ST JOE Co — Director's Dealing 2007

May 11, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ST JOE CO (JOE)
CIK: 0000745308
Period of Report: 2007-05-10

Reporting Person: MCCALMONT WILLIAM S (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-10	Common Stock	A	13500	$0.00	Acquired	13500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-10	Employee Stock Option	$57.63	A	30000	Acquired	2017-05-10	Common Stock (30000)	Direct

Footnotes

F1: The options vest in four equal annual installments commencing on the first anniversary of the date of grant.