3,649	73
Other, net	4,051	452
Total other income, net	$ 11,364	$ 12,695

Other Income (Expense) - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other Income (Expense) [Line Items]
Other-than-temporary impairment loss	$ 366	$ 0
Effective interest rate	4.90%
Litigation settlement gain (loss)	$ 0	$ 12,548
Litigation settlement, amount received	$ 3,500
Minimum
Other Income (Expense) [Line Items]
Retained interest, effective interest rate	3.70%
Maximum
Other Income (Expense) [Line Items]
Retained interest, effective interest rate	11.80%

Segment Information - Information by Business Segment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017 USD ($) Segment golf_course	Mar. 31, 2016 USD ($)	Dec. 31, 2016 USD ($)
Segment Reporting Information [Line Items]
Number of reportable operating segments \| Segment	5
Operating revenue:	$ 13,197	$ 20,254
Income (loss) before income taxes	6,467	11,798
Total Assets	$ 1,007,444		$ 1,027,945
Resorts and leisure
Segment Reporting Information [Line Items]
Number of golf courses \| golf_course	4
Operating segments \| Residential real estate
Segment Reporting Information [Line Items]
Operating revenue:	$ 1,275	6,988
Income (loss) before income taxes	(668)	3,357
Total Assets	119,119		112,220
Operating segments \| Commercial real estate
Segment Reporting Information [Line Items]
Operating revenue:	0	0
Income (loss) before income taxes	(576)	(600)
Total Assets	60,238		60,150
Operating segments \| Resorts and leisure
Segment Reporting Information [Line Items]
Operating revenue:	8,108	8,751
Income (loss) before income taxes	(1,776)	(1,800)
Total Assets	77,797		73,436
Operating segments \| Leasing operations
Segment Reporting Information [Line Items]
Operating revenue:	2,384	2,361
Income (loss) before income taxes	203	(43)
Total Assets	85,206		80,863
Operating segments \| Forestry
Segment Reporting Information [Line Items]
Operating revenue:	1,350	2,121
Income (loss) before income taxes	1,242	1,854
Total Assets	21,091		20,664
Other
Segment Reporting Information [Line Items]
Operating revenue:	80	33
Income (loss) before income taxes	8,042	$ 9,030
Total Assets	$ 643,993		$ 680,612

Commitments and Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Accrued liabilities for other litigation, claims, other disputes and governmental proceedings	$ 1.2	$ 1.3
Guarantor Obligations [Line Items]
Letters of credit outstanding	0.4	0.4
Purchase obligations, total	33.2
Pier Park North \| Refinanced loan in the Pier Park North JV, due November 2025, bearing interest at 4.1% \| Consolidated variable interest entities
Guarantor Obligations [Line Items]
Letters of credit outstanding	1.3
Surety bonds \| Certain development projects
Guarantor Obligations [Line Items]
Commitment obligations	$ 6.2	$ 6.2

Nature of Operations (Details)	3 Months Ended
Nature of Operations (Details)	Mar. 31, 2017 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable operating segments	5