ST JOE Co — Director's Dealing 2007

Feb 14, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ST JOE CO (JOE)
CIK: 0000745308
Period of Report: 2007-02-12

Reporting Person: Greene William Britton (Chief Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-12	Common Stock	A	5782	$0.00	Acquired	66675	Direct
2007-02-12	Common Stock	M	3000	$32.65	Acquired	69675	Direct
2007-02-12	Common Stock	M	1700	$40.80	Acquired	71375	Direct
2007-02-12	Common Stock	S	100	$56.07	Disposed	71275	Direct
2007-02-12	Common Stock	S	200	$56.05	Disposed	71075	Direct
2007-02-12	Common Stock	S	400	$56.04	Disposed	70675	Direct
2007-02-12	Common Stock	S	300	$56.03	Disposed	70375	Direct
2007-02-12	Common Stock	S	200	$56.02	Disposed	70175	Direct
2007-02-12	Common Stock	S	400	$56.01	Disposed	69775	Direct
2007-02-12	Common Stock	S	200	$55.36	Disposed	69575	Direct
2007-02-12	Common Stock	S	200	$55.35	Disposed	69375	Direct
2007-02-12	Common Stock	S	500	$55.33	Disposed	68875	Direct
2007-02-12	Common Stock	S	200	$55.31	Disposed	68675	Direct
2007-02-12	Common Stock	S	400	$55.28	Disposed	68275	Direct
2007-02-12	Common Stock	S	600	$55.27	Disposed	67675	Direct
2007-02-12	Common Stock	S	600	$55.26	Disposed	67075	Direct
2007-02-12	Common Stock	S	400	$55.25	Disposed	66675	Direct
2007-02-13	Common Stock	M	7000	$40.80	Acquired	73675	Direct
2007-02-13	Common Stock	S	400	$54.70	Disposed	73275	Direct
2007-02-13	Common Stock	S	400	$54.63	Disposed	72875	Direct
2007-02-13	Common Stock	S	200	$54.61	Disposed	72675	Direct
2007-02-13	Common Stock	S	800	$54.60	Disposed	71875	Direct
2007-02-13	Common Stock	S	600	$54.58	Disposed	71275	Direct
2007-02-13	Common Stock	S	300	$54.56	Disposed	70975	Direct
2007-02-13	Common Stock	S	400	$54.55	Disposed	70575	Direct
2007-02-13	Common Stock	S	600	$54.53	Disposed	69975	Direct
2007-02-13	Common Stock	S	2100	$54.52	Disposed	67875	Direct
2007-02-13	Common Stock	S	800	$54.51	Disposed	67075	Direct
2007-02-13	Common Stock	S	400	$54.50	Disposed	66675	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-12	Employee Stock Option	$54.05	A	18222	Acquired	2017-02-12	Common Stock (18222)	Direct
2007-02-12	Employee Stock Option	$32.65	M	3000	Disposed	2013-08-18	Common Stock (3000)	Direct
2007-02-12	Employee Stock Option	$40.80	M	1700	Disposed	2014-02-09	Common Stock (1700)	Direct
2007-02-13	Employee Stock Option	$40.80	M	7000	Disposed	2014-02-09	Common Stock (7000)	Direct

Footnotes

F1: The options vest in three equal annual installments beginning on February 12, 2008.

F2: The 3,000 options exercised vested on August 18, 2006, and the remaining 5,000 options vest on August 18, 2007.

F3: The 1,700 options exercised vested on February 9, 2005. Of the 23,300 options remaining, only 6,250 options remain unvested. These options vest on February 9, 2008.

F4: 4,550 of the options exercised vested on February 9, 2005, and 2,450 vested on February 9, 2006. Of the 16,300 options remaining, only 6,250 remain unvested. These options vest on February 9, 2008.