Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	Apr. 30, 2018
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, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding (in shares)		64,636,771

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Investment in real estate, net	$ 332,628	$ 332,624
Cash and cash equivalents	202,585	192,083
Investments - debt securities	46,346	76,245
Investments - equity securities	44,928
Investments - equity securities		35,023
Restricted investments	3,392	4,469
Income tax receivable	8,371	8,371
Claim settlement receivable	5,320	5,280
Other assets	42,701	47,133
Property and equipment, net of accumulated depreciation of $61,134 and $60,697 at March 31, 2018 and December 31, 2017, respectively	11,695	11,776
Investments held by special purpose entities	207,618	207,989
Total assets	905,584	920,993
LIABILITIES:
Debt	55,453	55,630
Other liabilities	43,824	47,259
Deferred tax liabilities, net	48,516	48,983
Senior notes held by special purpose entity	176,595	176,537
Total liabilities	324,388	328,409
EQUITY:
Common stock, no par value; 180,000,000 shares authorized; 65,907,822 and 65,897,866 issued at March 31, 2018 and December 31, 2017, respectively; and 65,142,997 and 65,897,866 outstanding at March 31, 2018 and December 31, 2017, respectively	425,223	424,694
Retained earnings	155,838	154,324
Accumulated other comprehensive loss	(832)	(1,461)
Treasury stock at cost, 764,825 shares held at March 31, 2018	(13,695)	0
Total stockholders’ equity	566,534	577,557
Non-controlling interest	14,662	15,027
Total equity	581,196	592,584
Total liabilities and equity	905,584	920,993
Variable Interest Entities
ASSETS
Investment in real estate, net	58,230	58,441
Cash and cash equivalents	2,892	5,084
Other assets	10,039	11,889
Investments held by special purpose entities	207,618	207,989
Total assets	278,779	283,403
LIABILITIES:
Debt	46,585	46,783
Other liabilities	1,120	4,357
Senior notes held by special purpose entity	176,595	176,537
Total liabilities	$ 224,300	$ 227,677

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Property and equipment, Accumulated depreciation	$ 61,134	$ 60,697
Common stock, shares authorized (in shares)	180,000,000	180,000,000
Common stock, issued (in shares)	65,907,822	65,897,866
Common stock, outstanding (in shares)	65,142,997	65,897,866
Treasury stock (in shares)	764,825

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue:
Real estate revenue	$ 7,702	$ 1,525
Resorts and leisure revenue	7,450	8,108
Leasing revenue	3,047	2,555
Timber revenue	1,666	1,324
Total revenue	19,865	13,512
Expenses:
Cost of real estate revenue	4,169	331
Cost of resorts and leisure revenue	6,999	8,804
Cost of leasing revenue	824	669
Cost of timber revenue	213	157
Other operating and corporate expenses	5,946	6,180
Depreciation, depletion and amortization	2,255	1,953
Total expenses	20,406	18,094
Operating loss	(541)	(4,582)
Other income (expense):
Investment income, net	3,665	10,356
Interest expense	(3,025)	(3,043)
Other income, net	277	3,736
Total other income, net	917	11,049
Income before income taxes	376	6,467
Income tax benefit (expense)	249	(2,279)
Net income	625	4,188
Net loss attributable to non-controlling interest	132	180
Net income attributable to the Company	$ 757	$ 4,368
Basic and Diluted
Weighted average shares outstanding (in shares)	65,476,054	73,970,407
Net income per share attributable to the Company (in dollars per share)	$ 0.01	$ 0.06

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Net income

$ 625

$ 4,188

Other comprehensive income, net of tax:

Reclassification of realized loss (gain) included in earnings

1,078

(3,122)

Reclassification into retained earnings

^[1]

932

Reclassification of other-than-temporary impairment loss included in earnings

366

Total before income taxes

1,261

1,153

Income tax expense

^[2]

(632)

(441)

Total other comprehensive income (loss), net of tax

629

712

Total comprehensive income, net of tax

1,254

4,900

Income tax expense related to adoption of ASU 2018-02

(300)

Available-for-sale investments

Other comprehensive income, net of tax:

Net unrealized (loss) gain on investments

(803)

3,905

Restricted investments

Other comprehensive income, net of tax:

Net unrealized (loss) gain on investments

$ (9)

$ 4

[1]

(1) The reclassification into retained earnings relates to the adoption of Accounting Standards Update (“ASU”) 2016-01 Financial Instruments - Overall, as amended (“ASU 2016-01”). The new guidance is effective January 1, 2018, and requires equity investments to be measured at fair value with changes in fair value recognized in results of operations rather than the condensed consolidated statements of comprehensive income. See Note 2. Summary of Significant Accounting Policies.

[2]

(2) Income tax expense includes $0.3 million of income tax expense related to the adoption of ASU 2018-02 Income Statement - Reporting Comprehensive Income (“ASU 2018-02”). The new guidance is effective January 1, 2018 and allows a reclassification from accumulated other comprehensive income (loss) to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Act”). See Note 2. Summary of Significant Accounting Policies.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Treasury Stock	Non-controlling Interest	Director	Director Common Stock	Officer	Officer Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of New Accounting Pronouncements, ASU 2014-09 and ASU 2016-01 \| Accounting Standards Update 2014-09	$ 1,140		$ 1,140
Adoption of New Accounting Pronouncements, ASU 2014-09 and ASU 2016-01 \| Accounting Standards Update 2016-01			(696)	$ 696
Balance (in shares) at Dec. 31, 2017	65,897,866	65,897,866
Balance at beginning period at Dec. 31, 2017	$ 592,584	$ 424,694	154,324	(1,461)	$ 0	$ 15,027
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contribution from non-controlling interest	64					64
Additional ownership interest acquired in Artisan Park, LLC	$ 0	$ 297				(297)
Issuance of common stock (in shares)								0		9,956
Issuance of common stock							$ 28	$ 28	$ 204	$ 204
Repurchase of common shares (in shares)	(764,825)	(764,825)
Repurchase of common shares	$ (13,695)				(13,695)
Adoption of ASU 2018-02 Income Statement - Reporting Comprehensive Income	300		313	(313)
Other comprehensive income	246			246
Net income	$ 625		757			(132)
Balance (in shares) at Mar. 31, 2018	65,142,997	65,142,997
Balance at period end at Mar. 31, 2018	$ 581,196	$ 425,223	$ 155,838	$ (832)	$ (13,695)	$ 14,662

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 625	$ 4,188
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	2,255	1,953
Stock based compensation	232	19
(Loss) gain on sale of investments	1,078	(3,122)
Unrealized loss on investments, net	538	0
Other-than-temporary impairment loss	63	366
Deferred income tax (benefit) expense	(550)	988
Cost of real estate sold	3,943	174
Expenditures for and acquisition of real estate to be sold	(3,045)	(2,183)
Accretion income and other	(524)	(1,208)
Loss on disposal of property and equipment	(7)	0
Changes in operating assets and liabilities:
Notes receivable	(943)	40
Other assets	1,256	651
Other liabilities	(2,999)	4,928
Income taxes receivable	0	348
Net cash provided by operating activities	1,936	7,142
Cash flows from investing activities:
Expenditures for operating property	(3,914)	(4,310)
Expenditures for property and equipment	(590)	(1,026)
Proceeds from the disposition of assets	5,000	0
Purchases of investments - debt securities	(20)	(36,910)
Purchases of investments - equity securities	(10,442)	(12,600)
Sales of investments - debt securities	31,958	48,729
Sales of investments - equity securities	0	8,324
Maturities of assets held by special purpose entities	415	415
Net cash provided by investing activities	22,407	2,622
Cash flows from financing activities:
Capital contribution from non-controlling interest	64	0
Repurchase of common shares	(13,695)	(34,156)
Borrowings on debt	33	509
Principal payments for debt	(215)	(226)
Debt issue costs	(27)	(20)
Net cash used in financing activities	(13,840)	(33,893)
Net increase (decrease) in cash, cash equivalents and restricted cash	10,503	(24,129)
Cash, cash equivalents and restricted cash at beginning of the period	192,365	243,087
Cash, cash equivalents and restricted cash at end of the period	202,868	218,958
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	202,585	216,982
Restricted cash included in other assets	283	1,976
Cash paid during the period for:
Interest	5,128	5,137
Income taxes	2,005	0
Non-cash financing and investing activities:
Increase in Community Development District debt	15	194
Increase in expenditures for operating properties and property and equipment financed through accounts payable	$ 818	$ 1,206

Nature of Operations	3 Months Ended
Nature of Operations	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations The St. Joe Company together with its consolidated subsidiaries (“St. Joe” or the “Company”) is a Florida real estate development, asset management and operating company with real estate assets and operations currently concentrated primarily between Tallahassee and Destin, Florida. Over 90% of the Company’s real estate assets are located within fifteen miles of the Gulf of Mexico. The Company conducts primarily all of its business in the following four reportable operating segments: 1) residential real estate, 2) resorts and leisure, 3) commercial leasing and sales and 4) forestry. In prior periods, the Company’s reportable operating segments were 1) residential real estate, 2) commercial real estate, 3) resorts and leisure, 4) leasing operations and 5) forestry. Commencing in the fourth quarter of 2017, the Company’s commercial real estate segment and leasing operations segment were combined into a new segment titled “commercial leasing and sales”. This change is consistent with the Company’s belief that the decision making and management of the assets in these segments are being made as one group. Prior to the fourth quarter of 2017, commercial real estate and leasing operations were treated as individual operating segments. All prior year segment information has been reclassified to conform to the 2018 presentation. The change in reporting segments has no effect on the condensed consolidated balance sheets, statements of income, statements of comprehensive income or statements of cash flows for the periods presented. See Note 17. Segment Information.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2018
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 does not have a controlling interest are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. The December 31, 2017 condensed consolidated balance sheet amounts have been derived from the Company’s December 31, 2017 audited consolidated financial statements. Certain prior period amounts in the accompanying condensed consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2018. 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 9. 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, 2017. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2017 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. Concentration of Risks and Uncertainties The Company’s real estate investments are concentrated in Northwest Florida in a number of specific development projects. Uncertain economic or other conditions could have an adverse impact on the Company’s real estate values and could cause the Company to sell assets at depressed values in order to pay ongoing obligations. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, other receivables, investments held by special purpose entity or entities (“SPE”), and investments in retained interests. The Company deposits and invests cash with regional financial institutions, and as of March 31, 2018, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of March 31, 2018, the Company had $9.9 million invested in U.S. Treasury securities, $36.4 million invested in three issuers of corporate debt securities that are non-investment grade, $44.9 million invested in five issuers of preferred stock that are non-investment grade and two issuers of preferred stock that are investment grade, as well as investments of $179.2 million in short term commercial paper from twelve issuers. Earnings Per Share Basic and diluted earnings per share are calculated by dividing net income by the average number of common shares outstanding for the period. For the three months ended March 31, 2018 and 2017, basic and diluted average shares outstanding were the same and there were no outstanding common stock equivalents as of March 31, 2018 or December 31, 2017. Non-vested restricted stock is included in outstanding shares at the time of grant. 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, costs and expenses. Effective January 1, 2018, with the adoption of ASU 2014-09 Revenue from Contracts with Customers, as amended (“ASU 2014-09”), estimated lot residuals (a percentage of the sales price of a completed home received when the home price or gross profit of the home exceeds a negotiated threshold), marketing fees and tap and impact fees are recognized as revenue at the time of sale to homebuilders, subject to constraints, and any change in circumstances from the estimated amounts will be updated at each reporting period. For the three months ended March 31, 2018, real estate revenue includes approximately $0.4 million of estimated lot residuals and approximately $0.3 million of estimated marketing fees and tap and impact fee credits related to homebuilder homesite sales. Prior to 2018, these lot residuals, marketing fees and tap and impact fees were recognized in revenue when consideration was received by the Company in periods subsequent to the initial recognition of revenue for the sale of the homesite. Recently Adopted Accounting Pronouncements Revenue Recognition In May 2014, the Financial Accounting Standards Board (“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 Company adopted the new guidance as of January 1, 2018 and has elected to implement ASU 2014-09 using the modified retrospective application, with the cumulative effect recorded as an adjustment to opening retained earnings. The impact of adopting this guidance resulted in an adjustment to increase retained earnings by $1.5 million, offset by a decrease of $0.4 million related to tax effects, for a net effect of $1.1 million, an increase to accounts receivable, net by $2.1 million and a decrease to investment in real estate, net by $0.6 million as of January 1, 2018, related to the recognition of estimated lot residuals, marketing fees, and tap and impact fee credits for homesites sold to homebuilders, where the homes had not yet been sold to customers as of December 31, 2017. 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 requires 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 changed as a result of the new guidance. In February 2018, the FASB issued ASU 2018-03 that includes technical corrections and improvements to ASU 2016-01. The Company adopted ASU 2016-01 and ASU 2018-03 simultaneously, effective January 1, 2018, and implemented it using a cumulative-effect adjustment between accumulated other comprehensive loss and retained earnings of $0.9 million, offset by an adjustment of $0.2 million related to tax effects, for a net effect of $0.7 million as of the date of adoption. As a result of the adoption of this guidance the change in the fair value of the Company’s equity investments are recognized in the condensed consolidated statements of income rather than the condensed consolidated statements of comprehensive income. Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, which amends the classification of certain cash receipts and cash payments, to reduce the diversity in how these cash receipts and cash payments are presented and classified in the statement of cash flows. The Company adopted the new guidance as of January 1, 2018. As this guidance only affects the classification within the statement of cash flows, it did not have a significant impact on the Company’s cash flows. Statement of Cash Flows - Restricted Cash In November 2016, the FASB issued ASU 2016-18, which requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash or restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted the new guidance as of January 1, 2018, using a retrospective transition method to each period presented. The adoption of this guidance did not have a significant impact on the Company’s cash flows. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued ASU 2018-02, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. The ASU also requires additional disclosures that include a description of the accounting policy for releasing income tax effects from accumulated other comprehensive income, whether the Company elected to reclassify the effects from the Tax Act and information about other tax effects related to the Tax Act that are reclassified from accumulated other comprehensive income to retained earnings, if any. This guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years and should be applied either in the period of adoption or retrospectively to each period in which the effect of the Tax Act is recognized. Early adoption is permitted, including adoption in an interim period. The Company elected to early adopt the new guidance as of January 1, 2018, and implemented it using a cumulative-effect adjustment to retained earnings from accumulated other comprehensive loss of $0.3 million related to unrealized gains and losses on available-for-sale securities as of the date of adoption. The new guidance also requires the Company to disclose its policy on accounting for income tax effects in accumulated other comprehensive income (loss). In general, the Company applies the aggregate portfolio method with respect to available-for-sale debt securities. Recently Issued Accounting Pronouncements 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. This amendment also requires certain quantitative and qualitative disclosures about leasing arrangements. In January 2018, the FASB issued ASU 2018-01 which provides an optional transition practical expedient to not evaluate under the new lease standard, existing or expired land easements that were not previously accounted for as leases. 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.

Investment in Real Estate

3 Months Ended

Mar. 31, 2018

Real Estate [Abstract]

Investment in Real Estate

Real estate by property type and segment includes the following:



	March 31, 2018		December 31, 2017
Development property:
Residential real estate	$	97,408	$	100,279
Resorts and leisure	5,709		4,131
Commercial leasing and sales real estate	56,756		53,896
Forestry	2,143		2,488
Corporate	2,607		2,571
Total development property	164,623		163,365

Operating property:
Residential real estate	7,344		7,344
Resorts and leisure	103,680		103,616
Commercial leasing and sales real estate	110,513		110,491
Forestry	19,662		19,510
Other	50		50
Total operating property	241,249		241,011
Less: Accumulated depreciation	73,244		71,752
Total operating property, net	168,005		169,259
Investment in real estate, net	$	332,628	$	332,624

Development property consists of land the Company is developing or intends to develop for sale or future operations and includes direct costs associated with the land, development and construction costs and indirect costs. Residential real estate includes residential communities. Resorts and leisure development property consists of the improvement and expansion of existing beach club property, land and development costs and improvements to an existing restaurant and other property. Commercial leasing and sales development property primarily consists of land and development costs for commercial and industrial uses, including the Pier Park Crossings JV, land holdings near the Northwest Florida Beaches International Airport and Port of Port St. Joe. Development property in the resorts and leisure and commercial leasing and sales segments will be reclassified as operating property as it is placed into service.

Operating property includes property that the Company uses for operations and activities. Residential real estate operating property consists primarily of residential utility assets. The resorts and leisure operating property includes the WaterColor Inn, certain vacation rental properties, golf courses, a beach club and marinas. Commercial leasing and sales 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, VentureCrossings and Beckrich Office Park, as well as other properties. Forestry operating property includes the Company’s timberlands. Operating property may be sold in the future as part of the Company’s principal real estate business.

Investments

3 Months Ended

Mar. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Investments

Available-For-Sale Investments

At March 31, 2018, investments - debt securities and restricted investments classified as available-for-sale securities were as follows:



	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Investments - debt securities:
U.S. Treasury securities	$	9,926	$	—	$	25	$	9,901
Corporate debt securities	37,515		175		1,245		36,445
	47,441		175		1,270		46,346

Restricted investments:
Short-term bond	3,240		—		13		3,227
Money market funds	165		—		—		165
	3,405		—		13		3,392
	$	50,846	$	175	$	1,283	$	49,738

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



	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Investments - debt securities:
U.S. Treasury securities	$	9,892	$	—	$	22	$	9,870
Corporate debt securities	67,781		411		1,817		66,375
	77,673		411		1,839		76,245

Investments - equity securities:
Preferred stock	35,955		423		1,355		35,023

Restricted investments:
Short-term bond	4,264		—		13		4,251
Money market fund	218		—		—		218
	4,482		—		13		4,469
	$	118,110	$	834	$	3,207	$	115,737

During the three months ended March 31, 2018, realized losses from the sale of available for-sale securities were $1.1 million and proceeds from the sale of available-for-sale securities were $32.0 million.

During the three months ended March 31, 2017, realized gains 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.

The following table provides the U.S. Treasury securities, corporate debt securities and restricted investments unrealized loss position and related fair values as of March 31, 2018:



	Less Than 12 Months				12 Months or Greater
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Investments - debt securities:
U.S. Treasury securities	$	9,901	$	25	$	—	$	—
Corporate debt securities	—		—		21,982		1,245
Restricted investments:
Short-term bond	—		—		3,227		13
	$	9,901	$	25	$	25,209	$	1,258

The following table provides the U.S. Treasury securities, corporate debt securities, preferred stock and restricted investments unrealized loss position and related fair values as of December 31, 2017:



	Less Than 12 Months				12 Months or Greater
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Investments - debt securities:
U.S. Treasury securities	$	9,870	$	22	$	—	$	—
Corporate debt securities	15,515		691		29,595		1,126
Investments - equity securities:
Preferred stock	11,263		1,337		1,986		18
Restricted investments:
Short-term bond	—		—		4,251		13
	$	36,648	$	2,050	$	35,832	$	1,157

As of March 31, 2018, the Company had unrealized losses of $1.3 million related to U.S. Treasury securities, corporate debt securities and restricted investments. The Company had unrealized losses of $3.2 million as of December 31, 2017 related to U.S. Treasury securities, corporate debt securities, preferred stock and restricted investments. As of March 31, 2018 and December 31, 2017, the Company did not intend to sell the investments - debt securities with a material unrealized loss and it is more likely than not that the Company will not be required to sell any of these securities prior to their anticipated recovery, which could be maturity. During the three months ended March 31, 2018, the Company determined unrealized losses related to its corporate debt securities was other-than-temporarily impaired and recorded an impairment of $0.1 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 - debt securities and restricted investments classified as available-for-sale at March 31, 2018, by contractual maturity are shown in the following table. Actual maturities may differ from contractual maturities since certain borrowers have the right to call or prepay obligations.



	Amortized Cost		Fair Value
Due in one year or less	$	12,601	$	12,431
Due after one year through five years	34,771		33,866
Due after five years through ten years	69		49
	47,441		46,346
Restricted investments	3,405		3,392
	$	50,846	$	49,738

Investments - Equity Securities

At March 31, 2018, investments - equity securities included $44.9 million of preferred stock investments recorded at fair value. As of March 31, 2018, unrealized loss on investments - equity securities of $0.5 million was included within investment income, net on the condensed consolidated statements of income due to the adoption of ASU 2016-01 on January 1, 2018. Prior to 2018, unrealized gain or loss related to these investments was recorded in accumulated other comprehensive income (loss). As of January 1, 2018 the outstanding unrealized loss of $0.9 million was reclassified to retained earnings with the adoption of ASU 2016-01.

Investment Management Agreement

Mr. Bruce R. Berkowitz is the Chairman of the Company’s Board of Directors (the “Board”). He is the Manager of, and controls entities that own and control, Fairholme Holdings, LLC (“Fairholme”), 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, 2018, Fairholme, including Mr. Berkowitz and clients of FCM and FTC, collectively, beneficially owned 42.19% of the Company’s common stock. FCM and its client, The Fairholme Fund, a series of the Fairholme Funds, Inc., may be deemed affiliates of the Company.

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

Pursuant to the terms of an Investment Management Agreement, as amended, with the Company (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. 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% of the investment account, 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.

Financial Instruments and Fair Value Measurements

3 Months Ended

Mar. 31, 2018

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, 2018 were as follows:



	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	5,690	$	—	$	—	$	5,690
Commercial paper	179,181		—		—		179,181
	184,871		—		—		184,871

Investments - debt securities:
U.S. Treasury securities	9,901		—		—		9,901
Corporate debt securities	—		36,445		—		36,445
	9,901		36,445		—		46,346

Investments - equity securities:
Preferred stock	10,728		34,200		—		44,928

Restricted investments:
Short-term bond	3,227		—		—		3,227
Money market fund	165		—		—		165
	3,392		—		—		3,392
	$	208,892	$	70,645	$	—	$	279,537

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



	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	10,505	$	—	$	—	$	10,505
Commercial paper	159,970		—		—		159,970
	170,475		—		—		170,475

Investments - debt securities:
U.S. Treasury securities	9,870		—		—		9,870
Corporate debt securities	—		66,375		—		66,375
	9,870		66,375		—		76,245

Investments - equity securities:
Preferred stock	10,717		24,306		—		35,023

Restricted investments:
Short-term bond	4,251		—		—		4,251
Money market fund	218		—		—		218
	4,469		—		—		4,469
	$	195,531	$	90,681	$	—	$	286,212

Money market funds, commercial paper, U.S. Treasury securities, certain preferred stock and short-term bonds are measured based on quoted market prices in an active market and categorized within level 1 of the fair value hierarchy. Money market funds and commercial paper with a maturity date of 90 days or less from the date of purchase are classified as cash equivalents in the Company’s condensed consolidated balance sheets.

The Company’s 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 the investments are measured primarily using pricing data from external pricing services that report prices observed for recently executed market transactions. For these reasons, the Company has determined that corporate debt securities and certain preferred stock are categorized as level 2 financial instruments since their fair values were determined from market inputs in an inactive market.

Restricted investments include certain of the surplus assets that were transferred from the Company’s Pension Plan to a suspense account in the Company’s 401(k) Plan in December 2014. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s condensed consolidated financial statements until they are allocated to participants. As of March 31, 2018 and December 31, 2017, the assets held in the suspense account were invested in Vanguard Money Market Funds, which invest in short-term, high quality securities or short-term U.S. government securities and seek to provide current income and preserve shareholders’ principal investment and a Vanguard Short-Term Bond Fund, which invests in money market instruments and short-term high quality bonds, including asset-backed, government, and investment grade corporate securities with an expected maturity of 0-3 years. The Vanguard Money Market Funds and Vanguard Short-Term Bond Fund are measured based on quoted market prices in an active market and categorized within level 1 of the fair value hierarchy. The Company’s Retirement Plan Investment Committee is responsible for investing decisions and allocation decisions of the suspense account. Refer to Note 15. 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 investments held by special purpose entities - time deposit is based on the present value of future cash flows at the current market rate.


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


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

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



	March 31, 2018					December 31, 2017
	Carrying value		Fair value		Level	Carrying value		Fair value		Level
Assets
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	$	7,618	$	7,303	1	$	7,989	$	7,797	1
Liabilities
Senior notes held by special purpose entity	$	176,595	$	191,373	3	$	176,537	$	198,530	3

Investments and Senior Notes Held by Special Purpose Entities

In connection with a real estate sale in 2014, the Company received consideration including a $200.0 million fifteen-year installment note (the “Timber Note”) issued by Panama City Timber Finance Company, LLC. The Company contributed the Timber Note and assigned its rights as a beneficiary under a letter of credit to Northwest Florida Timber Finance, LLC. Northwest Florida Timber Finance, LLC monetized the Timber Note by issuing $180.0 million aggregate principal amount of its 4.8% Senior Secured Notes due in 2029 (the “Senior Notes”) at an issue price of 98.5% of face value to third party investors. The investments held by Panama City Timber Finance Company, LLC as of March 31, 2018, 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 $7.2 million and cash of $0.4 million. The Senior Notes held by Northwest Florida Timber Finance, LLC as of March 31, 2018 consist of $176.6 million, net of the $3.4 million discount and debt issuance costs. Panama City Timber Finance Company, LLC and Northwest Florida Timber Finance, LLC are VIEs, which the Company consolidates as the primary beneficiary of each entity.

- Definition

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

+ References + Details

Claim Settlement Receivable	3 Months Ended
Claim Settlement Receivable	Mar. 31, 2018
Receivables [Abstract]
Claim Settlement Receivable	Claim Settlement Receivable On March 24, 2016, the Company entered into a full and final release agreement with BP p.l.c. and various related entities pursuant to which the Company, on its own behalf and on behalf of certain wholly owned subsidiaries, released any and all claims related to the Deepwater Horizon oil spill, which occurred on April 20, 2010. In exchange for this release, the Company will receive $13.2 million from BP Exploration & Production Inc., a large portion of which will reimburse the Company for expenses incurred. In October 2017 and 2016, the Company received payments of $2.7 million and $5.0 million, respectively. The remaining settlement amount will be made in payments of $2.7 million due in October 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. The claim settlement of$12.5 million was recognized as other income in the Company’s condensed consolidated statements of income for the year ended December 31, 2016. The discount is being accreted over the term of the receivable using the effective interest method. Interest income for both the three months ended March 31, 2018 and 2017 was $0.1 million.

- Definition

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

+ References + Details

Sale of Vacation Rental Management	3 Months Ended
Sale of Vacation Rental Management	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Sale of Vacation Rental Management	Sale of Vacation Rental Management In December 2017, the Company entered into and consummated an Asset Purchase Agreement (the “PCR Purchase Agreement”) with PCR Rentals LLC (“PCR”) for the sale of the Company’s short term vacation rental management business (the “PCR Rentals Sale”). The PCR Purchase Agreement contained representations and warranties, confidentiality and indemnification provisions of the type customarily found in these types of transactions. The Company also has a limited right of first refusal on any third party offer to purchase the vacation rental management business that will end upon the earlier of (i) 18 months after the date of the PCR Rentals Sale or (ii) the later of (x) the date of payoff of a promissory note secured by certain assets of PCR (the “PCR Note”) and (y) nine months after the date of the PCR Rentals Sale. On February 14, 2018, the PCR Note was paid in full, and as a result the right of first refusal will expire in November 2018.

Other Assets

3 Months Ended

Mar. 31, 2018

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

Other Assets

Other assets consist of the following:



	March 31, 2018		December 31, 2017
Retained interest investments	$	11,250	$	11,147
Accounts receivable, net	11,224		8,460
Notes receivable	5,465		9,522
Prepaid expenses	6,680		6,625
Straight line rent	3,805		3,804
Other assets	3,342		4,637
Accrued interest receivable for Senior Notes held by SPE	935		2,938
Total other assets	$	42,701	$	47,133

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, 2018 and December 31, 2017. 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 $11.3 million and $11.1 million as of March 31, 2018 and December 31, 2017, respectively, recorded in other assets on the Company’s condensed consolidated balance sheets.

Accounts Receivable, Net

As of March 31, 2018, accounts receivable, net includes $2.8 million related to estimated lot residuals, marketing fees and tap and impact fees that are recognized as revenue at the time of sale to homebuilders, subject to constraints, and any change in circumstances from the estimated amounts will be updated at each reporting period. The receivable will be collected as the homebuilders build the homes and sell to retail buyers, which can occur over multiple years.

Notes Receivable

Notes receivable consists of the following:



	March 31, 2018		December 31, 2017
PCR Note, secured by certain assets, 10% interest rate, principal payments due beginning September 2018 per agreed upon schedule, and any remaining amount outstanding is due by December 2020, paid in full February 2018	$	—	$	5,000
Pier Park Community Development District notes, non-interest bearing, due September 2022	1,527		1,527
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due February 2019 and any remaining amount outstanding is due by February 2020	1,204		—
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due September 2018 and any remaining amount outstanding is due by September 2019	904		904
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due November 2018 and any remaining amount outstanding is due by November 2019	804		1,060
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due June 2018 and any remaining amount outstanding is due by June 2019	666		857
Interest bearing homebuilder note, secured by the real estate sold — 6.3% interest rate, principal payment of less than $0.1 million due March 2019 and any remaining amount outstanding is due by March 2020	200		—
Various mortgage notes, secured by certain real estate, bearing interest at various rates	160		174
Total notes receivable	$	5,465	$	9,522

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, 2018 and December 31, 2017, there was no allowance for doubtful notes receivable.

Real Estate Joint Ventures	3 Months Ended
Real Estate Joint Ventures	Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Real Estate Joint Ventures	Real Estate Joint Ventures The Company enters into real estate joint ventures, from time to time, for the purpose of developing real estate in which the Company may or may not have a controlling financial interest. GAAP requires consolidation of VIEs in which an enterprise has a controlling financial interest and is the primary beneficiary. A controlling financial interest will have both of the following characteristics: (a) the power to direct the VIE activities that most significantly impact economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company examines specific criteria and uses judgment when determining whether the Company is the primary beneficiary and must consolidate a VIE. The Company continues to assess whether it is the primary beneficiary on an ongoing basis. Consolidated Real Estate Joint Ventures In April 2017, the Company entered into a joint venture agreement to develop, manage and lease apartments in Panama City Beach, Florida. The joint venture parties are working together to design, develop and construct a 240 unit multi-family apartment home community. The community will be located on land in the Pier Park area that is currently owned by the Company and will be contributed to the joint venture. As of March 31, 2018 and December 31, 2017, the Company owned a 75.0% equity interest in the consolidated joint venture. The Company’s partners are responsible for the day-to-day activities of the joint venture. However, the Company has significant involvement in the design of the development and approves all major decisions, including project development, annual budgets and financing. The Company determined Pier Park Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2018 and December 31, 2017. In December 2016, the Company transferred all of its interest in the Windmark Beach project to Windmark JV, LLC (“Windmark JV”). As of March 31, 2018 and December 31, 2017, the Company owned a 49.0% equity interest in Windmark JV. 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, 2018 and December 31, 2017. 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, 2018 and December 31, 2017, 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, 2018 and December 31, 2017. As of December 31, 2017, the Company was the primary beneficiary of Artisan Park, L.L.C and entitled to 74.0% of the profit or loss of this VIE. The Company is responsible for the day-to-day activities of Artisan Park L.L.C. Effective January 1, 2018, the Company acquired 100.0% ownership interest of Artisan Park, L.L.C. Unconsolidated Real Estate VIE As of March 31, 2018 and December 31, 2017, 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. In 2008, the Company wrote-off its investment in ALP as a result of ALP reserving its assets to satisfy potential claims and obligations in accordance with its publicly reported liquidation basis of accounting. Subsequently, ALP changed its method of accounting to a going concern basis and reinstated its equity and stated it would report certain expenses as they are incurred. The Company has not recorded any additional equity income as a result of ALP’s change in accounting. Financial information for ALP is provided to the Company on a delayed basis. The summarized information as of December 31, 2017 and September 30, 2017 includes total assets of $10.2 million and $10.8 million, respectively, total liabilities of $0.1 million and $0.5 million, respectively and total equity of $10.1 million and $10.3 million, respectively. For the three months ended December 31, 2017 and 2016, ALP reported a net loss of $0.3 million and $0.2 million, respectively.

Debt

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Debt

Debt consists of the following at March 31, 2018:



	Principal		Unamortized Discount and Debt Issuance Costs		Net
Refinanced loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%	$	47,080	$	495	$	46,585
Community Development District debt, secured by certain real estate or other collateral, due May 2031 - May 2039, bearing interest at 3.6% to 7.0% at March 31, 2018	7,256		—		7,256
Pier Park outparcel construction loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.6% at March 31, 2018)	1,624		18		1,606
WaterColor Crossings construction loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 3.6% at March 31, 2018)	33		27		6
Total debt	$	55,993	$	540	$	55,453

Debt consists of the following at December 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%	$	47,295	$	512	$	46,783
Community Development District debt, secured by certain real estate or other collateral, due May 2031 - May 2039, bearing interest at 3.6% to 7.0% at December 31, 2017	7,241		—		7,241
Pier Park Outparcel construction loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.3% at December 31, 2017)	1,624		18		1,606
Total debt	$	56,160	$	530	$	55,630

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, 2018, the Refinanced Loan was secured by a first lien on, and security interest in, a majority of the Pier Park North JV’s property. In connection with the Refinanced Loan, the Company entered into a limited guarantee in favor of the lender, based on its percentage ownership of the joint venture. In addition, the guarantee can become full recourse in the case of any fraud or intentional misrepresentation by the Pier Park North JV; any voluntary transfer or encumbrance of the property in violation of the due-on-sale clause in the security instrument; upon commencement of voluntary bankruptcy or insolvency proceedings and upon breach of covenants in the security instrument.

Community Development District (“CDD”) bonds financed the construction of infrastructure improvements at some of the Company’s projects. The principal and interest payments on the bonds are paid by assessments on the properties benefited by the improvements financed by the bonds. The Company has recorded a liability for CDD debt that is associated with platted property, which is the point at which it becomes fixed or determinable. Additionally, the Company has recorded a liability for the portion of the CDD debt that is associated with unplatted property if it is probable and reasonably estimable that the Company will ultimately be responsible for repayment. The Company’s total outstanding CDD debt was $21.3 million and $21.7 million as of March 31, 2018 and December 31, 2017, respectively. The Company pays interest on this total outstanding CDD debt. On March 29, 2018, the CDD at one of the Company’s projects began refinancing its 2008 and 2011 bonds into 2018 bonds, reducing the interest rates. The prior bonds will be paid off in May 2018, at the completion of the refinancing.

In March 2017, a wholly owned subsidiary of the Company entered into a $1.6 million construction loan to finance the construction of a commercial leasing property located in Panama City Beach, Florida (the “Pier Park Outparcel Construction Loan”). The Pier Park Outparcel Construction Loan provides for interest only payments during the first twelve months and monthly principal and interest payments thereafter with a final balloon payment at maturity. The Pier Park Outparcel 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 Pier Park Outparcel Construction Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Pier Park Outparcel Construction Loan until the project meets certain cash flow stabilization requirements.

In February 2018, a wholly owned subsidiary of the Company entered into a $1.9 million construction loan to finance the construction of a commercial leasing property located in Santa Rosa Beach, Florida (the “WaterColor Crossings Construction Loan”). The WaterColor Crossings Construction Loan provides for interest only payments during the first twelve months and monthly principal and interest payments thereafter with a final balloon payment at maturity. The WaterColor Crossings 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 WaterColor Crossings Construction Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the WaterColor Crossings Construction Loan.

The aggregate maturities of debt subsequent to March 31, 2018, for the years ending December 31 are:



2018	$	1,280
2019	1,554
2020	1,570
2021	1,554
2022	1,517
Thereafter	48,518
	$	55,993

Other Liabilities

3 Months Ended

Mar. 31, 2018

Payables and Accruals [Abstract]

Other Liabilities

Other liabilities consist of the following:



	March 31, 2018		December 31, 2017
Accounts payable	$	6,495	$	7,524
Accrued compensation	1,605		2,664
Deferred revenue	17,433		17,864
Membership deposits and initiation fees	9,632		9,704
Advance deposits	3,157		1,468
Other accrued liabilities	4,790		5,185
Accrued interest expense for Senior Notes held by SPE	712		2,850
Total other liabilities	$	43,824	$	47,259

Deferred revenue at March 31, 2018 and December 31, 2017 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 $1.1 million of accrued property taxes as of March 31, 2018, which are generally paid annually in November. As of December 31, 2017 the Company had no accrued property taxes.

Income Taxes

3 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

Income tax (benefit) expense attributable to income from operations differed from the amount computed by applying the statutory federal income tax rate of 21% as of March 31, 2018 and 35% as of March 31, 2017 to pre-tax income or loss as a result of the following:



	Three Months Ended March 31,
	2018			2017
Tax at the federal statutory rate	$	107		$	2,326
State income taxes (net of federal benefit)	22			233
2017 qualified timber gains at the federal statutory rate of 23.8% ⁽¹⁾	(345		)	—
Decrease in valuation allowance	(33		)	(280		)
Total income tax (benefit) expense	$	(249	)	$	2,279



(1)	The Bipartisan Budget Act of 2018 was signed into law on February 9, 2018 (the “2018 Act”). The 2018 Act retroactively re-established the preferential 23.8% tax rate on C Corporation Qualified Timber Gains, extending its applicability from 2016 to include the 2017 tax year. The benefit of this retroactive tax rate reduction is being included in 2018 income from continuing operations.

As of March 31, 2018 and December 31, 2017, the Company had state net operating loss carryforwards of $388.7 million and $391.7 million, respectively and no federal net operating loss carryforwards. The majority of state net operating losses are available to offset future taxable income through 2038. As of both March 31, 2018 and December 31, 2017, the Company had an income tax receivable of $8.4 million related to the reclassification of a federal AMT credit carryforward following the enactment of the Tax Act in December 2017, which is refundable to the Company in the years 2018 through 2021.

The Tax Act was enacted on December 22, 2017 and changed many aspects of U.S. corporate income taxation including reducing the U.S. federal corporate tax rate from 35% to 21% for tax years beginning after December 31, 2017. The Company recognized the tax effects of the Tax Act during the year ended December 31, 2017, which included a $33.5 million income tax benefit from the reassessment of net deferred tax balances to reflect the newly enacted tax rate.

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 March 31, 2018 and December 31, 2017, based on the timing of the reversal of future taxable amounts and the Company’s history, management did not believe it met the requirements to realize the benefits of certain of its deferred tax assets; therefore, the Company has maintained a valuation allowance of $4.9 million and $5.0 million, respectively.

The Company had approximately $2.1 million of total unrecognized tax benefits as of both March 31, 2018 and December 31, 2017. 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.

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2018

Stockholders' Equity Note [Abstract]

Accumulated Other Comprehensive Loss

Following is a summary of the changes in the balances of accumulated other comprehensive loss, which is presented net of tax, as of March 31, 2018:



	Unrealized Gain and (Loss) on Available-for-Sale Securities
Accumulated other comprehensive loss at December 31, 2017	$	(1,461	)
Other comprehensive income before reclassifications	(606		)
Amounts reclassified from accumulated other comprehensive loss	1,235
Other comprehensive income	629
Accumulated other comprehensive loss at March 31, 2018	$	(832	)

Following is a summary of the tax effects allocated to other comprehensive income for the three months ended March 31, 2018 and 2017:



	Three Months Ended March 31, 2018
	Before-Tax Amount			Tax Benefit or (Expense)			Net-of-Tax Amount
Unrealized loss on investments - debt securities and restricted investments:
Unrealized loss on available-for-sale investments	$	(803	)	$	204		$	(599	)
Unrealized loss on restricted investments	(9		)	2			(7		)
Reclassification adjustment for loss included in earnings	1,078			(273		)	805
Reclassification adjustment for other-than-temporary impairment loss included in earnings	63			(16		)	47
Reclassification into retained earnings for the adoption of ASU 2016-01 ⁽¹⁾	932			(236		)	696
Reclassification into retained earnings for the adoption of ASU 2018-02⁽²⁾	—			(313		)	(313		)
Net unrealized gain	1,261			(632		)	629
Other comprehensive income	$	1,261		$	(632	)	$	629



(1)	The reclassification into retained earnings relates to the adoption of ASU 2016-01. The new guidance is effective January 1, 2018, and requires equity investments to be measured at fair value with changes in fair value recognized in results of operations rather than the condensed consolidated statements of comprehensive income. See Note 2. Summary of Significant Accounting Policies.
(2)	The reclassification into retained earnings relates to the adoption of ASU 2018-02. The new guidance is effective January 1, 2018, and allows a reclassification from accumulated other comprehensive income (loss) to retained earnings for stranded tax effects resulting from the Tax Act. See Note 2. Summary of Significant Accounting Policies.



	Three Months Ended March 31, 2017
	Before-Tax Amount			Tax (Expense) or Benefit			Net-of-Tax Amount
Unrealized gain on investments and restricted investments:
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

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2018
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Stock Repurchase Program During the three months ended March 31, 2018 and 2017, the Company repurchased 764,825 and 2,044,981 shares, respectively, of its common stock at an average purchase price of $17.90 and $16.70, per share, respectively, for an aggregate purchase price of $13.7 million and $34.2 million, respectively, pursuant to its stock repurchase program (the “Stock Repurchase Program”). As of March 31, 2018, the Company had a total authority of $122.6 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. 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 at any time in its sole discretion. Subsequent to March 31, 2018 and through April 30, 2018, the Company purchased an additional 506,226 shares for an aggregate purchase price of $8.9 million. Issuance of Common Stock for Director’s Fees On May 25, 2017, the Company’s Board approved granting to each non-employee director an equity grant with an aggregate fair market value of $50,000 or, at the director’s election, its cash equivalent. On July 3, 2017, 5,334 shares of restricted stock were granted to two of the Company’s directors pursuant to the Board’s May 25th approval and the Company's 2015 Performance and Equity Incentive Plan (the “2015 Plan”). This restricted stock will vest on May 23, 2018, the date of the Company's 2018 Annual Meeting of Shareholders (the "Annual Meeting") and is subject to forfeiture upon termination of service on the Board prior to the Annual Meeting. Four non-employee directors elected to receive cash in lieu of the stock. On May 17, 2016, the Board approved the issuance of 8,919 restricted stock awards to three members of the Board as part of their 2016 compensation package and pursuant to the 2015 Plan. These restricted stock awards vested 25% on the date of issue and 25% on August 17, 2016, November 17, 2016 and February 17, 2017. For each of the three months ended March 31, 2018 and 2017, the Company recorded expense of less than $0.1 million, related to restricted stock awards to the Company’s directors. Issuance of Common Stock for Officer Compensation Pursuant to the Company's 2015 Plan, the Company’s named executive officers (“NEOs”) were provided with the opportunity to elect to receive up to 50% of their discretionary cash incentive award for 2017 performance in shares of Company stock and four of the Company’s NEOs elected to do so. On March 15, 2018, 9,956 shares of restricted stock were granted to four of the Company’s NEOs. The restricted stock vested immediately. For the three months ended March 31, 2018, the Company recorded expense of $0.2 million related to restricted stock awards to the Company’s NEOs.

Employee Benefit Plan	3 Months Ended
Employee Benefit Plan	Mar. 31, 2018
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan The Company maintains a 401(k) retirement plan covering substantially all officers and employees of the Company, which permits participants to defer up to the maximum allowable amount determined by the IRS of their eligible compensation. As part of the Pension Plan termination in 2014, the Company directed the Pension Plan to transfer $7.9 million of the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) Plan. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s condensed consolidated financial statements until they are allocated to participants. As of March 31, 2018 and December 31, 2017, the fair value of these assets was recorded in restricted investments on the Company’s condensed consolidated balance sheets and were $3.4 million and $4.5 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 three years. During the three months ended March 31, 2018 and 2017, the Company recorded an expense of $1.1 million and $1.2 million, respectively, for the fair value of the assets, less expenses, that were allocated to participants. 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 loss for the three months ended March 31, 2018 and less than a $0.1 million gain for the three months ended March 31, 2017. Refer to Note 5. Financial Instruments and Fair Value Measurements.

Other Income (Expense)

3 Months Ended

Mar. 31, 2018

Other Income and Expenses [Abstract]

Other Income (Expense)

Other income (expense) consists of the following:



	Three Months Ended March 31,
	2018			2017
Investment income, net
Interest and dividend income	$	2,880		$	4,548
Accretion income	221			922
Net realized (loss) gain on the sale of investments	(1,078		)	3,122
Other-than-temporary impairment loss	(63		)	(366		)
Unrealized loss on investments, net	(538		)	—
Interest income from investments in SPEs	2,050			2,051
Interest accrued on notes receivable and other interest	193			79
Total investment income, net	3,665			10,356
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE	(2,196		)	(2,193		)
Other interest expense	(829		)	(850		)
Total interest expense	(3,025		)	(3,043		)
Other income, net
Accretion income from retained interest investments	290			263
Miscellaneous (expense) income, net	(13		)	3,473
Other income, net	277			3,736

Total other income, net	$	917		$	11,049

Investment Income, Net

Interest and dividend income includes interest income accrued or received on the Company’s corporate debt securities, commercial paper and money market funds, 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. Net realized (loss) gain on the sale of investments include the loss or gain recognized on the sale of an available-for-sale security prior to maturity. During the three months ended March 31, 2018, the Company determined that a portion of its investments in corporate debt securities were other-than-temporary impaired and recorded a $0.1 million impairment related to credit-related loss in investment income, net on the Company's condensed consolidated statements of income. 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-temporary 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.

Unrealized loss on investments, net includes unrealized gain or loss on investments - equity securities due to the adoption of ASU 2016-01. Prior to 2018, unrealized gain or loss related to these investments were recorded in accumulated other comprehensive income (loss).

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

Interest Expense

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

Other Income, Net

Other income, net primarily includes income from the Company’s retained interest investments, insurance settlement proceeds and other income and expense items. 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 litigation. This amount was included in other income, net in the condensed consolidated statements of income.

The Company records the accretion of investment income from its retained interest investment over the life of the retained interest using the effective yield method with rates ranging from 3.7% to 12.1%.

Segment Information

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Segment Information

The Company conducts primarily all of its business in the following four reportable operating segments: (1) residential real estate, (2) resorts and leisure, (3) commercial leasing and sales and (4) forestry. Prior to the fourth quarter of 2017, commercial real estate and leasing operations were treated as individual operating segments. See Note 1. Nature of Operations for additional information.

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 adoption of ASU 2014-09 impacted the Company’s residential real estate segment as detailed below and had a de minimis impact on the resorts and leisure segment, but did not impact the commercial leasing and sales or forestry segments. The following summary details the Company’s revenue and the related timing of revenue recognition, along with cost of revenue by segment.

Revenue from real estate sales, including sales of homesites, commercial properties and rural or timberland, is recognized at the point in time 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 residential real estate segment generates revenue primarily from the sale of developed homesites; the sale of parcels of entitled, undeveloped land; a lot residual on homebuilder sales that provides the Company a percentage of the sale price of the completed home if the home price exceeds a negotiated threshold; the sale of tap and impact fee credits; marketing fees and other fees on certain transactions. Prior to 2018, these lot residuals, marketing fees and tap and impact fee credits were recognized in revenue when consideration was received by the Company in periods subsequent to the initial recognition of revenue for the sale of the homesite. Effective January 1, 2018, with the adoption of ASU 2014-09, estimated lot residuals, marketing fees and tap and impact fees are recognized as revenue at the point in time of the sale to homebuilders, subject to constraints, and any change in circumstances from the estimated amounts will be updated at each reporting period. See Note 2. Summary of Significant Accounting Policies. The residential real estate segment incurs cost of revenue primarily from costs directly associated with the land, development and construction of real estate sold and indirect costs such as development overhead, capitalized interest, marketing, project administration and selling costs.

As part of the April 2014 RiverTown real estate sale, the buyer, an affiliate of Mattamy (Jacksonville) Partnership d/b/a Mattamy Homes (“Mattamy”), is obligated to pay impact fees to the Company. Based on Mattamy’s current development plans and St. Johns County’s current costs for impact fees, the Company estimates that it may receive $20.0 million to $26.0 million for the impact fees over the five-year period following the closing (most of which the Company expects to receive at the end of that five-year period, which is April 2, 2019). However, the actual consideration the Company will receive for the impact fees will be based on a variety of factors outside its control, including recently proposed or other impact fee increases by St. Johns County. On April 3, 2018, the Board of County Commissioners for St. John’s County adopted updated impact fee schedules that could result in significant increases in the amount that will be received by the Company. The Company received impact fees of $0.2 million and $0.1 million during the three months ended March 31, 2018 and 2017, respectively. In total, the Company has received approximately $1.8 million from April 2014 through March 31, 2018.

The resort and leisure segment generates revenue and incurs costs from the WaterColor Inn, the vacation rental program, management of The Pearl Hotel, membership sales, membership reservations, restaurants, four golf courses, a beach club, marina operations and other related resort activities. The revenue is generally recognized at the point in time as services are provided.

WaterColor Inn, Vacation Rentals and Other Management Services - WaterColor Inn and vacation rentals generate revenue from (1) the WaterColor Inn and other management services, (2) management of The Pearl Hotel, (3) vacation rentals and (4) restaurants. The WaterColor Inn generates revenue from service and rental fees and incurs expenses from the cost of services and goods provided, maintenance of the inn’s facilities, personnel costs and third-party management fees. Revenue generated from the Company’s management services of The Pearl Hotel includes a monthly management fee, fifty percent of certain resort fees monthly and a percentage of The Pearl Hotel’s gross operating profit monthly. Expenses include primarily internal administrative costs. Prior to the sale of the short term vacation rental management business during December 2017, the vacation rental management business generated revenue from the rental of private homes owned by third parties and other services, which included the entire rental fee collected from the customer, including the homeowner’s portion. A percentage of the fee was remitted to the homeowner and presented in the cost of resorts and leisure revenue. Following the December 2017 sale, the Company no longer manages third party vacation rentals, but continues to manage vacation rental properties the Company owns. The vacation rental business also incurs expenses from holding costs of assets the Company owns and standard lodging personnel, such as front desk, reservations and marketing personnel. The Company’s restaurants generate revenue from food and beverage sales and incur expenses from the cost of services and goods provided and standard restaurant personnel costs.

Clubs - Club operations include the Company’s golf courses, beach club and facilities that generate revenue from membership sales, membership reservations, daily play at the golf courses, merchandise sales and food and beverage sales and incur expenses from the services provided, maintenance of the golf courses, beach club and facilities, personnel costs and third-party management fees. 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.

Marinas - The Company’s marinas generate revenue from boat slip rentals recognized over the term of the lease and fuel sales recognized at the time of sale, and incur expenses from cost of services provided, maintenance of the marina facilities, personnel costs and third-party management fees.

The commercial leasing and sales segment includes the leasing of retail, office and commercial property, cell towers, and other assets as well as planning, development, entitlement, management and sale of the Company’s commercial land holdings for a variety of uses, including a broad range of retail, office, hotel, multi-family and industrial uses. Leasing revenue consists of long term rental revenue, which is recognized as earned, using the straight-line method over the life of each lease. 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. The commercial leasing and sales segment incurs leasing expenses primarily from maintenance and management of the Company’s properties, personnel costs and asset holding costs. Leasing operations include properties located in the Company’s Beckrich Office Park, consolidated Pier Park North JV and Windmark JV, as well as the Company’s industrial park, VentureCrossings and other properties. The commercial leasing and sales segment also generates revenue from the sale of developed and undeveloped land for retail, office, hotel, multi-family and industrial uses, from the sale of undeveloped land or land with limited development and entitlements and from the sale of commercial operating properties, which are recognized at the point in time 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. Real estate sales in the commercial leasing and sales segment incur costs of revenue directly associated with the land, development, construction and selling costs. Pier Park North JV and other assets with financing incur interest and financing expenses related to the loans as described in Note 10. Debt.

The forestry segment produces and sells pulpwood, sawtimber and other forest products and may sell the Company’s timber or rural land holdings. Revenue from the sale of the Company’s forestry products is primarily from open market sales of timber on site without the associated delivery costs and is derived from either pay-as-cut sales contracts or timber bid sales. Under a pay-as-cut sales contract, the risk of loss and title to the specified timber transfers to the buyer when cut by the buyer, and the buyer or some other third party is responsible for all logging and hauling costs, if any. Revenue is recognized at the point in time when risk of loss and title is transferred. 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 and revenue is recognized accordingly. The buyer pays the full purchase price when the contract is signed and the Company does not have any additional performance obligations. The forestry segment incurs costs of revenue from internal costs of forestry management and property taxes.

The forestry segment may also generate revenue from the sale of the Company’s timber holdings, undeveloped land or land with limited development and easements, which are recognized at the point in time 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. Costs incurred as part of a sale of these lands may include the cost of timber, land, minimal development costs and selling costs. Leasing revenue within the forestry segment consists primarily of hunting leases, which is recognized as income over the term of each lease.

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, 2017. Total revenue represents sales to unaffiliated customers, as reported in the Company’s condensed consolidated statements of income. All significant intercompany transactions have been eliminated in consolidation. The caption entitled “Other” consists of mitigation credit and title fee revenue and non-allocated corporate general and administrative expenses, net of investment income.

Information by business segment is as follows:



	Three Months Ended March 31,
	2018			2017
Operating revenue:
Residential real estate	$	7,034		$	1,275
Resorts and leisure	7,450			8,108
Commercial leasing and sales	3,150			2,384
Forestry	1,980			1,665
Other	251			80
Consolidated operating revenue	$	19,865		$	13,512

Income (loss) before income taxes:
Residential real estate	$	1,459		$	(668	)
Resorts and leisure	(534		)	(1,776		)
Commercial leasing and sales	(90		)	(373		)
Forestry	1,531			1,242
Other	(1,990		)	8,042
Consolidated income before income taxes	$	376		$	6,467



	March 31, 2018		December 31, 2017
Total Assets:
Residential real estate	$	120,049	$	117,732
Resorts and leisure	76,433		83,151
Commercial leasing and sales	165,725		163,271
Forestry	19,998		20,212
Other	523,379		536,627
Total assets	$	905,584	$	920,993

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2018
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 losses and record an accrued liability based on what it believes to be the minimum amount in the range, unless it believes an amount within the range is a better estimate than any other amount. In such cases, there may be an exposure to loss in excess of the amounts accrued. The Company evaluates quarterly whether further developments could affect the amount of the accrued liability previously established or would make a loss contingency both probable and reasonably estimable. The Company also provides disclosure when it believes it is reasonably possible that a 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 losses 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. 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 is in the process of assessing certain properties in regard to the effects, if any, on the environment from the disposal or release of wastes or substances. 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 $1.3 million as of each March 31, 2018 and December 31, 2017, 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 both March 31, 2018 and December 31, 2017, the Company was required to provide surety bonds that guarantee completion of certain infrastructure in certain development projects and mitigation banks of $8.6 million and standby letters of credit of less than $0.1 million, which may potentially result in liability to the Company if certain obligations of the Company are not met. As of March 31, 2018, the Company had a total of $24.8 million in contractual obligations.

Summary of Significant Accounting Policies - (Policies)	3 Months Ended
Summary of Significant Accounting Policies - (Policies)	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	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 does not have a controlling interest are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. The December 31, 2017 condensed consolidated balance sheet amounts have been derived from the Company’s December 31, 2017 audited consolidated financial statements. Certain prior period amounts in the accompanying condensed consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2018. 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 9. 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, 2017. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2017 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.
Concentration of Risks and Uncertainties	Concentration of Risks and Uncertainties The Company’s real estate investments are concentrated in Northwest Florida in a number of specific development projects. Uncertain economic or other conditions could have an adverse impact on the Company’s real estate values and could cause the Company to sell assets at depressed values in order to pay ongoing obligations. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, other receivables, investments held by special purpose entity or entities (“SPE”), and investments in retained interests. The Company deposits and invests cash with regional financial institutions, and as of March 31, 2018, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits.
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share are calculated by dividing net income by the average number of common shares outstanding for the period.
Revenue and Revenue Recognition	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, costs and expenses. Effective January 1, 2018, with the adoption of ASU 2014-09 Revenue from Contracts with Customers, as amended (“ASU 2014-09”), estimated lot residuals (a percentage of the sales price of a completed home received when the home price or gross profit of the home exceeds a negotiated threshold), marketing fees and tap and impact fees are recognized as revenue at the time of sale to homebuilders, subject to constraints, and any change in circumstances from the estimated amounts will be updated at each reporting period. For the three months ended March 31, 2018, real estate revenue includes approximately $0.4 million of estimated lot residuals and approximately $0.3 million of estimated marketing fees and tap and impact fee credits related to homebuilder homesite sales. Prior to 2018, these lot residuals, marketing fees and tap and impact fees were recognized in revenue when consideration was received by the Company in periods subsequent to the initial recognition of revenue for the sale of the homesite.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Revenue Recognition In May 2014, the Financial Accounting Standards Board (“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 Company adopted the new guidance as of January 1, 2018 and has elected to implement ASU 2014-09 using the modified retrospective application, with the cumulative effect recorded as an adjustment to opening retained earnings. The impact of adopting this guidance resulted in an adjustment to increase retained earnings by $1.5 million, offset by a decrease of $0.4 million related to tax effects, for a net effect of $1.1 million, an increase to accounts receivable, net by $2.1 million and a decrease to investment in real estate, net by $0.6 million as of January 1, 2018, related to the recognition of estimated lot residuals, marketing fees, and tap and impact fee credits for homesites sold to homebuilders, where the homes had not yet been sold to customers as of December 31, 2017. 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 requires 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 changed as a result of the new guidance. In February 2018, the FASB issued ASU 2018-03 that includes technical corrections and improvements to ASU 2016-01. The Company adopted ASU 2016-01 and ASU 2018-03 simultaneously, effective January 1, 2018, and implemented it using a cumulative-effect adjustment between accumulated other comprehensive loss and retained earnings of $0.9 million, offset by an adjustment of $0.2 million related to tax effects, for a net effect of $0.7 million as of the date of adoption. As a result of the adoption of this guidance the change in the fair value of the Company’s equity investments are recognized in the condensed consolidated statements of income rather than the condensed consolidated statements of comprehensive income. Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, which amends the classification of certain cash receipts and cash payments, to reduce the diversity in how these cash receipts and cash payments are presented and classified in the statement of cash flows. The Company adopted the new guidance as of January 1, 2018. As this guidance only affects the classification within the statement of cash flows, it did not have a significant impact on the Company’s cash flows. Statement of Cash Flows - Restricted Cash In November 2016, the FASB issued ASU 2016-18, which requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash or restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted the new guidance as of January 1, 2018, using a retrospective transition method to each period presented. The adoption of this guidance did not have a significant impact on the Company’s cash flows. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued ASU 2018-02, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. The ASU also requires additional disclosures that include a description of the accounting policy for releasing income tax effects from accumulated other comprehensive income, whether the Company elected to reclassify the effects from the Tax Act and information about other tax effects related to the Tax Act that are reclassified from accumulated other comprehensive income to retained earnings, if any. This guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years and should be applied either in the period of adoption or retrospectively to each period in which the effect of the Tax Act is recognized. Early adoption is permitted, including adoption in an interim period. The Company elected to early adopt the new guidance as of January 1, 2018, and implemented it using a cumulative-effect adjustment to retained earnings from accumulated other comprehensive loss of $0.3 million related to unrealized gains and losses on available-for-sale securities as of the date of adoption. The new guidance also requires the Company to disclose its policy on accounting for income tax effects in accumulated other comprehensive income (loss). In general, the Company applies the aggregate portfolio method with respect to available-for-sale debt securities. Recently Issued Accounting Pronouncements 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. This amendment also requires certain quantitative and qualitative disclosures about leasing arrangements. In January 2018, the FASB issued ASU 2018-01 which provides an optional transition practical expedient to not evaluate under the new lease standard, existing or expired land easements that were not previously accounted for as leases. 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.

- Definition

Disclosure of accounting policy for revenue recognition related to alternative revenue programs. The major alternative revenue programs can generally be segregated into two categories, programs that adjust billings for the effects of weather abnormalities or broad external factors or to compensate the utility for demand-side management initiatives (for example, no-growth plans and similar conservation efforts); and programs that provide for additional billings (incentive awards) if the utility achieves certain objectives, such as reducing costs, reaching specified milestones, or demonstratively improving customer service.

+ References + Details

Investment in Real Estate - (Tables)

3 Months Ended

Mar. 31, 2018

Real Estate [Abstract]

Real estate by property type and segment

Real estate by property type and segment includes the following:



	March 31, 2018		December 31, 2017
Development property:
Residential real estate	$	97,408	$	100,279
Resorts and leisure	5,709		4,131
Commercial leasing and sales real estate	56,756		53,896
Forestry	2,143		2,488
Corporate	2,607		2,571
Total development property	164,623		163,365

Operating property:
Residential real estate	7,344		7,344
Resorts and leisure	103,680		103,616
Commercial leasing and sales real estate	110,513		110,491
Forestry	19,662		19,510
Other	50		50
Total operating property	241,249		241,011
Less: Accumulated depreciation	73,244		71,752
Total operating property, net	168,005		169,259
Investment in real estate, net	$	332,628	$	332,624

Investments - (Tables)

3 Months Ended

Mar. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

At March 31, 2018, investments - debt securities and restricted investments classified as available-for-sale securities were as follows:



	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Investments - debt securities:
U.S. Treasury securities	$	9,926	$	—	$	25	$	9,901
Corporate debt securities	37,515		175		1,245		36,445
	47,441		175		1,270		46,346

Restricted investments:
Short-term bond	3,240		—		13		3,227
Money market funds	165		—		—		165
	3,405		—		13		3,392
	$	50,846	$	175	$	1,283	$	49,738

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



	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Investments - debt securities:
U.S. Treasury securities	$	9,892	$	—	$	22	$	9,870
Corporate debt securities	67,781		411		1,817		66,375
	77,673		411		1,839		76,245

Investments - equity securities:
Preferred stock	35,955		423		1,355		35,023

Restricted investments:
Short-term bond	4,264		—		13		4,251
Money market fund	218		—		—		218
	4,482		—		13		4,469
	$	118,110	$	834	$	3,207	$	115,737

Continuous Unrealized Loss Position

The following table provides the U.S. Treasury securities, corporate debt securities and restricted investments unrealized loss position and related fair values as of March 31, 2018:



	Less Than 12 Months				12 Months or Greater
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Investments - debt securities:
U.S. Treasury securities	$	9,901	$	25	$	—	$	—
Corporate debt securities	—		—		21,982		1,245
Restricted investments:
Short-term bond	—		—		3,227		13
	$	9,901	$	25	$	25,209	$	1,258



	Less Than 12 Months				12 Months or Greater
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Investments - debt securities:
U.S. Treasury securities	$	9,870	$	22	$	—	$	—
Corporate debt securities	15,515		691		29,595		1,126
Investments - equity securities:
Preferred stock	11,263		1,337		1,986		18
Restricted investments:
Short-term bond	—		—		4,251		13
	$	36,648	$	2,050	$	35,832	$	1,157

Contractual Maturities of Investments



	Amortized Cost		Fair Value
Due in one year or less	$	12,601	$	12,431
Due after one year through five years	34,771		33,866
Due after five years through ten years	69		49
	47,441		46,346
Restricted investments	3,405		3,392
	$	50,846	$	49,738

- 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, 2018

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, 2018 were as follows:



	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	5,690	$	—	$	—	$	5,690
Commercial paper	179,181		—		—		179,181
	184,871		—		—		184,871

Investments - debt securities:
U.S. Treasury securities	9,901		—		—		9,901
Corporate debt securities	—		36,445		—		36,445
	9,901		36,445		—		46,346

Investments - equity securities:
Preferred stock	10,728		34,200		—		44,928

Restricted investments:
Short-term bond	3,227		—		—		3,227
Money market fund	165		—		—		165
	3,392		—		—		3,392
	$	208,892	$	70,645	$	—	$	279,537

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



	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	10,505	$	—	$	—	$	10,505
Commercial paper	159,970		—		—		159,970
	170,475		—		—		170,475

Investments - debt securities:
U.S. Treasury securities	9,870		—		—		9,870
Corporate debt securities	—		66,375		—		66,375
	9,870		66,375		—		76,245

Investments - equity securities:
Preferred stock	10,717		24,306		—		35,023

Restricted investments:
Short-term bond	4,251		—		—		4,251
Money market fund	218		—		—		218
	4,469		—		—		4,469
	$	195,531	$	90,681	$	—	$	286,212

Carrying Amount and Fair Value of Financial Instruments

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



	March 31, 2018					December 31, 2017
	Carrying value		Fair value		Level	Carrying value		Fair value		Level
Assets
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	$	7,618	$	7,303	1	$	7,989	$	7,797	1
Liabilities
Senior notes held by special purpose entity	$	176,595	$	191,373	3	$	176,537	$	198,530	3

Other Assets - (Tables)

3 Months Ended

Mar. 31, 2018

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

Schedule of Other Assets

Other assets consist of the following:



	March 31, 2018		December 31, 2017
Retained interest investments	$	11,250	$	11,147
Accounts receivable, net	11,224		8,460
Notes receivable	5,465		9,522
Prepaid expenses	6,680		6,625
Straight line rent	3,805		3,804
Other assets	3,342		4,637
Accrued interest receivable for Senior Notes held by SPE	935		2,938
Total other assets	$	42,701	$	47,133

Schedule of Notes Receivable, net

Notes receivable consists of the following:



	March 31, 2018		December 31, 2017
PCR Note, secured by certain assets, 10% interest rate, principal payments due beginning September 2018 per agreed upon schedule, and any remaining amount outstanding is due by December 2020, paid in full February 2018	$	—	$	5,000
Pier Park Community Development District notes, non-interest bearing, due September 2022	1,527		1,527
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due February 2019 and any remaining amount outstanding is due by February 2020	1,204		—
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due September 2018 and any remaining amount outstanding is due by September 2019	904		904
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due November 2018 and any remaining amount outstanding is due by November 2019	804		1,060
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due June 2018 and any remaining amount outstanding is due by June 2019	666		857
Interest bearing homebuilder note, secured by the real estate sold — 6.3% interest rate, principal payment of less than $0.1 million due March 2019 and any remaining amount outstanding is due by March 2020	200		—
Various mortgage notes, secured by certain real estate, bearing interest at various rates	160		174
Total notes receivable	$	5,465	$	9,522

Debt - (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Debt

Debt consists of the following at March 31, 2018:



	Principal		Unamortized Discount and Debt Issuance Costs		Net
Refinanced loan in the Pier Park North JV, due November 2025, bearing interest at 4.1%	$	47,080	$	495	$	46,585
Community Development District debt, secured by certain real estate or other collateral, due May 2031 - May 2039, bearing interest at 3.6% to 7.0% at March 31, 2018	7,256		—		7,256
Pier Park outparcel construction loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.6% at March 31, 2018)	1,624		18		1,606
WaterColor Crossings construction loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 3.6% at March 31, 2018)	33		27		6
Total debt	$	55,993	$	540	$	55,453

Debt consists of the following at December 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%	$	47,295	$	512	$	46,783
Community Development District debt, secured by certain real estate or other collateral, due May 2031 - May 2039, bearing interest at 3.6% to 7.0% at December 31, 2017	7,241		—		7,241
Pier Park Outparcel construction loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.3% at December 31, 2017)	1,624		18		1,606
Total debt	$	56,160	$	530	$	55,630

Maturities of Debt

The aggregate maturities of debt subsequent to March 31, 2018, for the years ending December 31 are:



2018	$	1,280
2019	1,554
2020	1,570
2021	1,554
2022	1,517
Thereafter	48,518
	$	55,993

Income Taxes - (Tables)

3 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of effective income tax rate reconciliation



	Three Months Ended March 31,
	2018			2017
Tax at the federal statutory rate	$	107		$	2,326
State income taxes (net of federal benefit)	22			233
2017 qualified timber gains at the federal statutory rate of 23.8% ⁽¹⁾	(345		)	—
Decrease in valuation allowance	(33		)	(280		)
Total income tax (benefit) expense	$	(249	)	$	2,279



(1)	The Bipartisan Budget Act of 2018 was signed into law on February 9, 2018 (the “2018 Act”). The 2018 Act retroactively re-established the preferential 23.8% tax rate on C Corporation Qualified Timber Gains, extending its applicability from 2016 to include the 2017 tax year. The benefit of this retroactive tax rate reduction is being included in 2018 income from continuing operations.

Accumulated Other Comprehensive Loss - (Tables)

3 Months Ended

Mar. 31, 2018

Stockholders' Equity Note [Abstract]

Summary of Changes in Accumulated Other Comprehensive Loss

Following is a summary of the changes in the balances of accumulated other comprehensive loss, which is presented net of tax, as of March 31, 2018:



	Unrealized Gain and (Loss) on Available-for-Sale Securities
Accumulated other comprehensive loss at December 31, 2017	$	(1,461	)
Other comprehensive income before reclassifications	(606		)
Amounts reclassified from accumulated other comprehensive loss	1,235
Other comprehensive income	629
Accumulated other comprehensive loss at March 31, 2018	$	(832	)

Reclassification out of Accumulated Other Comprehensive Loss

Following is a summary of the tax effects allocated to other comprehensive income for the three months ended March 31, 2018 and 2017:



	Three Months Ended March 31, 2018
	Before-Tax Amount			Tax Benefit or (Expense)			Net-of-Tax Amount
Unrealized loss on investments - debt securities and restricted investments:
Unrealized loss on available-for-sale investments	$	(803	)	$	204		$	(599	)
Unrealized loss on restricted investments	(9		)	2			(7		)
Reclassification adjustment for loss included in earnings	1,078			(273		)	805
Reclassification adjustment for other-than-temporary impairment loss included in earnings	63			(16		)	47
Reclassification into retained earnings for the adoption of ASU 2016-01 ⁽¹⁾	932			(236		)	696
Reclassification into retained earnings for the adoption of ASU 2018-02⁽²⁾	—			(313		)	(313		)
Net unrealized gain	1,261			(632		)	629
Other comprehensive income	$	1,261		$	(632	)	$	629



(1)	The reclassification into retained earnings relates to the adoption of ASU 2016-01. The new guidance is effective January 1, 2018, and requires equity investments to be measured at fair value with changes in fair value recognized in results of operations rather than the condensed consolidated statements of comprehensive income. See Note 2. Summary of Significant Accounting Policies.
(2)	The reclassification into retained earnings relates to the adoption of ASU 2018-02. The new guidance is effective January 1, 2018, and allows a reclassification from accumulated other comprehensive income (loss) to retained earnings for stranded tax effects resulting from the Tax Act. See Note 2. Summary of Significant Accounting Policies.



	Three Months Ended March 31, 2017
	Before-Tax Amount			Tax (Expense) or Benefit			Net-of-Tax Amount
Unrealized gain on investments and restricted investments:
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

Other Income (Expense) - (Tables)

3 Months Ended

Mar. 31, 2018

Other Income and Expenses [Abstract]

Schedule of other income (expense)

Other income (expense) consists of the following:



	Three Months Ended March 31,
	2018			2017
Investment income, net
Interest and dividend income	$	2,880		$	4,548
Accretion income	221			922
Net realized (loss) gain on the sale of investments	(1,078		)	3,122
Other-than-temporary impairment loss	(63		)	(366		)
Unrealized loss on investments, net	(538		)	—
Interest income from investments in SPEs	2,050			2,051
Interest accrued on notes receivable and other interest	193			79
Total investment income, net	3,665			10,356
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE	(2,196		)	(2,193		)
Other interest expense	(829		)	(850		)
Total interest expense	(3,025		)	(3,043		)
Other income, net
Accretion income from retained interest investments	290			263
Miscellaneous (expense) income, net	(13		)	3,473
Other income, net	277			3,736

Total other income, net	$	917		$	11,049

Segment Information - (Tables)

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Information by Business Segment

Information by business segment is as follows:



	Three Months Ended March 31,
	2018			2017
Operating revenue:
Residential real estate	$	7,034		$	1,275
Resorts and leisure	7,450			8,108
Commercial leasing and sales	3,150			2,384
Forestry	1,980			1,665
Other	251			80
Consolidated operating revenue	$	19,865		$	13,512

Income (loss) before income taxes:
Residential real estate	$	1,459		$	(668	)
Resorts and leisure	(534		)	(1,776		)
Commercial leasing and sales	(90		)	(373		)
Forestry	1,531			1,242
Other	(1,990		)	8,042
Consolidated income before income taxes	$	376		$	6,467



	March 31, 2018		December 31, 2017
Total Assets:
Residential real estate	$	120,049	$	117,732
Resorts and leisure	76,433		83,151
Commercial leasing and sales	165,725		163,271
Forestry	19,998		20,212
Other	523,379		536,627
Total assets	$	905,584	$	920,993

Nature of Operations - (Details)	3 Months Ended
Nature of Operations - (Details)	Mar. 31, 2018 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	4
Number of operating segments	4

Summary of Significant Accounting Policies - (Details) $ in Thousands		3 Months Ended
	Jan. 01, 2018 USD ($)	Mar. 31, 2018 USD ($) issuer shares	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($) shares
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Investments - debt securities		$ 46,346		$ 76,245
Investments - equity securities		$ 44,928
Common stock equivalents \| shares		0		0
Real estate revenue		$ 7,702	$ 1,525
Accounts receivable, net		11,224		$ 8,460
Investment in real estate, net		(332,628)		$ (332,624)
Adoption of ASU 2018-02 Income Statement - Reporting Comprehensive Income		300
U.S. Treasury securities
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Investments - debt securities		9,901
Corporate debt securities
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Investments - debt securities		$ 36,445
Commercial paper
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of issuers \| issuer		12
Commercial paper		$ 179,200
Non-investment grade \| Corporate debt securities
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Investments - debt securities		$ 36,400
Number of issuers \| issuer		3
Non-investment grade \| Preferred stock
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of issuers \| issuer		5
Investments - equity securities		$ 44,900
Investment grade \| Preferred stock
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of issuers \| issuer		2
Difference between Revenue Guidance in Effect before and after Topic 606 \| Accounting Standards Update 2014-09
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Adjustment to retained earnings, before tax	$ 1,500
Adjustment to retained earnings, tax	(400)
Adjustment to retained earnings, net of tax	1,100
Accounts receivable, net	2,100
Investment in real estate, net	600
Retained Earnings
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Adoption of ASU 2018-02 Income Statement - Reporting Comprehensive Income		$ 313
Retained Earnings \| Accounting Standards Update 2016-01
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Adjustment to retained earnings, before tax	(900)
Adjustment to retained earnings, tax	200
Adjustment to retained earnings, net of tax	$ 700
Homebuilder Homesite Sales, Lot Residuals
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Real estate revenue		400
Homebuilder Homesite Sales, Marketing Fees And Tap And Impact Fee Credits
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Real estate revenue		$ 300

Investment in Real Estate - Real Estate by Property Type and Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Development property	$ 164,623	$ 163,365
Operating property	241,249	241,011
Less: Accumulated depreciation	73,244	71,752
Total operating property, net	168,005	169,259
Investment in real estate, net	332,628	332,624
Residential real estate
Real Estate Properties [Line Items]
Development property	97,408	100,279
Operating property	7,344	7,344
Resorts and leisure
Real Estate Properties [Line Items]
Development property	5,709	4,131
Operating property	103,680	103,616
Commercial leasing and sales real estate
Real Estate Properties [Line Items]
Development property	56,756	53,896
Operating property	110,513	110,491
Forestry
Real Estate Properties [Line Items]
Development property	2,143	2,488
Operating property	19,662	19,510
Other
Real Estate Properties [Line Items]
Operating property	50	50
Corporate
Real Estate Properties [Line Items]
Development property	$ 2,607	$ 2,571

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Available-for-sale Securities, Debt Maturities [Abstract]
Gross Unrealized Loss	$ 1,300
Fair Value	46,346	$ 76,245
Amortized Cost	50,846
Gross Unrealized Gain	175
Gross Unrealized Loss	1,283
Fair Value	49,738
Fair Value
Amortized Cost		118,110
Gross Unrealized Gain		834
Gross Unrealized Loss		3,207
Fair Value		115,737
U.S. Treasury securities
Available-for-sale Securities, Debt Maturities [Abstract]
Amortized Cost	9,926
Gross Unrealized Gain	0
Gross Unrealized Loss	25
Fair Value	9,901
Fair Value
Amortized Cost		9,892
Gross Unrealized Gain		0
Gross Unrealized Loss		22
Fair Value		9,870
Corporate debt securities
Available-for-sale Securities, Debt Maturities [Abstract]
Amortized Cost	37,515
Gross Unrealized Gain	175
Gross Unrealized Loss	1,245
Fair Value	36,445
Fair Value
Amortized Cost		67,781
Gross Unrealized Gain		411
Gross Unrealized Loss		1,817
Fair Value		66,375
Debt Securities
Available-for-sale Securities, Debt Maturities [Abstract]
Amortized Cost	47,441
Gross Unrealized Gain	175
Gross Unrealized Loss	1,270
Fair Value	46,346
Debt and equity securities
Fair Value
Amortized Cost		77,673
Gross Unrealized Gain		411
Gross Unrealized Loss		1,839
Fair Value		76,245
Preferred stock
Fair Value
Amortized Cost		35,955
Gross Unrealized Gain		423
Gross Unrealized Loss		1,355
Fair Value		35,023
Short-term bond
Available-for-sale Securities, Debt Maturities [Abstract]
Amortized Cost	3,240
Gross Unrealized Gain	0
Gross Unrealized Loss	13
Fair Value	3,227
Fair Value
Amortized Cost		4,264
Gross Unrealized Gain		0
Gross Unrealized Loss		13
Fair Value		4,251
Money market funds
Available-for-sale Securities, Debt Maturities [Abstract]
Amortized Cost	165
Gross Unrealized Gain	0
Gross Unrealized Loss	0
Fair Value	165
Fair Value
Amortized Cost		218
Gross Unrealized Gain		0
Gross Unrealized Loss		0
Fair Value		218
Restricted investments
Available-for-sale Securities, Debt Maturities [Abstract]
Amortized Cost	3,405
Gross Unrealized Gain	0
Gross Unrealized Loss	13
Fair Value	$ 3,392
Fair Value
Amortized Cost		4,482
Gross Unrealized Gain		0
Gross Unrealized Loss		13
Fair Value		$ 4,469

Investments - Narrative (Details)

3 Months Ended

Mar. 31, 2018

USD ($)

member

Mar. 31, 2017

USD ($)

Dec. 31, 2017

USD ($)

Schedule of Available-for-sale Securities [Line Items]

Gross realized loss

$ (1,100,000)

Sales of investments - debt securities

31,958,000

$ 48,729,000

Gross realized gain

(1,078,000)

3,122,000

Sales of available-for-sale securities

57,100,000

Unrealized losses, debt securities

1,300,000

Unrealized losses, all investments

$ 3,207,000

Other-than-temporary impairment loss

63,000

366,000

Investments - equity securities

44,928,000

Unrealized loss on investments, net

538,000

Reclassification into retained earnings

^[1]

$ 932,000

$ 0

Number of investment committee members required to authorize investment | member

U.S. Treasury securities

Schedule of Available-for-sale Securities [Line Items]

Unrealized losses, debt securities

$ 25,000

Unrealized losses, all investments

22,000

Corporate debt securities

Schedule of Available-for-sale Securities [Line Items]

Unrealized losses, debt securities

$ 1,245,000

Unrealized losses, all investments

$ 1,817,000

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. , Fairholme Trust Company, LLC, And Mr. Berkowitz

Schedule of Available-for-sale Securities [Line Items]

Common stock ownership percentage

42.19%

[1]

Investments - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	$ 9,901	$ 36,648
Less Than 12 Months, Unrealized Losses	25	2,050
12 Months or Greater, Fair Value	25,209	35,832
12 Months or Greater, Unrealized Losses	1,258	1,157
U.S. Treasury securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	9,901	9,870
Less Than 12 Months, Unrealized Losses	25	22
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Unrealized Losses	0	0
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	0	15,515
Less Than 12 Months, Unrealized Losses	0	691
12 Months or Greater, Fair Value	21,982	29,595
12 Months or Greater, Unrealized Losses	1,245	1,126
Preferred stock
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value		11,263
Less Than 12 Months, Unrealized Losses		1,337
12 Months or Greater, Fair Value		1,986
12 Months or Greater, Unrealized Losses		18
Short-term bond
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	0	0
Less Than 12 Months, Unrealized Losses	0	0
12 Months or Greater, Fair Value	3,227	4,251
12 Months or Greater, Unrealized Losses	$ 13	$ 13

Investments - Contractual Maturities of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Amortized Cost
Due in one year or less	$ 12,601
Due after one year through five years	34,771
Due after five year through ten years	69
Total Available-for-sale debt securities and restricted investments, amortized cost	50,846
Fair Value
Due in one year or less	12,431
Due after one year through five years	33,866
Due after five year through ten years	49
Fair Value	46,346	$ 76,245
Total Available-for-sale debt securities and restricted investments, fair value	49,738
Debt Securities
Amortized Cost
Amortized Cost	47,441
Fair Value
Fair Value	46,346
Restricted investments
Amortized Cost
Amortized Cost	3,405
Fair Value
Fair Value	$ 3,392

Financial Instruments and Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	$ 3,392	$ 4,469
Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	184,871	170,475
Restricted investments	3,392	4,469
Total Fair Value	279,537	286,212
Fair value, measurements, recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	184,871	170,475
Restricted investments	3,392	4,469
Total Fair Value	208,892	195,531
Fair value, measurements, recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Restricted investments	0	0
Total Fair Value	70,645	90,681
Fair value, measurements, recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	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	5,690	10,505
Restricted investments	165	218
Fair value, measurements, recurring \| Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	5,690	10,505
Restricted investments	165	218
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	179,181	159,970
Fair value, measurements, recurring \| Commercial paper \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	179,181	159,970
Fair value, measurements, recurring \| Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Fair value, measurements, recurring \| Commercial paper \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Fair value, measurements, recurring \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	9,901	9,870
Fair value, measurements, recurring \| U.S. Treasury securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	9,901	9,870
Fair value, measurements, recurring \| U.S. Treasury securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Fair value, measurements, recurring \| U.S. Treasury securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Fair value, measurements, recurring \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	36,445	66,375
Fair value, measurements, recurring \| Corporate debt securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Fair value, measurements, recurring \| Corporate debt securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	36,445	66,375
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 \| Debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	46,346	76,245
Fair value, measurements, recurring \| Debt securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	9,901	9,870
Fair value, measurements, recurring \| Debt securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	36,445	66,375
Fair value, measurements, recurring \| 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	44,928	35,023
Fair value, measurements, recurring \| Preferred stock \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	10,728	10,717
Fair value, measurements, recurring \| Preferred stock \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	34,200	24,306
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 \| Short-term bond
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	3,227	4,251
Fair value, measurements, recurring \| Short-term bond \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	3,227	4,251
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, 2018	Dec. 31, 2017	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt principal amount			$ 180,000,000.0
Debt interest rate			4.80%
Senior notes held by special purpose entity	$ 176,595,000	$ 176,537,000
Carrying Value \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes held by special purpose entity	176,595,000	$ 176,537,000
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	7,200,000
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	$ 176,600,000
Unamortized discount and debt issuance costs	$ 3,400,000
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, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes held by special purpose entity	$ 176,595	$ 176,537
Carrying Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Time deposit	200,000	200,000
Senior notes held by special purpose entity	176,595	176,537
Carrying Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
U.S. Treasury securities and cash equivalents	7,618	7,989
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Time deposit	200,000	200,000
Senior notes held by special purpose entity	191,373	198,530
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
U.S. Treasury securities and cash equivalents	$ 7,303	$ 7,797

Claim Settlement Receivable - (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended		12 Months Ended
	Mar. 24, 2016	Oct. 31, 2017	Oct. 31, 2016	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2017
Receivables with Imputed Interest [Line Items]
Litigation settlement receivable				$ 5,320			$ 5,280
BP Exploration & Production Inc.
Receivables with Imputed Interest [Line Items]
Litigation settlement receivable, gross	$ 13,200
Litigation settlement receivable	12,500
Litigation settlement amount received		$ 2,700	$ 5,000
Litigation settlement receivable due in October 2018 and 2019	$ 2,700
Imputed interest rate on litigation settlement receivable	3.00%
Unamortized discount	$ 700
Interest income				$ 100	$ 100
Other income \| BP Exploration & Production Inc.
Receivables with Imputed Interest [Line Items]
Litigation settlement gain (loss)						$ 12,500

Sale of Vacation Rental Management - (Details) - PCR Rentals Sale - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Millions		1 Months Ended
	Feb. 14, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Right of first refusal on third party offer to purchase, period after the date of sale		18 months
Right of first refusal on third party offer to purchase, period after PCR note is paid off and after date of sale		9 months
Proceeds from collection of loans receivable	$ 5.0

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Retained interest investments	$ 11,250	$ 11,147
Accounts receivable, net	11,224	8,460
Notes receivable	5,465	9,522
Prepaid expenses	6,680	6,625
Straight line rent	3,805	3,804
Other assets	3,342	4,637
Accrued interest receivable for Senior Notes held by SPE	935	2,938
Total other assets	$ 42,701	$ 47,133

Other Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Other Assets - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Promissory note	$ 16,900
Promissory notes maturity period	15 years
Retained interest investments	$ 11,250	$ 11,147
Accounts receivable, net	$ 11,224	8,460
Minimum
Schedule of Investments [Line Items]
Notes maturity year	2022
Maximum
Schedule of Investments [Line Items]
Notes maturity year	2024
Carrying Value \| Level 3
Schedule of Investments [Line Items]
Retained interest investments	$ 11,300	$ 11,100
Homebuilder Homesite Sales, Lot Residuals, Marketing Fees And Tap And Impact Fee Credits
Schedule of Investments [Line Items]
Accounts receivable, net	$ 2,800

Other Assets - Notes Receivable, Net (Details) - USD ($)		3 Months Ended	12 Months Ended
	Feb. 14, 2018	Mar. 31, 2018	Dec. 31, 2017
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable		$ 5,465,000	$ 9,522,000
Notes receivable, allowance		0	0
PCR Note, secured by certain assets, 10% interest rate, principal payments due beginning September 2018 per agreed upon schedule, and any remaining amount outstanding is due by December 2020, paid in full February 2018
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable		0	$ 5,000,000
Interest rate on loans receivable			10.00%
Mortgage loans on real estate, collections of principal	$ 5,000,000
Pier Park Community Development District notes, non-interest bearing, due September 2022
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable		1,527,000	$ 1,527,000
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due February 2019 and any remaining amount outstanding is due by February 2020
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable		$ 1,204,000	0
Mortgage loans on real estate, interest rate		5.50%
Mortgage loans on real estate, principal receivable		$ 100,000
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due September 2018 and any remaining amount outstanding is due by September 2019
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable		$ 904,000	904,000
Mortgage loans on real estate, interest rate		5.50%
Mortgage loans on real estate, principal receivable		$ 100,000
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due November 2018 and any remaining amount outstanding is due by November 2019
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable		$ 804,000	1,060,000
Mortgage loans on real estate, interest rate		5.50%
Mortgage loans on real estate, principal receivable		$ 100,000
Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due June 2018 and any remaining amount outstanding is due by June 2019
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable		$ 666,000	857,000
Mortgage loans on real estate, interest rate		5.50%
Mortgage loans on real estate, principal receivable		$ 100,000
Interest bearing homebuilder note, secured by the real estate sold — 6.3% interest rate, principal payment of less than $0.1 million due March 2019 and any remaining amount outstanding is due by March 2020
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable		$ 200,000	0
Mortgage loans on real estate, interest rate		6.30%
Mortgage loans on real estate, principal receivable		$ 100,000.0
Various mortgage notes, secured by certain real estate, bearing interest at various rates
Loans and Leases Receivable Disclosure [Line Items]
Notes receivable		$ 160,000	$ 174,000

Real Estate Joint Ventures - Narrative (Details) - Variable Interest Entities - apartment	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017	Apr. 30, 2017
Pier Park Crossings JV
Variable Interest Entity [Line Items]
Number of apartments to be designed, developed and constructed				240
Variable interest entity, qualitative or quantitative information, ownership percentage	75.00%		75.00%
WindMark JV
Variable Interest Entity [Line Items]
Variable interest entity, qualitative or quantitative information, ownership percentage	49.00%		49.00%
Pier Park North
Variable Interest Entity [Line Items]
Variable interest entity, qualitative or quantitative information, ownership percentage	60.00%		60.00%
Artisan Park, L.L.C
Variable Interest Entity [Line Items]
Variable interest entity, qualitative or quantitative information, ownership percentage		100.00%	74.00%

Real Estate Joint Ventures - Summarized Financial Information for Unconsolidated Investments (Details) - Other affiliates - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2017
Investments in and Advances to Affiliates [Line Items]
Total assets	$ 10.2		$ 10.8
Accounts payable and other liabilities	0.1		0.5
Equity	10.1		$ 10.3
Net loss	$ 0.3	$ 0.2

Debt - (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Debt - (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2014
Debt Instrument [Line Items]
Principal	$ 55,993	$ 56,160
Unamortized Discount and Debt Issuance Costs	540	530
Debt	$ 55,453	55,630
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]
Principal	$ 47,080	47,295
Unamortized Discount and Debt Issuance Costs	495	512
Debt	$ 46,585	$ 46,783
Debt interest rate	4.10%	4.10%
Construction loan \| Pier Park outparcel construction loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.6% at March 31, 2018)
Debt Instrument [Line Items]
Principal	$ 1,624
Unamortized Discount and Debt Issuance Costs	18
Debt	$ 1,606
Basis interest rate	1.70%	1.70%
Effective interest rate	3.60%	3.30%
Construction loan \| WaterColor Crossings construction loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 3.6% at March 31, 2018)
Debt Instrument [Line Items]
Principal	$ 33
Unamortized Discount and Debt Issuance Costs	27
Debt	$ 6
Basis interest rate	1.70%
Effective interest rate	3.60%
Secured debt \| Community Development District debt, secured by certain real estate or other collateral, due May 2031 - May 2039, bearing interest at 3.6% to 7.0% at March 31, 2018
Debt Instrument [Line Items]
Principal	$ 7,256	$ 7,241
Unamortized Discount and Debt Issuance Costs	0	0
Debt	$ 7,256	7,241
Secured debt \| Pier Park outparcel construction loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.6% at March 31, 2018)
Debt Instrument [Line Items]
Principal		1,624
Unamortized Discount and Debt Issuance Costs		18
Debt		$ 1,606
Minimum \| Construction loan \| Community Development District debt, secured by certain real estate or other collateral, due May 2031 - May 2039, bearing interest at 3.6% to 7.0% at March 31, 2018
Debt Instrument [Line Items]
Debt interest rate	3.60%	3.60%
Maximum \| Construction loan \| Community Development District debt, secured by certain real estate or other collateral, due May 2031 - May 2039, bearing interest at 3.6% to 7.0% at March 31, 2018
Debt Instrument [Line Items]
Debt interest rate	7.00%	7.00%

Debt - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended
Debt - Narrative (Details) - USD ($) $ in Thousands	Feb. 28, 2018	Mar. 31, 2017	Mar. 31, 2018	Dec. 31, 2017	Oct. 31, 2015
Debt Instrument [Line Items]
Long-term debt			$ 55,993	$ 56,160
Total community development district debt			21,300	21,700
Secured debt \| Pier Park outparcel construction loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.6% at March 31, 2018)
Debt Instrument [Line Items]
Long-term debt				1,624
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			47,080	$ 47,295
Construction loan \| Pier Park outparcel construction loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.6% at March 31, 2018)
Debt Instrument [Line Items]
Long-term debt			1,624
Proceeds from issuance of long-term debt		$ 1,600
Debt instrument, period subject to interest payments only		12 months
Construction loan \| WaterColor Crossings construction loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 3.6% at March 31, 2018)
Debt Instrument [Line Items]
Long-term debt			$ 33
Proceeds from issuance of long-term debt	$ 1,900
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

Debt - Maturities of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
2018	$ 1,280
2019	1,554
2020	1,570
2021	1,554
2022	1,517
Thereafter	48,518
Long-term debt	$ 55,993	$ 56,160

Other Liabilities - (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Accrued Liabilities And Deferred Credits [Line Items]
Accounts payable	$ 6,495	$ 7,524
Accrued compensation	1,605	2,664
Deferred revenue	17,433	17,864
Membership deposits and initiation fees	9,632	9,704
Advance deposits	3,157	1,468
Other accrued liabilities	4,790	5,185
Other Liabilities	43,824	47,259
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, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred revenue	$ 17,433,000	$ 17,864,000
Accrued property taxes	1,100,000	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, 2018	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Tax at the federal statutory rate	$ 107	$ 2,326
State income taxes (net of federal benefit)	22	233
2017 qualified timber gains at the federal statutory rate of 23.8% (1)	(345)	0
Decrease in valuation allowance	(33)	(280)
Total income tax (benefit) expense	$ (249)	$ 2,279
Timber statutory federal rate		23.80%

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
Income tax receivable	$ 8,371,000		$ 8,371,000
Tax Cuts And Jobs Act Of 2017, change in tax rate, deferred tax asset, income tax benefit			33,500,000
Deferred tax assets, valuation allowance	4,900,000		5,000,000
Unrecognized tax benefits	2,100,000		2,100,000
Unrecognized tax benefits, that would impact effective tax rate	0		0
Unrecognized tax benefits, period increase (decrease)	0	$ 0
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	0		0
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	388,700,000		391,700,000
Alternative Minimum Tax Credit Carryforward \| Federal
Operating Loss Carryforwards [Line Items]
Income tax receivable	$ 8,400,000		$ 8,400,000

Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward]
Balance at beginning period	$ 592,584
Total other comprehensive income (loss), net of tax	629	$ 712
Balance at period end	581,196
Unrealized Gain and (Loss) on Available-for-Sale Securities
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward]
Balance at beginning period	(1,461)
Other comprehensive income before reclassifications	(606)
Amounts reclassified from accumulated other comprehensive loss	1,235
Total other comprehensive income (loss), net of tax	629
Balance at period end	$ (832)

Accumulated Other Comprehensive Loss - Summary of the Tax Effects Allocated to Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Unrealized loss on investments - debt securities and restricted investments:

Reclassification adjustment for loss (gain) included in earnings, before-tax-amount

$ 1,078

$ (3,122)

Reclassification adjustment for other-than-temporary impairment loss included in earnings, before tax

366

Reclassification into retained earnings for the adoption of ASU 2016-01, before-tax-amount

^[1]

932

Reclassification into retained earnings for the adoption of ASU 2018-02, tax benefit or (expense)

300

Other comprehensive income (loss), before-tax amount

1,261

1,153

Other comprehensive income (loss), tax benefit or (expense)

(632)

(441)

Total other comprehensive income (loss), net of tax

629

712

Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest

Unrealized loss on investments - debt securities and restricted investments:

Reclassification adjustment for loss (gain) included in earnings, before-tax-amount

1,078

(3,122)

Reclassification adjustment for loss (gain) included in earnings, tax benefit or (expense)

(273)

1,203

Reclassification adjustment for loss (gain) included in earnings net-of-tax

805

(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 benefit or (expense)

(16)

(140)

Reclassification adjustment for other-than-temporary impairment loss included in earnings, net of tax

226

Reclassification into retained earnings for the adoption of ASU 2016-01, before-tax-amount

932

Reclassification into retained earnings for the adoption of ASU 2016-01, tax benefit or (expense)

(236)

Reclassification into retained earnings for the adoption of ASU 2016-01, net-of-tax

696

Reclassification into retained earnings for the adoption of ASU 2018-02, before-tax-amount

Reclassification into retained earnings for the adoption of ASU 2018-02, tax benefit or (expense)

(313)

Reclassification into retained earnings for the adoption of ASU 2018-02 , net-of-tax

(313)

Other comprehensive income (loss), before-tax amount

1,261

1,153

Other comprehensive income (loss), tax benefit or (expense)

(632)

(441)

Total other comprehensive income (loss), net of tax

629

712

Available-for-sale investments | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest

Unrealized loss on investments - debt securities and restricted investments:

Unrealized (loss) gain on investments, before-tax amount

(803)

3,905

Unrealized (loss) gain on investments, tax benefit or (expense)

204

(1,503)

Unrealized (loss) gain on investments, net-of-tax amount

(599)

2,402

Restricted investments | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest

Unrealized loss on investments - debt securities and restricted investments:

Unrealized (loss) gain on investments, before-tax amount

(9)

Unrealized (loss) gain on investments, tax benefit or (expense)

(1)

Unrealized (loss) gain on investments, net-of-tax amount

$ (7)

$ 3

[1]

Stockholders' Equity - (Details) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended
	Mar. 15, 2018 officer shares	Jul. 03, 2017 director shares	May 17, 2016 director shares	Apr. 30, 2018 USD ($) shares	Mar. 31, 2018 USD ($) $ / shares shares	Mar. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2017 officer	May 25, 2017 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares repurchased during the period (in shares) \| shares					764,825	2,044,981
Average purchase price per share for share repurchase (in dollars per share) \| $ / shares					$ 17.90	$ 16.70
Payments for repurchase of common stock					$ 13,695	$ 34,156
Stock repurchase program, remaining authorized repurchase amount					122,600
Number of directors who elected to receive cash in lieu of the stock \| director		4
Percentage of total discretionary cash incentive award elected to be received in shares of Company stock							50.00%
Number of officers who elected to receive a portion of total discretionary cash incentive award in shares of company stock \| officer							4
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity grant aggregate fair market value								$ 50
Number of directors granted restricted stock awards \| director		2	3
Number of restricted stock awards issued (in shares) \| shares	9,956	5,334	8,919
Restricted stock awards expense (less than)						$ 100
Number of officers granted restricted stock awards \| officer	4
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%
Director \| Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards expense (less than)					100
Officer \| Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards expense (less than)					$ 200
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares repurchased during the period (in shares) \| shares				506,226
Payments for repurchase of common stock				$ 8,900

Employee Benefit Plan - (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Employee Benefit Plan - (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2014	Dec. 31, 2017
Retirement Benefits [Abstract]
Assets contributed to 401(k) Plan			$ 7,900
Restricted investments	$ 3,392			$ 4,469
401(k) Plan distribution period (in years)	3 years
Compensation expense	$ 1,100	$ 1,200
Investment [Line Items]
Gain (loss) on investment	1,078	(3,122)
Restricted investments
Investment [Line Items]
Gain (loss) on investment	$ 100	$ (100)

Other Income (Expense) - Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Investment income, net
Interest and dividend income	$ 2,880	$ 4,548
Accretion income	221	922
Net realized (loss) gain on the sale of investments	(1,078)	3,122
Other-than-temporary impairment loss	(63)	(366)
Unrealized loss on investments, net	(538)	0
Interest income from investments in SPEs	2,050	2,051
Interest accrued on notes receivable and other interest	193	79
Total investment income, net	3,665	10,356
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE	(2,196)	(2,193)
Other interest expense	(829)	(850)
Total interest expense	(3,025)	(3,043)
Other income, net
Accretion income from retained interest investments	290	263
Miscellaneous (expense) income, net	(13)	3,473
Other income, net	277	3,736
Total other income, net	$ 917	$ 11,049

Other Income (Expense) - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Other Income (Expense) [Line Items]
Other-than-temporary impairment loss	$ 63	$ 366
Effective interest rate	4.90%
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	12.10%

Segment Information - Information by Business Segment (Details) $ in Thousands		1 Months Ended	3 Months Ended		48 Months Ended
	Apr. 30, 2014 USD ($)	Apr. 30, 2014	Mar. 31, 2018 USD ($) Segment golf_course	Mar. 31, 2017 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment			4
Number of operating segments \| Segment			4
Percentage of resort fees included in revenue			50.00%		50.00%
Expected impact fee receivable period for recognition		5 years
Impact fees received			$ 200	$ 100	$ 1,800
Operating revenue			19,865	13,512
Income (loss) before income taxes			376	6,467
Total assets			$ 905,584		905,584	$ 920,993
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			$ 7,034	1,275
Income (loss) before income taxes			1,459	(668)
Total assets			120,049		120,049	117,732
Operating segments \| Resorts and leisure
Segment Reporting Information [Line Items]
Operating revenue			7,450	8,108
Income (loss) before income taxes			(534)	(1,776)
Total assets			76,433		76,433	83,151
Operating segments \| Commercial leasing and sales real estate
Segment Reporting Information [Line Items]
Operating revenue			3,150	2,384
Income (loss) before income taxes			(90)	(373)
Total assets			165,725		165,725	163,271
Operating segments \| Forestry
Segment Reporting Information [Line Items]
Operating revenue			1,980	1,665
Income (loss) before income taxes			1,531	1,242
Total assets			19,998		19,998	20,212
Other
Segment Reporting Information [Line Items]
Operating revenue			251	80
Income (loss) before income taxes			(1,990)	$ 8,042
Total assets			$ 523,379		$ 523,379	$ 536,627
Minimum
Segment Reporting Information [Line Items]
Impact fees receivable	$ 20,000
Maximum
Segment Reporting Information [Line Items]
Impact fees receivable	$ 26,000

Commitments and Contingencies - (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Accrued liabilities for other litigation, claims, other disputes and governmental proceedings	$ 1.3	$ 1.3
Guarantor Obligations [Line Items]
Letters of credit outstanding	0.1	0.1
Purchase obligations	24.8
Surety bonds \| Certain development projects
Guarantor Obligations [Line Items]
Commitment obligations	$ 8.6	$ 8.6