ST JOE Co — Director's Dealing 2006

Dec 12, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ST JOE CO (JOE)
CIK: 0000745308
Period of Report: 2006-12-08

Reporting Person: REGAN MICHAEL N (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-12-08	Common Stock	M	15000	$32.65	Acquired	37909	Direct
2006-12-08	Common Stock	M	5289	$29.00	Acquired	43198	Direct
2006-12-08	Common Stock	S	2000	$55.36	Disposed	41198	Direct
2006-12-08	Common Stock	S	289	$55.28	Disposed	40909	Direct
2006-12-08	Common Stock	S	100	$55.25	Disposed	40809	Direct
2006-12-08	Common Stock	S	2000	$55.22	Disposed	38809	Direct
2006-12-08	Common Stock	S	2209	$55.20	Disposed	36600	Direct
2006-12-08	Common Stock	S	1270	$55.1863	Disposed	35330	Direct
2006-12-08	Common Stock	S	691	$55.17	Disposed	34639	Direct
2006-12-08	Common Stock	S	2000	$55.10	Disposed	32639	Direct
2006-12-08	Common Stock	S	2000	$55.0775	Disposed	30639	Direct
2006-12-08	Common Stock	S	2730	$55.05	Disposed	27909	Direct
2006-12-08	Common Stock	S	2000	$55.03	Disposed	25909	Direct
2006-12-08	Common Stock	S	2000	$55.00	Disposed	23909	Direct
2006-12-08	Common Stock	S	1000	$54.98	Disposed	22909	Direct
2006-12-09	Common Stock	F	1458	$55.15	Disposed	21451	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-12-08	Stock Option (right to buy)	$32.65	M	15000	Acquired	2013-08-18	Common (15000)	Direct
2006-12-08	Stock Option (right to buy)	$29.00	M	5289	Acquired	2012-08-19	Common (5289)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1449.642	Indirect

Footnotes

F1: 15,000 options vested in three equal annual installments commencing on August 18, 2004, and the remaining 5,000 options vest on August 18, 2007.

F2: 289 of the options vested on August 19, 2005, and 5,000 of the options vested on August 19, 2006.