ST JOE Co — Director's Dealing 2007

Feb 12, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ST JOE CO (JOE)
CIK: 0000745308
Period of Report: 2007-02-09

Reporting Person: Greene William Britton (Chief Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-09	Common Stock	M	8000	$29.00	Acquired	68893	Direct
2007-02-09	Common Stock	M	7000	$32.65	Acquired	75893	Direct
2007-02-09	Common Stock	S	1300	$57.00	Disposed	74593	Direct
2007-02-09	Common Stock	S	200	$56.30	Disposed	74393	Direct
2007-02-09	Common Stock	S	200	$56.26	Disposed	74193	Direct
2007-02-09	Common Stock	S	300	$56.25	Disposed	73893	Direct
2007-02-09	Common Stock	S	600	$56.24	Disposed	73293	Direct
2007-02-09	Common Stock	S	400	$56.21	Disposed	72893	Direct
2007-02-09	Common Stock	S	500	$56.20	Disposed	72393	Direct
2007-02-09	Common Stock	S	200	$56.19	Disposed	72193	Direct
2007-02-09	Common Stock	S	100	$56.18	Disposed	72093	Direct
2007-02-09	Common Stock	S	100	$56.17	Disposed	71993	Direct
2007-02-09	Common Stock	S	300	$56.16	Disposed	71693	Direct
2007-02-09	Common Stock	S	600	$56.15	Disposed	71093	Direct
2007-02-09	Common Stock	S	800	$56.14	Disposed	70293	Direct
2007-02-09	Common Stock	S	800	$56.13	Disposed	69493	Direct
2007-02-09	Common Stock	S	200	$56.12	Disposed	69293	Direct
2007-02-09	Common Stock	S	400	$56.11	Disposed	68893	Direct
2007-02-09	Common Stock	S	1500	$56.10	Disposed	67393	Direct
2007-02-09	Common Stock	S	700	$56.09	Disposed	66693	Direct
2007-02-09	Common Stock	S	700	$56.08	Disposed	65993	Direct
2007-02-09	Common Stock	S	400	$56.07	Disposed	65593	Direct
2007-02-09	Common Stock	S	600	$56.06	Disposed	64993	Direct
2007-02-09	Common Stock	S	200	$56.05	Disposed	64793	Direct
2007-02-09	Common Stock	S	663	$56.04	Disposed	64130	Direct
2007-02-09	Common Stock	S	100	$56.03	Disposed	64030	Direct
2007-02-09	Common Stock	S	200	$56.02	Disposed	63830	Direct
2007-02-09	Common Stock	S	800	$56.01	Disposed	63030	Direct
2007-02-09	Common Stock	S	2137	$56.00	Disposed	60893	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-09	Employee Stock Option	$29.00	M	8000	Disposed	2012-08-19	Common Stock (8000)	Direct
2007-02-09	Employee Stock Option	$32.65	M	7000	Disposed	2013-08-18	Common Stock (7000)	Direct

Footnotes

F1: The options vested in equal installments on August 19, 2005 and 2006.

F2: 5,000 of the options exercised vested on August 18, 2005, and 2,000 of the options exercised vested on August 18, 2006. Of the remaining options, 3,000 vested on August 18, 2006, and 5,000 will vest on August 18, 2007.