ST JOE Co — Director's Dealing 2009

May 13, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ST JOE CO (JOE)
CIK: 0000745308
Period of Report: 2009-05-11

Reporting Person: AINSLIE MICHAEL L (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-05-11	Common Stock	M	2903	$18.53	Acquired	27510	Direct
2009-05-11	Common Stock	A	3947	$0.00	Acquired	31457	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-05-11	Stock Option	$18.53	M	2903	Disposed	2009-05-11	Common Stock (2903)	Direct

Footnotes

F1: The options vested in three annual installments commencing on May 11, 2000.