Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2018	Jul. 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	Jun. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		61,295,299

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
ASSETS
Investment in real estate, net	$ 339,457	$ 332,624
Cash and cash equivalents	215,095	192,083
Investments - debt securities	14,202	76,245
Investments - equity securities	38,830
Investments - equity securities		35,023
Restricted investments	3,406	4,469
Income tax receivable	1,651	8,371
Claim settlement receivable	5,360	5,280
Other assets	46,433	47,133
Property and equipment, net of accumulated depreciation of $61,631 and $60,697 at June 30, 2018 and December 31, 2017, respectively	11,670	11,776
Investments held by special purpose entities	207,664	207,989
Total assets	883,768	920,993
Liabilities:
Debt, net	59,166	55,630
Other liabilities	49,320	47,259
Deferred tax liabilities, net	49,087	48,983
Senior notes held by special purpose entity	176,655	176,537
Total liabilities	334,228	328,409
Equity:
Common stock, no par value; 180,000,000 shares authorized; 65,907,822 and 65,897,866 issued at June 30, 2018 and December 31, 2017, respectively; and 61,842,662 and 65,897,866 outstanding at June 30, 2018 and December 31, 2017, respectively	424,736	424,694
Retained earnings	182,033	154,324
Accumulated other comprehensive loss	(613)	(1,461)
Treasury stock at cost, 4,065,160 shares held at June 30, 2018	(72,463)
Total stockholders' equity	533,693	577,557
Non-controlling interest	15,847	15,027
Total equity	549,540	592,584
Total liabilities and equity	$ 883,768	$ 920,993

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
CONSOLIDATED BALANCE SHEETS
Property and equipment, Accumulated depreciation	$ 61,631	$ 60,697
Common stock, par value	$ 0	$ 0
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)	61,842,662	65,897,866
Treasury stock (in shares)	4,065,160

CONDENSED CONSOLIDATED BALANCE SHEETS - VIEs - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
ASSETS
Investment in real estate	$ 339,457	$ 332,624
Cash and cash equivalents	215,095	192,083
Other assets	46,433	47,133
Investments held by special purpose entities	207,664	207,989
Total assets	883,768	920,993
LIABILITIES
Debt, net	59,166	55,630
Other liabilities	49,320	47,259
Senior notes held by special purpose entity	176,655	176,537
Total liabilities	334,228	328,409
Variable Interest Entities
ASSETS
Investment in real estate	60,018	58,441
Cash and cash equivalents	3,507	5,084
Other assets	14,836	11,889
Investments held by special purpose entities	207,664	207,989
Total assets	286,025	283,403
LIABILITIES
Debt, net	50,294	46,783
Other liabilities	3,535	4,357
Senior notes held by special purpose entity	176,655	176,537
Total liabilities	$ 230,484	$ 227,677

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue:
Leasing revenue	$ 3,094	$ 2,842	$ 6,141	$ 5,398
Total revenue	50,434	30,647	70,298	44,160
Expenses:
Cost of leasing revenue	842	798	1,666	1,467
Other operating and corporate expenses	5,010	4,154	10,955	10,334
Depreciation, depletion and amortization	2,271	2,032	4,527	3,985
Total expenses	21,090	25,720	41,495	43,813
Operating income	29,344	4,927	28,803	347
Other income (expense):
Investment income, net	5,981	14,303	9,646	24,658
Interest expense	(2,954)	(3,035)	(5,979)	(6,078)
Other income, net	243	328	520	4,063
Total other income, net	3,270	11,596	4,187	22,643
Income before income taxes	32,614	16,523	32,990	22,990
Income tax expense	(6,547)	(5,909)	(6,298)	(8,188)
Net income	26,067	10,614	26,692	14,802
Net loss attributable to non-controlling interest	128	150	260	330
Net income attributable to the Company	$ 26,195	$ 10,764	$ 26,952	$ 15,132
Basic and Diluted
Weighted average shares outstanding (in shares)	63,760,022	71,981,505	64,613,298	72,970,462
Net income per share attributable to the Company (in dollars per share)	$ 0.41	$ 0.15	$ 0.42	$ 0.21
Real estate
Revenue:
Revenue	$ 32,159	$ 7,150	$ 39,861	$ 8,675
Expenses:
Cost of revenue	2,954	3,614	7,122	3,945
Resorts and leisure
Revenue:
Revenue	13,270	19,328	20,719	27,436
Expenses:
Cost of revenue	9,820	14,884	16,819	23,687
Timber
Revenue:
Revenue	1,911	1,327	3,577	2,651
Expenses:
Cost of revenue	$ 193	$ 238	$ 406	$ 395

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

3 Months Ended

6 Months Ended

Jun. 30, 2018

Jun. 30, 2017

Jun. 30, 2018

Jun. 30, 2017

Net income:

$ 26,067

$ 10,614

$ 26,692

$ 14,802

Other comprehensive income (loss), net of tax:

Reclassification of net realized (gain) loss included in earnings

(28)

(7,739)

1,050

(10,861)

Reclassification into retained earnings

^[1]

932

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

366

Other comprehensive loss, Before-tax-amount

293

(6,998)

1,554

(5,845)

Income tax (expense) benefit

^[2]

(74)

2,835

(706)

2,394

Total other comprehensive income (loss), net of tax

219

(4,163)

848

(3,451)

Total comprehensive income, net of tax

26,286

6,451

27,540

11,351

Unrestricted available-for-sale, Debt securities

Other comprehensive income (loss), net of tax:

Net unrealized gain (loss) on available-for-sale investments

$ 321

(482)

Unrestricted available-for-sale, Debt and equity securities

Other comprehensive income (loss), net of tax:

Net unrealized gain (loss) on available-for-sale investments

745

$ 4,650

Restricted

Other comprehensive income (loss), net of tax:

Net unrealized gain (loss) on available-for-sale investments

$ (4)

$ (9)

[1]

The reclassification into retained earnings relates to the adoption of Accounting Standards Update (“ASU”) 201601 Financial Instruments - Overall, as amended (“ASU 201601”). The new guidance was 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]

Income tax expense for the six months ended June 30, 2018 includes $0.3 million of income tax expense related to the adoption of ASU 201802 Income Statement - Reporting Comprehensive Income (“ASU 201802”). The new guidance was 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 STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical)
$ in Thousands

6 Months Ended

Jun. 30, 2018

USD ($)

Income tax (expense) benefit

$ (706)

^[1]

Scenario, Adjustment | ASU 2018-02

Income tax (expense) benefit

$ (300)

[1]

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands	Directors Common Stock	Directors	Officer Common Stock	Officer	Common Stock	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Treasury Stock	Non-controlling Interest	Total
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2017					65,897,866					65,897,866
Beginning Balance at Dec. 31, 2017					$ 424,694	$ 154,324	$ (1,461)		$ 15,027	$ 592,584
Increase (Decrease) in Stockholders' Equity
Capital contribution from non-controlling interest									887	$ 887
Allocation of ownership interest in Pier Park Crossings JV					(490)				490
Additional ownership interest acquired in Artisan Park, LLC					$ 297				(297)
Issuance of common stock (in shares)			9,956
Issuance of common stock	$ 43	$ 43	$ 192	$ 192
Repurchase of common shares (in shares)					(4,065,160)					(4,065,160)
Repurchase of common shares								$ (72,463)		$ (72,463)
Adoption of ASU 2018-02 Income Statement - Reporting Comprehensive Income						313	(313)
Other comprehensive income							465			465
Net income						26,952			(260)	$ 26,692
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2018					61,842,662					61,842,662
Ending Balance at Jun. 30, 2018					$ 424,736	182,033	(613)	$ (72,463)	$ 15,847	$ 549,540
Increase (Decrease) in Stockholders' Equity
Adoption of ASU \| ASU 2014-09						1,140				$ 1,140
Adoption of ASU \| ASU 2016-01						$ (696)	$ 696

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net income	$ 26,692	$ 14,802
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	4,527	3,985
Stock based compensation	235	19
Loss (gain) on sale of investments	1,086	(10,861)
Unrealized gain on investments, net	(729)
Other-than-temporary impairment loss	63
Other-than-temporary impairment loss		366
Deferred income tax (benefit) expense	(54)	3,488
Impairment loss on investment in real estate	99
Cost of real estate sold	6,545	3,426
Expenditures for and acquisition of real estate to be sold	(8,288)	(5,021)
Accretion income and other	(1,038)	(1,899)
Loss on disposal of property and equipment	8	29
Changes in operating assets and liabilities:
Notes receivable	(381)	(808)
Other assets	(157)	(2,657)
Other liabilities	2,184	14,093
Income taxes receivable	6,720	26,671
Net cash provided by operating activities	37,512	45,633
Cash flows from investing activities:
Expenditures for operating property	(9,659)	(15,646)
Expenditures for property and equipment	(1,252)	(1,271)
Proceeds from the disposition of assets	5,000
Purchases of investments - debt securities	(38)	(74,740)
Purchases of investments - equity securities	(10,442)	(19,081)
Sales of investments - debt securities	64,630	102,065
Sales of investments - equity securities	7,328	8,324
Maturities of assets held by special purpose entities	414	415
Net cash provided by investing activities	55,981	66
Cash flows from financing activities:
Capital contribution from non-controlling interest	887	141
Repurchase of common shares	(72,463)	(40,444)
Borrowings on debt	5,737	1,188
Principal payments for debt	(871)	(838)
Debt issuance costs	(1,158)	(20)
Net cash used in financing activities	(67,868)	(39,973)
Net increase in cash, cash equivalents and restricted cash	25,625	5,726
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	$ 217,990	$ 248,813

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWs (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 215,095	$ 247,178
Restricted cash included in other assets	2,895	1,635
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	217,990	248,813
Cash paid during the period for:
Interest	5,822	5,819
Income taxes	2,005	2,312
Non-cash financing and investment activities:
(Decrease) increase in Community Development District debt	(207)	73
Expenditures for operating properties and property and equipment financed through accounts payable	$ 563	$ 6,098

Nature of Operations	6 Months Ended
Nature of Operations	Jun. 30, 2018
Nature of Operations
Nature of Operations	1. 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 in Northwest Florida. Approximately 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 had 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	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2018
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. 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 is not the primary beneficiary 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 six months ended June 30, 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 VIE’s 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, except for recently adopted accounting pronouncements detailed below. 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 June 30, 2018, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of June 30, 2018 the company had $9.9 million invested in U.S. Treasury securities, $4.3 million invested in two issuers of corporate debt securities that are non-investment grade, $38.8 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 $165.6 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 and six months ended June 30, 2018 and 2017, basic and diluted average shares outstanding were the same and there were no outstanding common stock equivalents as of June 30, 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 and related fees, 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 (“Topic 606”), 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) and certain estimated 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 and six months ended June 30, 2018, real estate revenue includes approximately $0.2 million and $0.6 million, respectively of estimated lot residuals and approximately $0.3 million and $0.6 million, respectively, of certain estimated fees related to homebuilder homesite sales. Prior to 2018, these lot residuals and 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 established the principles used to recognize revenue for all entities. In March 2016, the FASB issued ASU 2016‑08 that further clarified the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016‑10 that clarified 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 rescinded 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 provided narrow-scope improvements and practical expedients to Revenue from Contracts with Customers. In December 2016, the FASB issued ASU 2016‑20 that included technical corrections and improvements to Topic 606. The Company adopted the new guidance as of January 1, 2018 and elected to implement Topic 606 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 and certain fees 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 amended 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 included 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 is 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 amended 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 any impact on the Company’s cash flows. Statement of Cash Flows - Restricted Cash In November 2016, the FASB issued ASU 2016‑18, which required 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 material 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 allowed a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. The ASU also required 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 required 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. In July 2018, the FASB issued ASU 2018-10 that provides clarifications and improvements to ASU 2016-02. 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

6 Months Ended

Jun. 30, 2018

Investment in Real Estate

Investment in Real Estate

3. Investment in Real Estate

Real estate by property type and segment includes the following:


	June 30,		December 31,
	2018		2017
Development property:
Residential real estate	$	99,034	$	100,279
Resorts and leisure		7,438		4,131
Commercial leasing and sales		61,822		53,896
Forestry		2,143		2,488
Corporate		2,427		2,571
Total development property		172,864		163,365

Operating property:
Residential real estate		7,344		7,344
Resorts and leisure		103,670		103,616
Commercial leasing and sales		110,513		110,491
Forestry		19,755		19,510
Other		50		50
Total operating property		241,332		241,011
Less: Accumulated depreciation		74,739		71,752
Total operating property, net		166,593		169,259
Investment in real estate, net	$	339,457	$	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 the 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, WaterSound 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

6 Months Ended

Jun. 30, 2018

Investments

Investments

4. Investments

Available-For-Sale Investments

At June 30, 2018, investments - debt securities and restricted investments classified as available-for-sale securities were as follows:


			Gross Unrealized		Gross Unrealized
	Amortized Cost		Gains		Losses		Fair Value
Investments - debt securities:
U.S. Treasury securities	$	9,961	$	—	$	15	$	9,946
Corporate debt securities		5,042		28		814		4,256
		15,003		28		829		14,202
Restricted investments:
Short-term bond		3,252		—		13		3,239
Money market fund		167		—		—		167
		3,419		—		13		3,406
	$	18,422	$	28	$	842	$	17,608

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


			Gross Unrealized		Gross Unrealized
	Amortized Cost		Gains		Losses		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 six months ended June 30, 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 $64.6 million.

During the three and six months ended June 30, 2017, realized gains from the sale of available for-sale securities were $7.7 million and $10.9 million, respectively. During the six months ended June 30, 2017 proceeds from the sale of available-for-sale securities were $110.4 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 June 30, 2018:


	Less Than 12 Months				12 Months or Greater
			Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses
Investments - debt securities:
U.S. Treasury securities	$	9,946	$	15	$	—	$	—
Corporate debt securities		—		—		4,159		814
Restricted investments:
Short-term bond		—		—		3,239		13
	$	9,946	$	15	$	7,398	$	827

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
			Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses
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 June 30, 2018, the Company had unrealized losses of $0.8 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 June 30, 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 six months ended June 30, 2018, the Company determined unrealized losses related to its corporate debt securities were 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. During the six months ended June 30, 2017, the Company determined unrealized losses related to its corporate debt securities and preferred stock were other-than-temporarily impaired and recorded an impairment of $0.4 million for credit-related loss in investment income, net in the Company’s condensed consolidated statements of income.

The amortized cost and estimated fair value of investments - debt securities and restricted investments classified as available-for-sale at June 30, 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	$	12,654	$	12,393
Due after one year through five years		2,280		1,711
Due after five years through ten years		69		98
		15,003		14,202
Restricted investments		3,419		3,406
	$	18,422	$	17,608

Investments - Equity Securities

At June 30, 2018, investments - equity securities included $38.8 million of preferred stock investments recorded at fair value. During the three and six months ended June 30, 2018, unrealized gains on investments - equity securities of $1.3 million and $0.7 million, respectively were 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 gains or losses related to these investments were recorded in accumulated other comprehensive income (loss). As of January 1, 2018 the outstanding unrealized losses of $0.9 million were 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, which has resulted in a total of $61.9 million of pre-tax income to the Company from April 2013 through June 30, 2018. Neither FCM nor FTC receives any compensation for services as the Company’s investment advisor. As of June 30, 2018, Fairholme, including Mr. Berkowitz and clients of FCM and FTC, collectively, beneficially owned 44.38% 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

6 Months Ended

Jun. 30, 2018

Financial Instruments and Fair Value Measurements

Financial Instruments and Fair Value Measurements

5. Financial Instruments and Fair Value Measurements

Fair Value Measurements

The financial instruments measured at fair value on a recurring basis at June 30, 2018 were as follows:


							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	24,256	$	—	$	—	$	24,256
Commercial paper		165,619		—		—		165,619
		189,875		—		—		189,875

Investments - debt securities
U.S. Treasury securities		9,946		—		—		9,946
Corporate debt securities		—		4,256		—		4,256
		9,946		4,256		—		14,202
Investments - equity securities
Preferred stock		10,862		27,968		—		38,830


Restricted investments:
Short-term bond		3,239		—		—		3,239
Money market fund		167		—		—		167
		3,406		—		—		3,406
	$	214,089	$	32,224	$	—	$	246,313

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


							Total Fair
	Level 1		Level 2		Level 3		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 stocks 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 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 June 30, 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:


	June 30, 2018					December 31, 2017
	Carrying					Carrying
	value		Fair value		Level	value		Fair value		Level
Assets
Investments held by SPEs:
Time deposit	$	200,000	$	200,000	3	$	200,000	$	200,000	3
U.S. Treasury securities and cash equivalents	$	7,664	$	7,304	1	$	7,989	$	7,797	1
Liabilities
Senior Notes held by SPE	$	176,655	$	190,282	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 June 30, 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 $7.3 million and cash of $0.4 million. The Senior Notes held by Northwest Florida Timber Finance, LLC as of June 30, 2018 consist of $176.7 million, net of the $3.3 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	6 Months Ended
Claim Settlement Receivable	Jun. 30, 2018
Claim Settlement Receivable
Claim Settlement Receivable	6. 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 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 each of the three and six months ended June 30, 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	6 Months Ended
Sale of Vacation Rental Management	Jun. 30, 2018
Sale of Vacation Rental Management
Sale of Vacation Rental Management	7. 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

6 Months Ended

Jun. 30, 2018

Other Assets

Other Assets

8. Other Assets

Other assets consist of the following:


	June 30,		December 31,
	2018		2017
Retained interest investments	$	11,285	$	11,147
Accounts receivable, net		9,662		8,460
Notes receivable		4,903		9,522
Prepaid expenses		8,512		6,625
Straight line rent		3,779		3,804
Other assets		5,354		4,637
Accrued interest receivable for Senior Notes held by SPE		2,938		2,938
Total other assets	$	46,433	$	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 June 30, 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 June 30, 2018 and December 31, 2017, respectively, recorded in other assets on the Company’s condensed consolidated balance sheets.

Accounts Receivable, Net

As of June 30, 2018, accounts receivable, net includes $2.7 million related to estimated lot residuals and certain estimated 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:


	June 30,		December 31,
	2018		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		1,316		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 June 2018 and any remaining amount outstanding is due by June 2019		666		857
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		392		1,060
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		153		174
Interest bearing homebuilder note, secured by the real estate sold — 6.3% interest rate, principal payment of less than $0.1 million due April 2019 and any remaining amount outstanding is due by April 2020		68		—
Total notes receivable	$	4,903	$	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 June 30, 2018 and December 31, 2017, there was no allowance for doubtful notes receivable.

Real Estate Joint Ventures	6 Months Ended
Real Estate Joint Ventures	Jun. 30, 2018
Real Estate Joint Ventures
Real Estate Joint Ventures	9. 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. In April 2018, the Company entered into a joint venture agreement to develop and operate a hotel in Panama City Beach, Florida. The hotel 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 June 30, 2018, the Company owned a 50.0% equity interest in the 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. As of June 30, 2018, Pier Park TPS, LLC (“Pier Park TPS JV”) did not have any activity and the Company is currently evaluating whether it is the VIE’s primary beneficiary. 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 was contributed to the joint venture by the Company. As of June 30, 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 June 30, 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 June 30, 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 June 30, 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 June 30, 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 June 30, 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 June 30, 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. As of June 30, 2018, the Company beneficially owned 23.9% of ALP’s outstanding beneficial interest units. Financial information for ALP is provided to the Company on a delayed basis. The summarized information as of March 31, 2018 and December 31, 2017 includes total assets of $10.1 million and $10.2 million, respectively, total liabilities of $0.2 million and $0.1 million, respectively and total equity of $9.9 million and $10.1 million, respectively. For the three months ended March 31, 2018 and 2017, ALP reported a net loss of $0.1 million and $0.2 million, respectively.

Debt, Net

6 Months Ended

Jun. 30, 2018

Debt, Net

Debt, Net

10. Debt, Net

Debt consists of the following at June 30, 2018:


			Unamortized
			Discount and
			Debt Issuance
	Principal		Costs		Net
PPN JV Loan, due November 2025, bearing interest at 4.1%	$	46,863	$	479	$	46,384
Loan in the Pier Park Crossings JV, insured by The United States Department of Housing and Urban Development, due June 2060, bearing interest at 4.0%		5,040		1,130		3,910
Community Development District debt, secured by certain real estate or other collateral, due May 2023 — May 2039, bearing interest at 3.6% to 6.0%		6,608		—		6,608
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.8% at June 30, 2018)		1,611		17		1,594
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 3.8% at June 30, 2018)		697		27		670
Total debt	$	60,819	$	1,653	$	59,166

Debt consists of the following at December 31, 2017:


			Unamortized
			Discount and
			Debt Issuance
	Principal		Costs		Net
PPN JV Loan, 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%		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 “PPN JV Loan”). As of June 30, 2018, the PPN JV 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 PPN JV 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.

In May 2018, the Pier Park Crossings JV entered into a $36.6 million loan, insured by the United States Department of Housing and Urban Development (“HUD”), to finance the construction of apartments in Panama City Beach, Florida (the “PPC JV Loan”). The PPC JV Loan provides for interest only payments during the first twenty-four months and monthly principal and interest payments thereafter through maturity in June 2060. The PPC JV Loan may not be prepaid prior to July 1, 2020. From July 1, 2020 through June 30, 2030, a prepayment premium is due to the lender of 1.0% - 10.0% of the principal prepaid. The PPC JV Loan is secured by the Pier Park Crossings JV’s real property and the assignment of rents and leases.

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 $20.2 million and $21.7 million as of June 30, 2018, and December 31, 2017, respectively. The Company pays interest on this total outstanding CDD debt. During the second quarter of 2018, the CDD at SouthWood completed a refinance of its 2008 and 2011 bonds into 2018 bonds, reducing the interest rates.

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.

In May 2018, a wholly owned subsidiary of the Company entered into a $1.7 million construction loan to finance the construction of two beach homes located in Panama City Beach, Florida (the “Beach Homes Loan”). The Beach Homes 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 Beach Homes Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Beach Homes Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Beach Homes Loan. As of June 30, 2018, there was no principal balance and the Company incurred less than $0.1 million of loan costs related to the Beach Homes Loan.

The aggregate maturities of debt subsequent to June 30, 2018, for the years ending December 31 are:


	June 30,
	2018
2018	$	494
2019		1,567
2020		1,772
2021		1,955
2022		1,935
Thereafter		53,096
	$	60,819

Other Liabilities

6 Months Ended

Jun. 30, 2018

Other Liabilities

Other Liabilities

11. Other Liabilities

Other liabilities consist of the following:


	June 30,		December 31,
	2018		2017
Accounts payable	$	7,896	$	7,524
Accrued compensation		2,824		2,664
Deferred revenue		17,988		17,864
Membership deposits and initiation fees		9,806		9,704
Advance deposits		2,380		1,468
Other accrued liabilities		5,576		5,185
Accrued interest expense for Senior Notes held by SPE		2,850		2,850
Total other liabilities	$	49,320	$	47,259

Deferred revenue as of June 30, 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 $2.3 million of accrued property taxes as of June 30, 2018, which are generally paid annually in November. As of December 31, 2017 the Company had no accrued property taxes.

Income Taxes

6 Months Ended

Jun. 30, 2018

Income Taxes

Income Taxes

12. Income Taxes

Income tax expense attributable to income from operations differed from the amount computed by applying the statutory federal income tax rate of 21% as of June 30, 2018 and 35% as of June 30, 2017 to pre-tax income or loss as a result of the following:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2018		2017		2018		2017
Tax at the federal statutory rate	$	6,875	$	5,836	$	6,982	$	8,162
State income taxes (net of federal benefit)		1,423		583		1,445		816
2017 qualified timber gains at the federal statutory rate of 23.8% (1)		—		—		(524)		—
Decrease in valuation allowance		(1,418)		(316)		(1,451)		(596)
Other		(333)		(194)		(154)		(194)
Total income tax expense	$	6,547	$	5,909	$	6,298	$	8,188

(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 June 30, 2018 and December 31, 2017, the Company had state net operating loss carryforwards of $358.8 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 2036. As of 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. During the six months ended June 30, 2018, the Company applied $6.7 million of current income tax payable to this receivable, resulting in an income tax receivable of $1.7 million as of June 30, 2018.

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 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 $5.0 million. Based on year to date earnings and expected results for the full year, the Company partially reversed $1.5 million of the valuation allowance during the six months ended June 30, 2018 leaving a valuation allowance of $3.5 million for these deferred tax assets as of June 30, 2018. The Company will continue to evaluate the need for a valuation allowance against these tax assets and will adjust the valuation allowance as deemed appropriate which, when adjusted, will result in an impact to the effective tax rate.

The Company had approximately $2.1 million of total unrecognized tax benefits as of both June 30, 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

6 Months Ended

Jun. 30, 2018

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

13. 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 June 30, 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		(366)
Amounts reclassified from accumulated other comprehensive loss		1,214
Other comprehensive income		848
Accumulated other comprehensive loss at June 30, 2018	$	(613)

Following is a summary of the tax effects allocated to other comprehensive income (loss) for the three months ended June 30, 2018 and 2017:


	Three Months Ended June 30, 2018
	Before-		Tax (Expense) or		Net-of-
	Tax Amount		Benefit		Tax Amount
Unrealized gain on investments - debt securities:
Unrealized gain on available-for-sale investments	$	321	$	(82)	$	239
Reclassification adjustment for net gain included in earnings		(28)		7		(21)
Net unrealized gain		293		(74)		219
Other comprehensive income	$	293	$	(74)	$	219


	Three Months Ended June 30, 2017
	Before-		Tax (Expense) or		Net-of-
	Tax Amount		Benefit		Tax Amount
Unrealized gain (loss) on investments and restricted investments:
Unrealized gain on available-for-sale investments	$	745	$	(287)	$	458
Unrealized loss on restricted investments		(4)		2		(2)
Reclassification adjustment for net gain included in earnings		(7,739)		3,120		(4,619)
Net unrealized loss		(6,998)		2,835		(4,163)
Other comprehensive loss	$	(6,998)	$	2,835	$	(4,163)

Following is a summary of the tax effects allocated to other comprehensive income (loss) for the six months ended June 30, 2018 and 2017:


	Six Months Ended June 30, 2018
	Before-		Tax Benefit or		Net-of-
	Tax Amount		(Expense)		Tax Amount
Unrealized loss on investments - debt securities and restricted investments:
Unrealized loss on available-for-sale investments	$	(482)	$	123	$	(359)
Unrealized loss on restricted investments		(9)		2		(7)
Reclassification adjustment for net loss included in earnings		1,050		(266)		784
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		1,554		(706)		848
Other comprehensive income	$	1,554	$	(706)	$	848

(1)

The reclassification into retained earnings relates to the adoption of ASU 2016‑01. The new guidance was 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 was 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.


	Six Months Ended June 30, 2017
	Before-		Tax (Expense) or		Net-of-
	Tax Amount		Benefit		Tax Amount
Unrealized gain on investments:
Unrealized gain on available-for-sale investments	$	4,650	$	(1,789)	$	2,861
Reclassification adjustment for net gain included in earnings		(10,861)		4,183		(6,678)
Reclassification adjustment for other-than-temporary impairment loss included in earnings		366		—		366
Net unrealized loss		(5,845)		2,394		(3,451)
Other comprehensive loss	$	(5,845)	$	2,394	$	(3,451)

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2018
Stockholders’ Equity
Stockholders' Equity	14. Stockholders’ Equity Stock Repurchase Program The Company’s Board has approved a stock repurchase program (the “Stock Repurchase Program”) pursuant to which the Company is authorized to repurchase shares of its common stock. The Stock Repurchase Program has no expiration date. During the six months ended June 30, 2018 and 2017, the Company repurchased 4,065,160 and 2,416,089 shares, respectively, of its common stock at an average purchase price of $17.82 and $16.74, per share, respectively, for an aggregate purchase price of $72.5 million and $40.4 million, respectively, pursuant to its Stock Repurchase Program. As of June 30, 2018, the Company had a total authority of $63.8 million available for purchase of shares of its common stock pursuant to its Stock Repurchase Program. The Company may repurchase its common stock in open market purchases from time to time, in privately negotiated transactions or otherwise, pursuant to Rule 10b‑18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing and amount of any additional shares to be repurchased will depend upon a variety of factors, including market and business conditions. 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 June 30, 2018 and through July 30, 2018, the Company purchased an additional 550,141 shares for an aggregate purchase price of $9.9 million. Issuance of Common Stock for Director’s Fees On May 23, 2018, 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 2, 2018, 2,778 shares of restricted stock were granted to one of the Company’s directors pursuant to the Board’s May 23, 2018 approval and the Company’s 2015 Performance and Equity Incentive Plan (the “2015 Plan”). This restricted stock will vest on the date of the Company’s 2019 Annual Meeting of Shareholders (the “2019 Annual Meeting”) and is subject to forfeiture upon termination of service on the Board prior to the 2019 Annual Meeting. Three non-employee directors elected to receive cash in lieu of the stock. 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 Plan. This restricted stock vested on May 23, 2018, the date of the Company’s 2018 Annual Meeting of Shareholders. 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 and six months ended June 30, 2018, the Company recorded expense of less than $0.1 million, related to restricted stock awards to the Company’s directors. For the six months ended June 30, 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 six months ended June 30, 2018, the Company recorded expense of $0.2 million related to restricted stock awards to the Company’s NEOs.

Employee Benefit Plan	6 Months Ended
Employee Benefit Plan	Jun. 30, 2018
Employee Benefit Plan
Employee Benefit Plan	15. 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 June 30, 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 six months ended June 30, 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 and six months ended June 30, 2018 and less than a $0.1 million gain for the three and six months ended June 30, 2017. Refer to Note 5. Financial Instruments and Fair Value Measurements.

Other Income (Expense)

6 Months Ended

Jun. 30, 2018

Other Income (Expense)

Other Income (Expense)

16. Other Income (Expense)

Other income (expense) consists of the following:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2018		2017		2018		2017
Investment income, net
Interest and dividend income	$	2,342	$	4,024	$	5,222	$	8,572
Accretion income		202		399		423		1,320
Net realized (loss) gain on the sale of investments		(8)		7,739		(1,086)		10,861
Other-than-temporary impairment loss		—		—		(63)		(366)
Unrealized gain on investments, net		1,267		—		729		—
Interest income from investments in SPEs		2,049		2,050		4,099		4,101
Interest accrued on notes receivable and other interest		129		91		322		170
Total investment income, net		5,981		14,303		9,646		24,658
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE		(2,197)		(2,194)		(4,393)		(4,387)
Other interest expense		(757)		(841)		(1,586)		(1,691)
Total interest expense		(2,954)		(3,035)		(5,979)		(6,078)
Other income (expense), net
Accretion income from retained interest investments		303		271		593		534
Miscellaneous (expense) income, net		(60)		57		(73)		3,529
Other income, net		243		328		520		4,063
Total other income, net	$	3,270	$	11,596	$	4,187	$	22,643

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.

Unrealized gain on investments, net includes unrealized gains or losses on investments - equity securities due to the adoption of ASU 2016‑01. Prior to 2018, unrealized gains or losses 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, PPN JV Loan 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 six months ended June 30, 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. 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

6 Months Ended

Jun. 30, 2018

Segment Information

Segment Information

17. 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 Topic 606 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 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 and certain 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. Effective January 1, 2018, with the adoption of Topic 606, estimated lot residuals and certain estimated 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 Company’s April 2014 RiverTown real estate sale, the buyer, an affiliate of Mattamy (Jacksonville) Partnership d/b/a Mattamy Homes (“Mattamy”), was obligated to pay certain impact fees to the Company prior to April 2, 2019 and, depending on circumstances, potentially thereafter. On April 3, 2018, the Board of County Commissioners for St. Johns County adopted revised impact fee schedules that went into effect as of July 3, 2018, and increased impact fee rates for residential units. In June 2018, the Company received $23.1 million from Mattamy to pay the estimated impact fees based on Mattamy’s current development plans and the impact fee schedule in effect at the time of the payment. For the three and six months ended June 30, 2018, the impact fees of $23.1 million were included in real estate revenue in the Company’s condensed consolidated statements of income. Mattamy may be required to pay to the Company additional impact fees based on its future development plans. Any consideration the Company may receive for additional impact fees will be based on a variety of factors outside the Company’s control, including impact fee increases or decreases by St. Johns County, home sizes and the number of homes built in the project. The Company received impact fees for a total of $23.3 million and $0.2 million during the three months ended June 30, 2018 and 2017, respectively. The Company received impact fees for a total of $23.5 million and $0.3 million during the six months ended June 30, 2018 and 2017, respectively. From April 2014 through June 30, 2018, the Company has received approximately $25.1 million in impact fee payments from Mattamy.

The resort and leisure segment generates revenue and incurs costs from the WaterColor Inn and WaterSound Inn, the vacation rental program, management of The Pearl Hotel, membership sales, membership reservations, restaurants, 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, WaterSound Inn, Vacation Rentals and Other Management Services - WaterColor Inn, WaterSound Inn and vacation rentals generate revenue from (1) the WaterColor Inn, WaterSound Inn and other management services, (2) management of The Pearl Hotel, (3) vacation rentals and (4) restaurants. The WaterColor Inn and WaterSound Inn generate revenue from service and rental fees and incur expenses from the cost of services and goods provided, maintenance of the inns’ 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 and a percentage of The Pearl Hotel’s gross operating profit. 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 incurs expenses from the holding cost 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, Pier Park Crossings JV and other assets, which are subject to third-party financing incur interest and financing expenses related to the loans as described in Note 10. Debt, Net.

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 are 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 category 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				Six Months Ended
	June 30,				June 30,
	2018		2017		2018		2017
Operating revenue:
Residential real estate (a)	$	28,755	$	4,706	$	35,790	$	5,980
Resorts and leisure		13,270		19,328		20,719		27,436
Commercial leasing and sales		3,345		4,831		6,495		7,795
Forestry revenue		2,808		1,588		4,788		2,674
Other (b)		2,256		194		2,506		275
Consolidated operating revenue	$	50,434	$	30,647	$	70,298	$	44,160



Income (loss) before income taxes:
Residential real estate (a)	$	24,957	$	1,893	$	26,417	$	1,224
Resorts and leisure		2,403		3,380		1,868		1,604
Commercial leasing and sales		(190)		235		(280)		(138)
Forestry		2,226		1,130		3,757		2,371
Other		3,218		9,885		1,228		17,929
Consolidated income before income taxes	$	32,614	$	16,523	$	32,990	$	22,990


	June 30,		December 31,
	2018		2017
Total assets:
Residential real estate	$	120,502	$	117,732
Resorts and leisure		77,610		83,151
Commercial leasing and sales		172,494		163,271
Forestry		20,228		20,212
Other		492,934		536,627
Total assets	$	883,768	$	920,993

(a)

Includes revenue of $23.1 million for the three and six months ended June 30, 2018 for a one-time payment of RiverTown impact fees related to the 2014 RiverTown real estate sale.

(b)

Includes revenue of $2.2 million for the three and six months ended June 30, 2018 related to a specific sale of mitigation bank credits.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2018
Commitments and Contingencies
Commitments and Contingencies	18. 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 June 30, 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 June 30, 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 $8.2 million and $8.6 million, respectively and standby letters of credit of less than $0.1 million for both periods, which may potentially result in liability to the Company if certain obligations of the Company are not met. As of June 30, 2018, the Company had a total of $51.3 million in contractual obligations.

Summary of Significant Accounting Policies - (Policies)	6 Months Ended
Summary of Significant Accounting Policies - (Policies)	Jun. 30, 2018
Summary of Significant Accounting Policies
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 is not the primary beneficiary 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 six months ended June 30, 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 VIE’s 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, except for recently adopted accounting pronouncements detailed below. 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 June 30, 2018, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of June 30, 2018 the company had $9.9 million invested in U.S. Treasury securities, $4.3 million invested in two issuers of corporate debt securities that are non-investment grade, $38.8 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 $165.6 million in short term commercial paper from twelve issuers.
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. For the three and six months ended June 30, 2018 and 2017, basic and diluted average shares outstanding were the same and there were no outstanding common stock equivalents as of June 30, 2018 or December 31, 2017. Non-vested restricted stock is included in outstanding shares at the time of grant.
Revenue and Revenue Recognition	Revenue and Revenue Recognition Revenue consists primarily of real estate sales and related fees, 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 (“Topic 606”), 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) and certain estimated 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 and six months ended June 30, 2018, real estate revenue includes approximately $0.2 million and $0.6 million, respectively of estimated lot residuals and approximately $0.3 million and $0.6 million, respectively, of certain estimated fees related to homebuilder homesite sales. Prior to 2018, these lot residuals and 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 and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09 that established the principles used to recognize revenue for all entities. In March 2016, the FASB issued ASU 2016‑08 that further clarified the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016‑10 that clarified 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 rescinded 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 provided narrow-scope improvements and practical expedients to Revenue from Contracts with Customers. In December 2016, the FASB issued ASU 2016‑20 that included technical corrections and improvements to Topic 606. The Company adopted the new guidance as of January 1, 2018 and elected to implement Topic 606 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 and certain fees 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 amended 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 included 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 is 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 amended 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 any impact on the Company’s cash flows. Statement of Cash Flows - Restricted Cash In November 2016, the FASB issued ASU 2016‑18, which required 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 material 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 allowed a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. The ASU also required 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 required 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. In July 2018, the FASB issued ASU 2018-10 that provides clarifications and improvements to ASU 2016-02. 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 (Tables)

6 Months Ended

Jun. 30, 2018

Investment in Real Estate

Schedule of Real Estate by Property Type and Segment


	June 30,		December 31,
	2018		2017
Development property:
Residential real estate	$	99,034	$	100,279
Resorts and leisure		7,438		4,131
Commercial leasing and sales		61,822		53,896
Forestry		2,143		2,488
Corporate		2,427		2,571
Total development property		172,864		163,365

Operating property:
Residential real estate		7,344		7,344
Resorts and leisure		103,670		103,616
Commercial leasing and sales		110,513		110,491
Forestry		19,755		19,510
Other		50		50
Total operating property		241,332		241,011
Less: Accumulated depreciation		74,739		71,752
Total operating property, net		166,593		169,259
Investment in real estate, net	$	339,457	$	332,624

Investments (Tables)

6 Months Ended

Jun. 30, 2018

Investments

Schedule of Investments

At June 30, 2018, investments - debt securities and restricted investments classified as available-for-sale securities were as follows:


			Gross Unrealized		Gross Unrealized
	Amortized Cost		Gains		Losses		Fair Value
Investments - debt securities:
U.S. Treasury securities	$	9,961	$	—	$	15	$	9,946
Corporate debt securities		5,042		28		814		4,256
		15,003		28		829		14,202
Restricted investments:
Short-term bond		3,252		—		13		3,239
Money market fund		167		—		—		167
		3,419		—		13		3,406
	$	18,422	$	28	$	842	$	17,608

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


			Gross Unrealized		Gross Unrealized
	Amortized Cost		Gains		Losses		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

Schedule of Unrealized Loss Position and Related Fair Value of Investments

The following table provides the U.S. Treasury securities, corporate debt securities and restricted investments unrealized loss position and related fair values as of June 30, 2018:


	Less Than 12 Months				12 Months or Greater
			Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses
Investments - debt securities:
U.S. Treasury securities	$	9,946	$	15	$	—	$	—
Corporate debt securities		—		—		4,159		814
Restricted investments:
Short-term bond		—		—		3,239		13
	$	9,946	$	15	$	7,398	$	827


	Less Than 12 Months				12 Months or Greater
			Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses
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

Schedule of Contractual Maturities of Investments


	Amortized Cost		Fair Value
Due in one year or less	$	12,654	$	12,393
Due after one year through five years		2,280		1,711
Due after five years through ten years		69		98
		15,003		14,202
Restricted investments		3,419		3,406
	$	18,422	$	17,608

Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2018

Financial Instruments and Fair Value Measurements

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis

The financial instruments measured at fair value on a recurring basis at June 30, 2018 were as follows:


							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	24,256	$	—	$	—	$	24,256
Commercial paper		165,619		—		—		165,619
		189,875		—		—		189,875

Investments - debt securities
U.S. Treasury securities		9,946		—		—		9,946
Corporate debt securities		—		4,256		—		4,256
		9,946		4,256		—		14,202
Investments - equity securities
Preferred stock		10,862		27,968		—		38,830


Restricted investments:
Short-term bond		3,239		—		—		3,239
Money market fund		167		—		—		167
		3,406		—		—		3,406
	$	214,089	$	32,224	$	—	$	246,313

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


							Total Fair
	Level 1		Level 2		Level 3		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

Schedule of Carrying Amount and Fair Value Measured on Nonrecurring Basis of Financial Instruments

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


	June 30, 2018					December 31, 2017
	Carrying					Carrying
	value		Fair value		Level	value		Fair value		Level
Assets
Investments held by SPEs:
Time deposit	$	200,000	$	200,000	3	$	200,000	$	200,000	3
U.S. Treasury securities and cash equivalents	$	7,664	$	7,304	1	$	7,989	$	7,797	1
Liabilities
Senior Notes held by SPE	$	176,655	$	190,282	3	$	176,537	$	198,530	3

Other Assets (Tables)

6 Months Ended

Jun. 30, 2018

Other Assets

Schedule of Other Assets

Other assets consist of the following:


	June 30,		December 31,
	2018		2017
Retained interest investments	$	11,285	$	11,147
Accounts receivable, net		9,662		8,460
Notes receivable		4,903		9,522
Prepaid expenses		8,512		6,625
Straight line rent		3,779		3,804
Other assets		5,354		4,637
Accrued interest receivable for Senior Notes held by SPE		2,938		2,938
Total other assets	$	46,433	$	47,133

Schedule of Notes Receivable

Notes receivable consists of the following:


	June 30,		December 31,
	2018		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		1,316		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 June 2018 and any remaining amount outstanding is due by June 2019		666		857
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		392		1,060
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		153		174
Interest bearing homebuilder note, secured by the real estate sold — 6.3% interest rate, principal payment of less than $0.1 million due April 2019 and any remaining amount outstanding is due by April 2020		68		—
Total notes receivable	$	4,903	$	9,522

Debt, Net (Tables)

6 Months Ended

Jun. 30, 2018

Debt, Net

Schedule of Debt

Debt consists of the following at June 30, 2018:


			Unamortized
			Discount and
			Debt Issuance
	Principal		Costs		Net
PPN JV Loan, due November 2025, bearing interest at 4.1%	$	46,863	$	479	$	46,384
Loan in the Pier Park Crossings JV, insured by The United States Department of Housing and Urban Development, due June 2060, bearing interest at 4.0%		5,040		1,130		3,910
Community Development District debt, secured by certain real estate or other collateral, due May 2023 — May 2039, bearing interest at 3.6% to 6.0%		6,608		—		6,608
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.8% at June 30, 2018)		1,611		17		1,594
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 3.8% at June 30, 2018)		697		27		670
Total debt	$	60,819	$	1,653	$	59,166

Debt consists of the following at December 31, 2017:


			Unamortized
			Discount and
			Debt Issuance
	Principal		Costs		Net
PPN JV Loan, 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%		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

Schedule of Aggregate Maturities of Debt


	June 30,
	2018
2018	$	494
2019		1,567
2020		1,772
2021		1,955
2022		1,935
Thereafter		53,096
	$	60,819

Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2018

Other Liabilities

Schedule of Other Liabilities


	June 30,		December 31,
	2018		2017
Accounts payable	$	7,896	$	7,524
Accrued compensation		2,824		2,664
Deferred revenue		17,988		17,864
Membership deposits and initiation fees		9,806		9,704
Advance deposits		2,380		1,468
Other accrued liabilities		5,576		5,185
Accrued interest expense for Senior Notes held by SPE		2,850		2,850
Total other liabilities	$	49,320	$	47,259

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2018

Income Taxes

Schedule of Effective Income Tax Rate Reconciliation


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2018		2017		2018		2017
Tax at the federal statutory rate	$	6,875	$	5,836	$	6,982	$	8,162
State income taxes (net of federal benefit)		1,423		583		1,445		816
2017 qualified timber gains at the federal statutory rate of 23.8% (1)		—		—		(524)		—
Decrease in valuation allowance		(1,418)		(316)		(1,451)		(596)
Other		(333)		(194)		(154)		(194)
Total income tax expense	$	6,547	$	5,909	$	6,298	$	8,188

(1)

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2018

Accumulated Other Comprehensive Loss

Summary of Changes in Accumulated Other Comprehensive Loss


	Unrealized Gain and
	(Loss) on Available-
	for-Sale Securities
Accumulated other comprehensive loss at December 31, 2017	$	(1,461)
Other comprehensive income before reclassifications		(366)
Amounts reclassified from accumulated other comprehensive loss		1,214
Other comprehensive income		848
Accumulated other comprehensive loss at June 30, 2018	$	(613)

Summary of Tax Effects Allocated to Other Comprehensive Income (Loss)

Following is a summary of the tax effects allocated to other comprehensive income (loss) for the three months ended June 30, 2018 and 2017:


	Three Months Ended June 30, 2018
	Before-		Tax (Expense) or		Net-of-
	Tax Amount		Benefit		Tax Amount
Unrealized gain on investments - debt securities:
Unrealized gain on available-for-sale investments	$	321	$	(82)	$	239
Reclassification adjustment for net gain included in earnings		(28)		7		(21)
Net unrealized gain		293		(74)		219
Other comprehensive income	$	293	$	(74)	$	219


	Three Months Ended June 30, 2017
	Before-		Tax (Expense) or		Net-of-
	Tax Amount		Benefit		Tax Amount
Unrealized gain (loss) on investments and restricted investments:
Unrealized gain on available-for-sale investments	$	745	$	(287)	$	458
Unrealized loss on restricted investments		(4)		2		(2)
Reclassification adjustment for net gain included in earnings		(7,739)		3,120		(4,619)
Net unrealized loss		(6,998)		2,835		(4,163)
Other comprehensive loss	$	(6,998)	$	2,835	$	(4,163)

Following is a summary of the tax effects allocated to other comprehensive income (loss) for the six months ended June 30, 2018 and 2017:


	Six Months Ended June 30, 2018
	Before-		Tax Benefit or		Net-of-
	Tax Amount		(Expense)		Tax Amount
Unrealized loss on investments - debt securities and restricted investments:
Unrealized loss on available-for-sale investments	$	(482)	$	123	$	(359)
Unrealized loss on restricted investments		(9)		2		(7)
Reclassification adjustment for net loss included in earnings		1,050		(266)		784
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		1,554		(706)		848
Other comprehensive income	$	1,554	$	(706)	$	848

(1)

(2)


	Six Months Ended June 30, 2017
	Before-		Tax (Expense) or		Net-of-
	Tax Amount		Benefit		Tax Amount
Unrealized gain on investments:
Unrealized gain on available-for-sale investments	$	4,650	$	(1,789)	$	2,861
Reclassification adjustment for net gain included in earnings		(10,861)		4,183		(6,678)
Reclassification adjustment for other-than-temporary impairment loss included in earnings		366		—		366
Net unrealized loss		(5,845)		2,394		(3,451)
Other comprehensive loss	$	(5,845)	$	2,394	$	(3,451)

Other Income (Expense) - (Tables)

6 Months Ended

Jun. 30, 2018

Other Income (Expense)

Schedule of Other Income (Expense)

Other income (expense) consists of the following:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2018		2017		2018		2017
Investment income, net
Interest and dividend income	$	2,342	$	4,024	$	5,222	$	8,572
Accretion income		202		399		423		1,320
Net realized (loss) gain on the sale of investments		(8)		7,739		(1,086)		10,861
Other-than-temporary impairment loss		—		—		(63)		(366)
Unrealized gain on investments, net		1,267		—		729		—
Interest income from investments in SPEs		2,049		2,050		4,099		4,101
Interest accrued on notes receivable and other interest		129		91		322		170
Total investment income, net		5,981		14,303		9,646		24,658
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE		(2,197)		(2,194)		(4,393)		(4,387)
Other interest expense		(757)		(841)		(1,586)		(1,691)
Total interest expense		(2,954)		(3,035)		(5,979)		(6,078)
Other income (expense), net
Accretion income from retained interest investments		303		271		593		534
Miscellaneous (expense) income, net		(60)		57		(73)		3,529
Other income, net		243		328		520		4,063
Total other income, net	$	3,270	$	11,596	$	4,187	$	22,643

Segment Information (Tables)

6 Months Ended

Jun. 30, 2018

Segment Information

Schedule of Information by Business Segment

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2018		2017		2018		2017
Operating revenue:
Residential real estate (a)	$	28,755	$	4,706	$	35,790	$	5,980
Resorts and leisure		13,270		19,328		20,719		27,436
Commercial leasing and sales		3,345		4,831		6,495		7,795
Forestry revenue		2,808		1,588		4,788		2,674
Other (b)		2,256		194		2,506		275
Consolidated operating revenue	$	50,434	$	30,647	$	70,298	$	44,160



Income (loss) before income taxes:
Residential real estate (a)	$	24,957	$	1,893	$	26,417	$	1,224
Resorts and leisure		2,403		3,380		1,868		1,604
Commercial leasing and sales		(190)		235		(280)		(138)
Forestry		2,226		1,130		3,757		2,371
Other		3,218		9,885		1,228		17,929
Consolidated income before income taxes	$	32,614	$	16,523	$	32,990	$	22,990


	June 30,		December 31,
	2018		2017
Total assets:
Residential real estate	$	120,502	$	117,732
Resorts and leisure		77,610		83,151
Commercial leasing and sales		172,494		163,271
Forestry		20,228		20,212
Other		492,934		536,627
Total assets	$	883,768	$	920,993

(a)

Includes revenue of $23.1 million for the three and six months ended June 30, 2018 for a one-time payment of RiverTown impact fees related to the 2014 RiverTown real estate sale.

(b)

Includes revenue of $2.2 million for the three and six months ended June 30, 2018 related to a specific sale of mitigation bank credits.

Summary of Significant Accounting Policies - Concentrations (Details) $ in Thousands	Jun. 30, 2018 USD ($) issuer	Dec. 31, 2017 USD ($)	Jun. 30, 2017 USD ($)
Concentration risk
Investments - debt securities	$ 14,202	$ 76,245
Investments - equity securities	38,830
Cash and cash equivalents	215,095	$ 192,083	$ 247,178
U.S. Treasury securities
Concentration risk
Investments - debt securities	9,900
Preferred stock
Concentration risk
Investments - equity securities	$ 38,800
Commercial paper
Concentration risk
Number of issuers \| issuer	12
Cash and cash equivalents	$ 165,600
Non-investment grade \| Corporate debt securities
Concentration risk
Investments - debt securities	$ 4,300
Number of issuers \| issuer	2
Non-investment grade \| Preferred stock
Concentration risk
Number of issuers \| issuer	5
Investment grade \| Preferred stock
Concentration risk
Number of issuers \| issuer	2

Summary of Significant Accounting Policies - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Real estate
Disaggregation of revenue
Revenue	$ 32,159	$ 7,150	$ 39,861	$ 8,675
Homebuilder homesite sales, Lot residuals
Disaggregation of revenue
Revenue	200		600
Homebuilder homesite sales, Certain products and services
Disaggregation of revenue
Revenue	$ 300		$ 600

Summary of Significant Accounting Policies - ASUs (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Jun. 30, 2018	Dec. 31, 2017
Revenue initial application period cumulative effect transition
Accounts receivable, net		$ 9,662	$ 8,460
Investment in real estate, net		$ 339,457	$ 332,624
Difference between Revenue Guidance in Effect before and after Topic 606 \| ASU 2014-09
Revenue initial application period cumulative effect transition
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 \| ASU 2016-01
Revenue initial application period cumulative effect transition
Adjustment to retained earnings, before tax	(900)
Adjustment to retained earnings, tax	200
Adjustment to retained earnings, net of tax	$ (700)

Summary of Significant Accounting Policies - Reclassification of Certain Tax Effects (Details) - USD ($) $ in Thousands		6 Months Ended
	Jan. 01, 2018	Jun. 30, 2018
Accumulated Other Comprehensive (Loss) Income
New accounting pronouncements or change in accounting principle
Reclassification into retained earnings for the adoption of ASU 2018-02, Tax (expense) or benefit	$ (300)	$ (313)
Retained Earnings
New accounting pronouncements or change in accounting principle
Reclassification into retained earnings for the adoption of ASU 2018-02, Tax (expense) or benefit	$ 300	$ 313

Investment in Real Estate - Real Estate by Property Type and Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Real estate properties
Investment in real estate, net	$ 339,457	$ 332,624
Development property
Real estate properties
Investment in real estate, net	172,864	163,365
Development property \| Corporate/Other
Real estate properties
Investment in real estate, net	2,427	2,571
Development property \| Residential real estate \| Operating Segments
Real estate properties
Investment in real estate, net	99,034	100,279
Development property \| Resorts and leisure \| Operating Segments
Real estate properties
Investment in real estate, net	7,438	4,131
Development property \| Commercial leasing and sales \| Operating Segments
Real estate properties
Investment in real estate, net	61,822	53,896
Development property \| Forestry \| Operating Segments
Real estate properties
Investment in real estate, net	2,143	2,488
Operating property
Real estate properties
Investment in real estate	241,332	241,011
Less: Accumulated depreciation	74,739	71,752
Investment in real estate, net	166,593	169,259
Operating property \| Corporate/Other
Real estate properties
Investment in real estate	50	50
Operating property \| Residential real estate \| Operating Segments
Real estate properties
Investment in real estate	7,344	7,344
Operating property \| Resorts and leisure \| Operating Segments
Real estate properties
Investment in real estate	103,670	103,616
Operating property \| Commercial leasing and sales \| Operating Segments
Real estate properties
Investment in real estate	110,513	110,491
Operating property \| Forestry \| Operating Segments
Real estate properties
Investment in real estate	$ 19,755	$ 19,510

Investments - Schedule of investments (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt securities and restricted investments
Amortized Cost	$ 18,422
Gross Unrealized Gain	28
Gross Unrealized Loss	842
Fair Value	17,608
Debt securities, equity securities and restricted investments
Amortized Cost		$ 118,110
Gross Unrealized Gains		834
Gross Unrealized Losses		3,207
Fair Value		115,737
Unrestricted available-for-sale, Debt securities
Debt securities and restricted investments
Amortized Cost	15,003
Gross Unrealized Gain	28
Gross Unrealized Loss	829
Fair Value	14,202
Debt securities, equity securities and restricted investments
Amortized Cost		77,673
Gross Unrealized Gains		411
Gross Unrealized Losses		1,839
Fair Value		76,245
Unrestricted available-for-sale, Debt securities \| U.S. Treasury securities
Debt securities and restricted investments
Amortized Cost	9,961
Gross Unrealized Loss	15
Fair Value	9,946
Debt securities, equity securities and restricted investments
Amortized Cost		9,892
Gross Unrealized Losses		22
Fair Value		9,870
Unrestricted available-for-sale, Debt securities \| Corporate debt securities
Debt securities and restricted investments
Amortized Cost	5,042
Gross Unrealized Gain	28
Gross Unrealized Loss	814
Fair Value	4,256
Debt securities, equity securities and restricted investments
Amortized Cost		67,781
Gross Unrealized Gains		411
Gross Unrealized Losses		1,817
Fair Value		66,375
Equity securities \| Preferred stock
Debt securities, equity securities and restricted investments
Amortized Cost		35,955
Gross Unrealized Gains		423
Gross Unrealized Losses		1,355
Fair Value		35,023
Restricted
Debt securities and restricted investments
Amortized Cost	3,419
Gross Unrealized Loss	13
Fair Value	3,406
Debt securities, equity securities and restricted investments
Amortized Cost		4,482
Gross Unrealized Losses		13
Fair Value		4,469
Restricted \| Short-term bond
Debt securities and restricted investments
Amortized Cost	3,252
Gross Unrealized Loss	13
Fair Value	3,239
Debt securities, equity securities and restricted investments
Amortized Cost		4,264
Gross Unrealized Losses		13
Fair Value		4,251
Restricted \| Money market fund
Debt securities and restricted investments
Amortized Cost	167
Fair Value	$ 167
Debt securities, equity securities and restricted investments
Amortized Cost		218
Fair Value		$ 218

Investments - Realized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Investments
Gross realized loss		$ 1,100
Gross realized gain	$ 7,700	(1,086)	$ 10,861
Proceeds from sale of investments		$ 64,600	$ 110,400

Investments - Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Investments
Less Than 12 Months, Fair Value	$ 9,946
Less Than 12 Months, Unrealized Losses	15
12 Months or Greater, Fair Value	7,398
12 Months or Greater, Unrealized Losses	827
Less Than 12 Months, Fair Value		$ 36,648
Less Than 12 Months, Unrealized Losses		2,050
12 Months or Greater, Fair Value		35,832
12 Months or Greater, Unrealized Losses		1,157
Unrestricted available-for-sale, Debt securities \| U.S. Treasury securities
Investments
Less Than 12 Months, Fair Value	9,946
Less Than 12 Months, Unrealized Losses	15
Less Than 12 Months, Fair Value		9,870
Less Than 12 Months, Unrealized Losses		22
Unrestricted available-for-sale, Debt securities \| Corporate debt securities
Investments
12 Months or Greater, Fair Value	4,159
12 Months or Greater, Unrealized Losses	814
Less Than 12 Months, Fair Value		15,515
Less Than 12 Months, Unrealized Losses		691
12 Months or Greater, Fair Value		29,595
12 Months or Greater, Unrealized Losses		1,126
Equity securities \| Preferred stock
Investments
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
Restricted \| Short-term bond
Investments
12 Months or Greater, Fair Value	3,239
12 Months or Greater, Unrealized Losses	$ 13
12 Months or Greater, Fair Value		4,251
12 Months or Greater, Unrealized Losses		$ 13

Investments - Unrealized Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Investments
Unrealized losses, debt securities	$ 842
Unrealized losses, all investments			$ 3,207
Other-than-temporary impairment loss	$ 63
Other-than-temporary impairment loss		$ 366

Investments - Contractual Maturities of Investments (Details) $ in Thousands	Jun. 30, 2018 USD ($)
Amortized Cost
Amortized Cost	$ 18,422
Fair Value
Fair Value	17,608
Unrestricted available-for-sale, Debt securities
Amortized Cost
Due in one year or less	12,654
Due after one year through five years	2,280
Due after five year through ten years	69
Amortized Cost	15,003
Fair Value
Due in one year or less	12,393
Due after one year through five years	1,711
Due after five years through ten years	98
Fair Value	14,202
Restricted
Amortized Cost
Amortized Cost	3,419
Fair Value
Fair Value	$ 3,406

Investments - Equity Securities (Details)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2018

USD ($)

Jun. 30, 2018

USD ($)

Investments

Investments - equity securities

$ 38,830

Unrealized gains on investments - equity securities

$ 1,267

729

Reclassification into retained earnings

$ 932

^[1]

[1]

Investments - Investment Management Agreement (Details) $ in Millions	6 Months Ended	63 Months Ended
	Jun. 30, 2018 USD ($) item	Jun. 30, 2018 USD ($)
Securities of any one issuer (excluding the U.S. Government)
Investments
Number of Investment Committee members required to authorize investment \| item	2
Minimum \| Securities of any one issuer (excluding the U.S. Government)
Investments
Investments, portfolio allocations requiring additional consent	10.00%
Maximum \| Securities of any one issuer (excluding the U.S. Government)
Investments
Investments, target portfolio allocations percent	15.00%
Investments, portfolio allocations requiring additional consent	15.00%
Cash, investment grade cash equivalents or U.S. treasury securities \| Minimum
Investments
Investments, target portfolio allocations percent	25.00%
Common stock investments \| Maximum
Investments
Investments, target portfolio allocations, amount	$ 100.0
Common stock investments \| Maximum \| Single issuer of exchange-traded common equities
Investments
Investments, target portfolio allocations percent	5.00%
Common, preferred or other equity investments \| Maximum
Investments
Investments, target portfolio allocations percent	25.00%
FCM and FTC
Investments
Pre-tax income resulting from investment advisory services		$ 61.9
Investor \| FCM, FTC and Mr Berkowitz
Investments
Common stock ownership percentage	44.38%	44.38%

Financial Instruments and Fair Value Measurements - Measurements on Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Financial instruments and fair value measurements
Cash equivalents	$ 189,875	$ 170,475
Total	246,313	286,212
Level 1
Financial instruments and fair value measurements
Cash equivalents	189,875	170,475
Total	214,089	195,531
Level 2
Financial instruments and fair value measurements
Total	32,224	90,681
Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	14,202	76,245
Unrestricted available-for-sale, Debt securities \| Level 1
Financial instruments and fair value measurements
Investments	9,946	9,870
Unrestricted available-for-sale, Debt securities \| Level 2
Financial instruments and fair value measurements
Investments	4,256	66,375
Restricted
Financial instruments and fair value measurements
Investments	3,406	4,469
Restricted \| Level 1
Financial instruments and fair value measurements
Investments	3,406	4,469
Money market fund
Financial instruments and fair value measurements
Cash equivalents	24,256	10,505
Money market fund \| Level 1
Financial instruments and fair value measurements
Cash equivalents	24,256	10,505
Money market fund \| Restricted
Financial instruments and fair value measurements
Investments	167	218
Money market fund \| Restricted \| Level 1
Financial instruments and fair value measurements
Investments	167	218
Commercial paper
Financial instruments and fair value measurements
Cash equivalents	165,619	159,970
Commercial paper \| Level 1
Financial instruments and fair value measurements
Cash equivalents	165,619	159,970
U.S. Treasury securities \| Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	9,946	9,870
U.S. Treasury securities \| Unrestricted available-for-sale, Debt securities \| Level 1
Financial instruments and fair value measurements
Investments	9,946	9,870
Corporate debt securities \| Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	4,256	66,375
Corporate debt securities \| Unrestricted available-for-sale, Debt securities \| Level 2
Financial instruments and fair value measurements
Investments	4,256	66,375
Preferred stock \| Equity securities
Financial instruments and fair value measurements
Investments	38,830	35,023
Preferred stock \| Equity securities \| Level 1
Financial instruments and fair value measurements
Investments	10,862	10,717
Preferred stock \| Equity securities \| Level 2
Financial instruments and fair value measurements
Investments	27,968	24,306
Short-term bond \| Restricted
Financial instruments and fair value measurements
Investments	3,239	4,251
Short-term bond \| Restricted \| Level 1
Financial instruments and fair value measurements
Investments	$ 3,239	$ 4,251

Financial Instruments and Fair Value Measurements - Expected Maturity (Details) - Restricted - Short-term bond	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Minimum
Financial instruments and fair value measurements
Investment term	0 years	0 years
Maximum
Financial instruments and fair value measurements
Investment term	3 years	3 years

Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value (Details) - Nonrecurring - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Level 3 \| Carrying Value
Financial instruments and fair value measurements
Senior Notes held by SPE	$ 176,655	$ 176,537
Level 3 \| Carrying Value \| Time deposit
Financial instruments and fair value measurements
Investments held by SPEs	200,000	200,000
Level 3 \| Fair Value
Financial instruments and fair value measurements
Senior Notes held by SPE	190,282	198,530
Level 3 \| Fair Value \| Time deposit
Financial instruments and fair value measurements
Investments held by SPEs	200,000	200,000
Level 1 \| Carrying Value \| U. S Treasury securities and cash equivalents
Financial instruments and fair value measurements
Investments held by SPEs	7,664	7,989
Level 1 \| Fair Value \| U. S Treasury securities and cash equivalents
Financial instruments and fair value measurements
Investments held by SPEs	$ 7,304	$ 7,797

Financial Instruments and Fair Value Measurements - Held by Special Purpose Entities (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2017 USD ($)
Financial instruments and fair value measurements
Investments held by special purpose entities	$ 207,664		$ 207,989
Senior notes held by special purpose entity	176,655		$ 176,537
Panama City Timber Finance Company, LLC \| 2014 real estate sale
Financial instruments and fair value measurements
Notes received as consideration in sale of real estate		$ 200,000
Promissory notes maturity period		15 years
Panama City Timber Finance Company, LLC \| Time deposit
Financial instruments and fair value measurements
Investments held by special purpose entities	$ 200,000
Investment interest rate (as a percent)	4.00%
Panama City Timber Finance Company, LLC \| U.S. Treasury securities
Financial instruments and fair value measurements
Investments held by special purpose entities	$ 7,300
Panama City Timber Finance Company, LLC \| Cash
Financial instruments and fair value measurements
Investments held by special purpose entities	400
Northwest Florida Timber Finance, LLC
Financial instruments and fair value measurements
Loan amount		$ 180,000
Debt interest rate (as a percent)		4.80%
Issue price of senior secured notes (as a percent)		0.985
Senior notes held by special purpose entity	176,700
Unamortized discount and debt issuance costs	$ 3,300

Claim Settlement Receivable (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 24, 2016	Oct. 31, 2017	Oct. 31, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2016	Dec. 31, 2017
Receivables
Litigation settlement receivable				$ 5,360		$ 5,360			$ 5,280
BP Exploration & Production Inc.
Receivables
Claim settlement	$ 13,200
Litigation settlement amount received		$ 2,700	$ 5,000
Litigation settlement payments to be received in year three following settlement	2,700
Litigation settlement payments to be received in year four following settlement	$ 2,700
Imputed interest rate on litigation settlement receivable	3.00%
Litigation settlement receivable	$ 12,500
Unamortized discount	$ 700
Interest income				$ 100	$ 100	$ 100	$ 100
Other income \| BP Exploration & Production Inc.
Receivables
Claim settlement								$ 12,500

Sale of Vacation Rental Management (Details) - PCR Rentals Sale - Disposed of by Sale	1 Months Ended
	Dec. 31, 2017
Sale of business
Right of first refusal on third party offer to purchase, maximum period after date of sale	18 months
Right of first refusal on third party offer to purchase, minimum period after date of sale	9 months

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Other Assets
Retained interest investments	$ 11,285	$ 11,147
Accounts receivable, net	9,662	8,460
Notes receivable	4,903	9,522
Prepaid expenses	8,512	6,625
Straight line rent	3,779	3,804
Other assets	5,354	4,637
Accrued interest receivable for Senior Notes held by SPE	2,938	2,938
Total other assets	$ 46,433	$ 47,133

Other Assets - Retained Interest Investments and Accounts Receivable, Net (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Investments
Retained interest investments	$ 11,285	$ 11,147
Accounts receivable, net	9,662	$ 8,460
Retained interest investments
Investments
Expected amount to receive upon maturity of note after payment of note and any other liabilities	$ 16,900
Promissory notes maturity period	15 years
Minimum \| Retained interest investments
Investments
Notes maturity year	2022
Maximum \| Retained interest investments
Investments
Notes maturity year	2024
Homebuilder Homesite Sales, Lot Residuals and Certain Fees Credits
Investments
Accounts receivable, net	$ 2,700

Other Assets - Notes Receivable (Details) - USD ($) $ in Thousands	1 Months Ended						6 Months Ended	12 Months Ended
	Apr. 30, 2019	Mar. 31, 2019	Feb. 28, 2019	Nov. 30, 2018	Sep. 30, 2018	Jun. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Receivables
Notes receivable						$ 4,903	$ 4,903	$ 9,522
Allowance for notes receivable						0	0	0
PCR Note
Receivables
Notes receivable								$ 5,000
Interest rate on loans receivable								10.00%
Pier Park Community Development District notes, non-interest bearing, due September 2022
Receivables
Notes receivable						1,316	1,316	$ 1,527
Interest bearing homebuilder note - 5.5% interest rate, due February 2020
Receivables
Notes receivable						1,204	$ 1,204
Interest rate							5.50%
Interest bearing homebuilder note - 5.5% interest rate, due February 2020 \| Forecast
Receivables
Proceeds of principal payment			$ 100
Interest bearing homebuilder note - 5.5% interest rate, due September 2019
Receivables
Notes receivable						904	$ 904	904
Interest rate							5.50%
Interest bearing homebuilder note - 5.5% interest rate, due September 2019 \| Forecast
Receivables
Proceeds of principal payment					$ 100
Interest bearing homebuilder note - 5.5% interest rate, due June 2019
Receivables
Notes receivable						666	$ 666	857
Interest rate							5.50%
Proceeds of principal payment						100
Interest bearing homebuilder note - 5.5% interest rate, due November 2019
Receivables
Notes receivable						392	$ 392	1,060
Interest rate							5.50%
Interest bearing homebuilder note - 5.5% interest rate, due November 2019 \| Forecast
Receivables
Proceeds of principal payment				$ 100
Interest bearing homebuilder note - 6.3% interest rate, due March 2020
Receivables
Notes receivable						200	$ 200
Interest rate							6.30%
Interest bearing homebuilder note - 6.3% interest rate, due March 2020 \| Forecast
Receivables
Proceeds of principal payment		$ 100
Various mortgage notes, secured by certain real estate, bearing interest at various rates
Receivables
Notes receivable						153	$ 153	$ 174
Interest bearing homebuilder note - 6.3% interest rate, due April 2020
Receivables
Notes receivable						$ 68	$ 68
Interest rate							6.30%
Interest bearing homebuilder note - 6.3% interest rate, due April 2020 \| Forecast
Receivables
Proceeds of principal payment	$ 100

Real Estate Joint Ventures - Consolidated Real Estate Joint Ventures (Details) - item			3 Months Ended	6 Months Ended	12 Months Ended
	Jan. 01, 2018	Dec. 31, 2017	Jun. 30, 2018	Jun. 30, 2018	Dec. 31, 2017	Apr. 30, 2017
Pier Park TPS, LLC
Variable interest entity
Variable interest entity, ownership percentage			50.00%
Pier Park Crossings JV
Variable interest entity
Number of units						240
Variable interest entity, ownership percentage				75.00%	75.00%
Windmark
Variable interest entity
Variable interest entity, ownership percentage				49.00%	49.00%
Pier Park North
Variable interest entity
Variable interest entity, ownership percentage				60.00%	60.00%
Artisan Park, L.L.C
Variable interest entity
Variable interest entity, ownership percentage	100.00%	74.00%

Real Estate Joint Ventures - Unconsolidated Real Estate VIE (Details) - ALP Liquidating Trust - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2018	Dec. 31, 2017
Investments
Variable interest entity, ownership percentage			23.90%
Assets	$ 10.1			$ 10.2
Liabilities	0.2			0.1
Equity	9.9			$ 10.1
Net loss	$ 0.1	$ 0.2

Debt, Net - Schedule of Debt (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Debt instruments
Debt, Principal	$ 60,819	$ 56,160
Unamortized Discount and Debt Issuance Costs	1,653	530
Debt, Net	59,166	55,630
PPN JV Loan, due November 2025, bearing interest at 4.1%
Debt instruments
Debt, Principal	46,863	47,295
Unamortized Discount and Debt Issuance Costs	479	512
Debt, Net	$ 46,384	$ 46,783
Debt interest rate (as a percent)	4.10%	4.10%
Loan in Pier Park Crossings JV, due June 2060, bearing interest at 4.0%
Debt instruments
Debt, Principal	$ 5,040
Unamortized Discount and Debt Issuance Costs	1,130
Debt, Net	$ 3,910
Debt interest rate (as a percent)	4.00%
Community Development District debt
Debt instruments
Debt, Principal	$ 6,608	$ 7,241
Debt, Net	6,608	7,241
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7%
Debt instruments
Debt, Principal	1,611	1,624
Unamortized Discount and Debt Issuance Costs	17	18
Debt, Net	$ 1,594	$ 1,606
Basis spread on variable rate	1.70%	1.70%
Effective interest rate (as a percent)	3.80%	3.30%
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7%
Debt instruments
Debt, Principal	$ 697
Unamortized Discount and Debt Issuance Costs	27
Debt, Net	$ 670
Basis spread on variable rate	1.70%
Effective interest rate (as a percent)	3.80%
Minimum \| Community Development District debt
Debt instruments
Debt interest rate (as a percent)	3.60%	3.60%
Maximum \| Community Development District debt
Debt instruments
Debt interest rate (as a percent)	6.00%	7.00%

Debt, Net - Debt Agreements (Details) $ in Thousands	1 Months Ended			120 Months Ended
Debt, Net - Debt Agreements (Details) $ in Thousands	May 31, 2018 USD ($) item	Feb. 28, 2018 USD ($)	Mar. 31, 2017 USD ($)	Jun. 30, 2030	Jun. 30, 2018 USD ($)	Dec. 31, 2017 USD ($)	Oct. 31, 2015 USD ($)
Debt instruments
Total Community Development District debt					$ 20,200	$ 21,700
Outstanding debt					59,166	55,630
PPN JV Loan, due November 2025, bearing interest at 4.1%
Debt instruments
Loan amount							$ 48,200
Outstanding debt					46,384	46,783
Loan in Pier Park Crossings JV, due June 2060, bearing interest at 4.0%
Debt instruments
Loan amount	$ 36,600
Debt instrument, period subject to interest payments only	24 months
Outstanding debt					3,910
Loan in Pier Park Crossings JV, due June 2060, bearing interest at 4.0% \| Minimum \| Forecast
Debt instruments
Prepayment premium, as a percent of principal repaid				1.00%
Loan in Pier Park Crossings JV, due June 2060, bearing interest at 4.0% \| Maximum \| Forecast
Debt instruments
Prepayment premium, as a percent of principal repaid				10.00%
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7%
Debt instruments
Loan amount			$ 1,600
Debt instrument, period subject to interest payments only			12 months
Outstanding debt					1,594	$ 1,606
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7%
Debt instruments
Loan amount		$ 1,900
Debt instrument, period subject to interest payments only		12 months
Outstanding debt					670
Beach Homes Loan
Debt instruments
Loan amount	$ 1,700
Debt instrument, period subject to interest payments only	12 months
Number of homes financed \| item	2
Outstanding debt					0
Beach Homes Loan \| Maximum
Debt instruments
Loan costs					$ 100

Debt, Net - Maturities of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt, Net
2018	$ 494
2019	1,567
2020	1,772
2021	1,955
2022	1,935
Thereafter	53,096
Long term debt	$ 60,819	$ 56,160

Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Other Liabilities
Accounts payable	$ 7,896	$ 7,524
Accrued compensation	2,824	2,664
Deferred revenue	17,988	17,864
Membership deposits and initiation fees	9,806	9,704
Advance deposits	2,380	1,468
Other accrued liabilities	5,576	5,185
Accrued interest expense for Senior Notes held by SPE	2,850	2,850
Total other liabilities	$ 49,320	$ 47,259

Other Liabilities - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Other Liabilities
Deferred revenue	$ 17,988	$ 17,864
Accrued property taxes	2,300	0
Florida Department of Transportation
Other Liabilities
Deferred revenue	$ 12,500	$ 12,500

Income Taxes - Expense (benefit) reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Income Taxes
Statutory federal income tax rate (as a percent)			21.00%	35.00%	35.00%
Tax at the statutory federal rate	$ 6,875	$ 5,836	$ 6,982	$ 8,162
State income taxes (net of federal benefit)	1,423	583	1,445	816
2017 qualified timber gains at the federal statutory rate of 23.8% (1)			(524)
Decrease in valuation allowance, net	(1,418)	(316)	(1,451)	(596)
Other	(333)	(194)	(154)	(194)
Income tax (benefit) expense	$ 6,547	$ 5,909	$ 6,298	$ 8,188
Timber statutory federal rate		23.80%		23.80%

Income Taxes - Operating loss carryforwards (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Federal
Operating loss carryforwards
Operating loss carryforwards	$ 0.0	$ 0.0
State
Operating loss carryforwards
Operating loss carryforwards	$ 358.8	$ 391.7

Income Taxes - Tax credit carryforward (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Tax credit carryforward
Income tax receivable	$ 1,651	$ 8,371
Amount of income tax payable applied to income tax receivable	$ 6,700
ATM Credit \| Federal
Tax credit carryforward
Income tax receivable		$ 8,400

Income Taxes - Tax Act (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
Income Taxes - Tax Act (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Income Taxes
Statutory federal income tax rate (as a percent)	21.00%	35.00%	35.00%
Income tax benefit from the reassessment of net deferred tax balances			$ 33.5

Income Taxes - Valuation Allowances and Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Income Taxes
Valuation allowance	$ 3.5		$ 5.0
Amount of valuation allowance reversed	1.5
Unrecognized tax benefits	2.1		2.1
Unrecognized tax benefits that would impact effective tax rate	0.0		$ 0.0
Unrecognized tax benefits, period increase (decrease)	$ 0.0	$ 0.0

Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Summary of changes in accumulated other comprehensive loss
Beginning Balance			$ 592,584
Total other comprehensive income (loss), net of tax	$ 219	$ (4,163)	848	$ (3,451)
Ending Balance	549,540		549,540
Unrealized gain (loss) on investments
Summary of changes in accumulated other comprehensive loss
Beginning Balance			(1,461)
Other comprehensive income before reclassifications			(366)
Amounts reclassified from accumulated other comprehensive loss			1,214
Total other comprehensive income (loss), net of tax	219	$ (4,163)	848	$ (3,451)
Ending Balance	$ (613)		$ (613)

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

3 Months Ended

6 Months Ended

Jun. 30, 2018

Jun. 30, 2017

Jun. 30, 2018

Jun. 30, 2017

Accumulated Other Comprehensive Loss

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

$ (28)

$ (7,739)

$ 1,050

$ (10,861)

Reclassification of other-than-temporary impairment loss included in earnings, Before-tax-amount

366

Reclassification into retained earnings for the adoption of ASU, Before-tax-amount

^[1]

932

Other comprehensive loss, Before-tax-amount

293

(6,998)

1,554

(5,845)

Other comprehensive loss, Tax (expense) or benefit

^[2]

(74)

2,835

(706)

2,394

Total other comprehensive income (loss), net of tax

219

(4,163)

848

(3,451)

Unrealized gain (loss) on investments

Accumulated Other Comprehensive Loss

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

(366)

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

(28)

(7,739)

1,050

(10,861)

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

3,120

(266)

4,183

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

(21)

(4,619)

784

(6,678)

Reclassification of other-than-temporary impairment loss included in earnings, Before-tax-amount

366

Reclassification adjustment for other-than-temporary impairment loss included in earnings, Tax (expense) or benefit

(16)

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

366

Other comprehensive loss, Before-tax-amount

293

(6,998)

1,554

(5,845)

Other comprehensive loss, Tax (expense) or benefit

(74)

2,835

(706)

2,394

Total other comprehensive income (loss), net of tax

219

(4,163)

848

(3,451)

Unrealized gain (loss) on investments | ASU 2016-01

Accumulated Other Comprehensive Loss

Reclassification into retained earnings for the adoption of ASU, Before-tax-amount

932

Reclassification into retained earnings for the adoption of ASU, Tax (expense) or benefit

(236)

Reclassification into retained earnings for the adoption of ASU, Net-of-tax amount

696

Unrealized gain (loss) on investments | ASU 2018-02

Accumulated Other Comprehensive Loss

Reclassification into retained earnings for the adoption of ASU, Tax (expense) or benefit

(313)

Reclassification into retained earnings for the adoption of ASU, Net-of-tax amount

(313)

Unrestricted available-for-sale, Debt securities | Unrealized gain (loss) on investments

Accumulated Other Comprehensive Loss

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

321

745

(482)

4,650

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

(82)

(287)

123

(1,789)

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

$ 239

458

(359)

$ 2,861

Restricted | Unrealized gain (loss) on investments

Accumulated Other Comprehensive Loss

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

(4)

(9)

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

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

$ (2)

$ (7)

[1]

[2]

Stockholders' Equity - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Jul. 30, 2018	Jun. 30, 2018	Jun. 30, 2017
Stockholders’ Equity
Shares repurchased during the period (in shares)	550,141	4,065,160	2,416,089
Average purchase price per share for share repurchase (in dollars per share)		$ 17.82	$ 16.74
Aggregate purchase price	$ 9,900	$ 72,463	$ 40,444
Remaining authorized repurchase amount		$ 63,800

Stockholders' Equity - Issuance of Common Stock (Details) - Restricted Stock						3 Months Ended	6 Months Ended		12 Months Ended
	Jul. 02, 2018 director shares	May 23, 2018 USD ($) director	Mar. 15, 2018 employee shares	Jul. 03, 2017 director shares	May 17, 2016 director shares	Jun. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Dec. 31, 2017 employee	May 25, 2017 USD ($)
Date of issue
Share-based compensation
Vesting percentage					25.00%
August 17, 2016
Share-based compensation
Vesting percentage					25.00%
November 17, 2016
Share-based compensation
Vesting percentage					25.00%
February 17, 2017
Share-based compensation
Vesting percentage					25.00%
Directors
Share-based compensation
Fair value of equity grant award approved for each director		$ 50,000								$ 50,000
Number of restricted stock awards granted \| shares	2,778			5,334	8,919
Number of directors granted restricted stock awards \| director	1			2	3
Number of directors who elected to receive cash in lieu of the stock \| director		3		4
Directors \| Maximum
Share-based compensation
Stock compensation expense						$ 100,000	$ 100,000	$ 100,000
Officers
Share-based compensation
Number of restricted stock awards granted \| shares			9,956
Number of directors granted restricted stock awards \| employee			4
Stock compensation expense							$ 200,000
Percentage of total discretionary cash incentive award elected to be received in shares of Company stock									50.00%
Number of grantees who elected to receive a portion of total discretionary cash incentive award in shares of company stock \| employee									4

Employee Benefit Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2014
Investment
Assets contributed to 401(k) Plan					$ 7,900
401(k) Plan distribution period (in years)			3 years
Compensation expense for assets allocated to participants			$ 1,100	$ 1,200
Realized gain (loss)		$ 7,700	(1,086)	10,861
Restricted \| Maximum
Investment
Realized gain (loss)	$ (100)	$ 100	$ (100)	$ 100

Other Income (Expense) - Summary (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Investment income, net
Interest and dividend income	$ 2,342	$ 4,024	$ 5,222	$ 8,572
Accretion income	202	399	423	1,320
Net realized (loss) gain on the sale of investments	(8)	7,739	(1,086)	10,861
Other-than-temporary impairment loss			(63)
Other-than-temporary impairment loss				(366)
Unrealized gain on investments, net	1,267		729
Interest income from investments in SPEs	2,049	2,050	4,099	4,101
Interest accrued on notes receivable and other interest	129	91	322	170
Total investment income, net	5,981	14,303	9,646	24,658
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE	(2,197)	(2,194)	(4,393)	(4,387)
Other interest expense	(757)	(841)	(1,586)	(1,691)
Total interest expense	(2,954)	(3,035)	(5,979)	(6,078)
Other income (expense), net
Accretion income from retained interest investments	303	271	593	534
Miscellaneous (expense) income, net	(60)	57	(73)	3,529
Other income, net	243	328	520	4,063
Total other income, net	$ 3,270	$ 11,596	$ 4,187	$ 22,643

Other Income (Expense) - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2018
Other income (expense)
Proceeds from settlement received	$ 3.5
Minimum
Other income (expense)
Retained interest, effective interest rate (as a percent)		3.70%
Maximum
Other income (expense)
Retained interest, effective interest rate (as a percent)		12.10%
Senior Notes held by special purpose entity
Other income (expense)
Effective interest rate (as a percent)		4.90%

Segment Information - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended		51 Months Ended
Segment Information - Narrative (Details) $ in Millions	Jun. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2018 USD ($) segment	Jun. 30, 2017 USD ($)	Jun. 30, 2018 USD ($)
Segments
Number of reportable operating segments \| segment				4
Percentage of resort fees included in revenue	50.00%	50.00%		50.00%		50.00%
Mattamy - RiverTown sale
Segments
Impact fees received	$ 23.1	$ 23.3	$ 0.2	$ 23.5	$ 0.3	$ 25.1
Real estate - Impact fees \| Mattamy - RiverTown sale
Segments
Impact fees received	$ 23.1
Real estate - Impact fees \| Residential real estate \| Mattamy - RiverTown sale
Segments
Revenue		23.1		23.1
Mitigation bank credit \| Corporate/Other
Segments
Revenue		$ 2.2		$ 2.2

Segment Information - Information by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Segments
Revenues	$ 50,434	$ 30,647	$ 70,298	$ 44,160
Income (loss) before income taxes	32,614	16,523	32,990	22,990
Total assets	883,768		883,768		$ 920,993
Operating Segments \| Residential real estate
Segments
Revenues	28,755	4,706	35,790	5,980
Income (loss) before income taxes	24,957	1,893	26,417	1,224
Total assets	120,502		120,502		117,732
Operating Segments \| Resorts and leisure
Segments
Revenues	13,270	19,328	20,719	27,436
Income (loss) before income taxes	2,403	3,380	1,868	1,604
Total assets	77,610		77,610		83,151
Operating Segments \| Commercial leasing and sales
Segments
Revenues	3,345	4,831	6,495	7,795
Income (loss) before income taxes	(190)	235	(280)	(138)
Total assets	172,494		172,494		163,271
Operating Segments \| Forestry
Segments
Revenues	2,808	1,588	4,788	2,674
Income (loss) before income taxes	2,226	1,130	3,757	2,371
Total assets	20,228		20,228		20,212
Corporate/Other
Segments
Revenues	2,256	194	2,506	275
Income (loss) before income taxes	3,218	$ 9,885	1,228	$ 17,929
Total assets	$ 492,934		$ 492,934		$ 536,627

Commitments and Contingencies - (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Obligations
Accrued liabilities for other litigation, claims, other disputes and governmental proceedings	$ 1.3	$ 1.3
Purchase obligations, total	51.3
Maximum
Obligations
Amount of letters of credit outstanding	0.1	0.1
Surety bonds
Obligations
Commitment obligations	$ 8.2	$ 8.6

Nature of Operations - Real Estate Assets (Details)	Jun. 30, 2018
Nature of Operations
Percentage of real estate assets located within fifteen miles of Gulf of Mexico	90.00%

Nature of Operations - Segments (Details)	6 Months Ended
Nature of Operations - Segments (Details)	Jun. 30, 2018 segment
Nature of Operations
Number of reportable operating segments	4

Summary of Significant Accounting Policies - EPS (Details) - shares	Jun. 30, 2018	Dec. 31, 2017
Summary of Significant Accounting Policies
Common stock equivalents (in shares)	0	0