FRP HOLDINGS, INC. — Director's Dealing 2011

May 9, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PATRIOT TRANSPORTATION HOLDING INC (PATR)
CIK: 0000844059
Period of Report: 2011-05-09

Reporting Person: WINSTON JAMES H (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-04-09	Common Stock	M	3000	$8.6367	Acquired	36000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-09	Option to Buy	$8.6367	M	3000	Disposed	2013-02-04	Common Stock (3000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3000	Indirect

Footnotes

F1: The reporting person sold to the issuer shares that were acquired by the reporting person upon the exercise of stock options that were due to expire in 2013.