þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Florida (State or other jurisdiction of incorporation or organization) |
59-0432511 (I.R.S. Employer Identification No.) |
|
133 South WaterSound Parkway WaterSound, Florida (Address of principal executive offices) |
32413 (Zip Code) |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |
1
September 30, | December 31, | |||||||
2011 | 2010 | |||||||
(Unaudited) | ||||||||
ASSETS |
||||||||
Investment in real estate |
$ | 759,603 | $ | 755,392 | ||||
Cash and cash equivalents |
188,242 | 183,827 | ||||||
Notes receivable |
4,883 | 5,731 | ||||||
Pledged treasury securities |
23,800 | 25,281 | ||||||
Prepaid pension asset |
33,743 | 40,992 | ||||||
Property, plant and equipment, net |
15,291 | 13,014 | ||||||
Other assets |
23,101 | 27,458 | ||||||
$ | 1,048,663 | $ | 1,051,695 | |||||
LIABILITIES AND EQUITY |
||||||||
LIABILITIES: |
||||||||
Debt |
$ | 52,427 | $ | 54,651 | ||||
Accounts payable |
14,871 | 14,977 | ||||||
Accrued liabilities and deferred credits |
66,752 | 73,233 | ||||||
Income taxes payable |
| 1,772 | ||||||
Deferred income taxes, net |
38,753 | 34,625 | ||||||
Total liabilities |
172,803 | 179,258 | ||||||
EQUITY: |
||||||||
Common stock, no par value; 180,000,000
shares authorized; 122,771,547 and
122,923,913 issued at September 30,
2011 and December 31, 2010,
respectively |
942,681 | 935,603 | ||||||
Retained earnings |
876,830 | 878,498 | ||||||
Accumulated other comprehensive (loss) |
(7,793 | ) | (10,546 | ) | ||||
Treasury stock at cost, 30,490,815 and
30,318,478 shares held at September 30,
2011 and December 31, 2010,
respectively |
(936,139 | ) | (931,431 | ) | ||||
Total stockholders equity |
875,579 | 872,124 | ||||||
Noncontrolling interest |
281 | 313 | ||||||
Total equity |
875,860 | 872,437 | ||||||
Total liabilities and equity |
$ | 1,048,663 | $ | 1,051,695 | ||||
2
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenues: |
||||||||||||||||
Real estate sales |
$ | 5,677 | $ | 10,866 | $ | 14,371 | $ | 15,536 | ||||||||
Resort and club revenues |
12,023 | 8,755 | 30,109 | 24,144 | ||||||||||||
Timber sales |
8,186 | 6,817 | 78,976 | 21,036 | ||||||||||||
Other revenues |
859 | 667 | 2,009 | 1,724 | ||||||||||||
Total revenues |
26,745 | 27,105 | 125,465 | 62,440 | ||||||||||||
Expenses: |
||||||||||||||||
Cost of real estate sales |
3,624 | 3,335 | 8,169 | 5,066 | ||||||||||||
Cost of resort and club revenues |
10,576 | 8,786 | 28,146 | 24,920 | ||||||||||||
Cost of timber sales |
5,123 | 5,289 | 17,319 | 14,810 | ||||||||||||
Cost of other revenues |
728 | 515 | 1,759 | 1,597 | ||||||||||||
Other operating expenses |
4,692 | 12,300 | 17,961 | 27,838 | ||||||||||||
Corporate expense, net |
2,832 | 9,821 | 29,357 | 23,287 | ||||||||||||
Depreciation and amortization |
3,020 | 3,356 | 12,970 | 10,295 | ||||||||||||
Impairment losses |
| | 2,479 | 555 | ||||||||||||
Restructuring charges |
348 | 1,654 | 10,750 | 4,352 | ||||||||||||
Total expenses |
30,943 | 45,056 | 128,910 | 112,720 | ||||||||||||
Operating loss |
(4,198 | ) | (17,951 | ) | (3,445 | ) | (50,280 | ) | ||||||||
Other income (expense): |
||||||||||||||||
Investment income, net |
436 | 392 | 808 | 1,227 | ||||||||||||
Interest expense |
(1,077 | ) | (5,171 | ) | (3,059 | ) | (7,401 | ) | ||||||||
Other, net |
940 | 1,081 | 3,190 | 2,450 | ||||||||||||
Total other income (expense) |
299 | (3,698 | ) | 939 | (3,724 | ) | ||||||||||
Loss from continuing operations before equity in loss
of unconsolidated affiliates and income taxes |
(3,899 | ) | (21,649 | ) | (2,506 | ) | (54,004 | ) | ||||||||
Equity in loss of unconsolidated affiliates |
(11 | ) | (50 | ) | (51 | ) | (479 | ) | ||||||||
Income tax (benefit) expense |
(1,473 | ) | (8,573 | ) | (867 | ) | (21,302 | ) | ||||||||
Net loss |
(2,437 | ) | (13,126 | ) | (1,690 | ) | (33,181 | ) | ||||||||
Less: Net loss attributable to noncontrolling interest |
(6 | ) | (10 | ) | (22 | ) | (30 | ) | ||||||||
Net loss attributable to the Company |
$ | (2,431 | ) | $ | (13,116 | ) | $ | (1,668 | ) | $ | (33,151 | ) | ||||
LOSS PER SHARE |
||||||||||||||||
Basic |
||||||||||||||||
Net loss attributable to the Company |
$ | (0.03 | ) | $ | (0.14 | ) | $ | (0.02 | ) | $ | (0.36 | ) | ||||
Diluted |
||||||||||||||||
Net loss attributable to the Company |
$ | (0.03 | ) | $ | (0.14 | ) | $ | (0.02 | ) | $ | (0.36 | ) | ||||
3
Accumulated | ||||||||||||||||||||||||||||
Common Stock | Other | |||||||||||||||||||||||||||
Outstanding | Retained | Comprehensive | Treasury | Noncontrolling | ||||||||||||||||||||||||
Shares | Amount | Earnings | Income (Loss) | Stock | Interest | Total | ||||||||||||||||||||||
Balance at December 31,
2010 |
92,605,435 | $ | 935,603 | $ | 878,498 | $ | (10,546 | ) | $ | (931,431 | ) | $ | 313 | $ | 872,437 | |||||||||||||
Comprehensive (loss): |
||||||||||||||||||||||||||||
Net (loss) |
| | (1,668 | ) | | | (22 | ) | (1,690 | ) | ||||||||||||||||||
Amortization of pension and
reduction in accumulated
postretirement benefit
obligation, net |
| | | 2,753 | | | 2,753 | |||||||||||||||||||||
Total comprehensive income
(loss) |
| | | | | | 1,063 | |||||||||||||||||||||
Distributions |
| | | | | (10 | ) | (10 | ) | |||||||||||||||||||
Issuances of restricted stock |
262,120 | | | | | | | |||||||||||||||||||||
Forfeitures of restricted stock |
(418,486 | ) | | | | | | | ||||||||||||||||||||
Issuance of common stock |
4,000 | 100 | | | | | 100 | |||||||||||||||||||||
Excess (reduction in) tax
benefit on options exercised
and vested restricted stock |
| (724 | ) | | | | | (724 | ) | |||||||||||||||||||
Amortization of stock-based
compensation |
| 7,702 | | | | | 7,702 | |||||||||||||||||||||
Purchases of treasury shares |
(172,337 | ) | | | | (4,708 | ) | (4,708 | ) | |||||||||||||||||||
Balance at September 30, 2011 |
92,280,732 | $ | 942.681 | $ | 876,830 | $ | (7,793 | ) | $ | (936,139 | ) | $ | 281 | $ | 875,860 | |||||||||||||
4
Nine Months Ended | ||||||||
September 30, | ||||||||
2011 | 2010 | |||||||
Cash flows from operating activities: |
||||||||
Net loss |
$ | (1,690 | ) | $ | (33,181 | ) | ||
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities: |
||||||||
Depreciation and amortization |
12,970 | 10,295 | ||||||
Stock-based compensation |
8,609 | 4,730 | ||||||
Equity in loss of unconsolidated joint ventures |
51 | 479 | ||||||
Deferred income tax (benefit) |
1,118 | (19,692 | ) | |||||
Impairment losses |
2,479 | 555 | ||||||
Pension charges |
4,926 | 3,833 | ||||||
Cost of operating properties sold |
7,626 | 3,260 | ||||||
Expenditures for operating properties |
(21,438 | ) | (9,487 | ) | ||||
Changes in operating assets and liabilities: |
||||||||
Notes receivable |
1,102 | 739 | ||||||
Other assets |
3,083 | 373 | ||||||
Accounts payable and accrued liabilities |
(1,085 | ) | 3,683 | |||||
Income taxes payable |
(2,625 | ) | 63,870 | |||||
Net cash provided by operating activities |
15,126 | 29,457 | ||||||
Cash flows from investing activities: |
||||||||
Purchases of property, plant and equipment |
(1,586 | ) | (1,117 | ) | ||||
Proceeds from the disposition of assets |
100 | 50 | ||||||
Contribution of capital to unconsolidated affiliates |
(4,434 | ) | | |||||
Distributions from unconsolidated affiliates |
| 401 | ||||||
Net cash used in investing activities |
(5,920 | ) | (666 | ) | ||||
Cash flows from financing activities: |
||||||||
Proceeds from exercises of stock options |
100 | 5,083 | ||||||
Repayments of other long term debt |
(227 | ) | | |||||
Distributions to minority interest partner |
(10 | ) | (10 | ) | ||||
Excess tax benefits from stock-based compensation |
54 | (227 | ) | |||||
Taxes paid on behalf of employees related to stock-based compensation |
(4,708 | ) | (1,042 | ) | ||||
Net cash (used in) provided by financing activities |
(4,791 | ) | 3,804 | |||||
Net increase in cash and cash equivalents |
4,415 | 32,595 | ||||||
Cash and cash equivalents at beginning of period |
183,827 | 163,807 | ||||||
Cash and cash equivalents at end of period |
$ | 188,242 | $ | 196,402 | ||||
5
| a prolonged decrease in the market price or demand for the Companys properties; | ||
| a change in the expected use or development plans for the Companys properties; | ||
| a current period operating or cash flow loss for an operating property; and, | ||
| an accumulation of costs in a development property that significantly exceeds its historically low basis in property held long-term. |
6
| the projected pace of sales of homesites based on estimated market conditions and the Companys development plans; | ||
| projected price appreciation over time, which can range from 0% to 7% annually; | ||
| the amount and trajectory of price appreciation over the estimated selling period; | ||
| the length of the estimated development and selling periods, which can range from 5 years to 17 years depending on the size of the development and the number of phases to be developed; | ||
| the amount of remaining development costs and holding costs to be incurred over the selling period; | ||
| in situations where development plans are subject to change, the amount of entitled land subject to bulk land sales or alternative use and the estimated selling prices of such property; | ||
| for commercial development property, future pricing is based on sales of comparable property in similar markets; and | ||
| assumptions regarding the intent and ability to hold individual investments in real estate over projected periods and related assumptions regarding available liquidity to fund continued development. |
| for investments in hotel and rental condominium units, average occupancy and room rates, revenues from food and beverage and other amenity operations, operating expenses and capital expenditures, and the amount of proceeds to be realized upon eventual disposition of such properties as condo-hotels or condominiums, based on current prices for similar units appreciated to the expected sale date; | ||
| for investments in commercial or retail property, future occupancy and rental rates and the amount of proceeds to be realized upon eventual disposition of such property at a terminal capitalization rate; and, | ||
| for investments in golf courses, future rounds and greens fees, operating expenses and capital expenditures, and the amount of proceeds to be realized upon eventual disposition of such properties at a multiple of terminal year cash flows. |
7
8
Weighted Average | ||||||||
Number of | Grant Date Fair | |||||||
Service-Based Restricted Stock Units | Units | Value | ||||||
Balance at December 31, 2010 |
266,659 | $ | 30.91 | |||||
Granted |
107,696 | 28.01 | ||||||
Vested |
(289,269 | ) | 30.30 | |||||
Forfeited |
(20,900 | ) | 28.55 | |||||
Balance at September 30, 2011 |
64,186 | $ | 29.59 | |||||
9
Weighted Average | ||||||||
Number of | Grant Date Fair | |||||||
Market Condition Restricted Stock Units | Units | Value | ||||||
Balance at December 31, 2010 |
562,531 | $ | 23.17 | |||||
Granted |
154,424 | 21.10 | ||||||
Vested |
(291,304 | ) | 19.12 | |||||
Forfeited |
(397,586 | ) | 23.35 | |||||
Balance at September 30, 2011 |
28,065 | $ | 15.69 | |||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Stock-based compensation expense |
$ | 225 | $ | 1,911 | $ | 8,609 | $ | 4,730 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Basic average shares outstanding |
92,190,064 | 91,773,482 | 92,243,345 | 91,635,193 | ||||||||||||
Net effect of stock options assumed to be exercised |
| | | | ||||||||||||
Diluted average shares outstanding |
92,190,064 | 91,773,482 | 92,243,345 | 91,635,193 | ||||||||||||
10
Level 1. Observable inputs such as quoted prices in active markets; | |||
Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | |||
Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | |||
Assets and liabilities measured at fair value on a recurring basis are as follows: |
Quoted Prices in | Significant Other | Significant | ||||||||||||||
Fair Value | Active Markets for | Observable | Unobservable | |||||||||||||
September 30, | Identical Assets | Inputs | Inputs | |||||||||||||
2011 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Recurring: |
||||||||||||||||
Investments in money market
and short term treasury
instruments |
$ | 178,413 | $ | 178,413 | $ | | $ | | ||||||||
Retained interest in entities |
10,598 | | | 10,598 | ||||||||||||
Total, net |
$ | 189,011 | $ | 178,413 | $ | | $ | 10,598 | ||||||||
Quoted Prices in | Significant Other | Significant | ||||||||||||||
Fair Value | Active Markets for | Observable | Unobservable | |||||||||||||
December 31, | Identical Assets | Inputs | Inputs | |||||||||||||
2010 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Recurring: |
||||||||||||||||
Investments in money market |
$ | 177,816 | $ | 177,816 | $ | | $ | | ||||||||
Retained interest in entities |
10,283 | | | 10,283 | ||||||||||||
Total, net |
$ | 188,099 | $ | 177,816 | $ | | $ | 10,283 | ||||||||
11
2011 | ||||
Balance January 1 |
$ | 10,283 | ||
Additions |
| |||
Accretion of interest income |
315 | |||
Balance September 30 |
$ | 10,598 | ||
12
Quoted Prices in | Significant Other | Significant | ||||||||||||||||||
Active Markets for | Observable | Unobservable | Fair Value | Total | ||||||||||||||||
Identical Assets | Inputs | Inputs | September 30, | Impairment | ||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | 2011 | Losses | ||||||||||||||||
Non-financial assets: |
||||||||||||||||||||
Investment in real estate |
$ | | $ | 1,224 | $ | 1,701 | $ | 2,925 | $ | 2,479 |
September 30, 2011 | December 31, 2010 | |||||||
Operating property: |
||||||||
Residential real estate |
$ | 179,523 | $ | 178,417 | ||||
Commercial real estate |
4,689 | | ||||||
Rural land sales |
139 | 139 | ||||||
Forestry |
57,580 | 60,339 | ||||||
Other |
510 | 510 | ||||||
Total operating property |
242,441 | 239,405 | ||||||
Development property: |
||||||||
Residential real estate |
473,183 | 478,278 | ||||||
Commercial real estate |
71,288 | 65,465 | ||||||
Rural land sales |
7,393 | 7,446 | ||||||
Other |
306 | 306 | ||||||
Total development property |
552,170 | 551,495 | ||||||
Investment property: |
||||||||
Commercial real estate |
1,753 | 1,753 | ||||||
Rural land sales |
| | ||||||
Forestry |
952 | 952 | ||||||
Other |
5,901 | 5,901 | ||||||
Total investment property |
8,606 | 8,606 | ||||||
Investment in unconsolidated affiliates: |
13
September 30, 2011 | December 31, 2010 | |||||||
Residential real estate |
2,261 | (2,122 | ) | |||||
Total real estate investments |
805,478 | 797,384 | ||||||
Less: Accumulated depreciation |
45,875 | 41,992 | ||||||
Investment in real estate |
$ | 759,603 | $ | 755,392 | ||||
September 30, 2011 | December 31, 2010 | |||||||
Various builders |
$ | 1,698 | $ | 2,358 | ||||
Pier Park Community Development District |
2,767 | 2,762 | ||||||
Various mortgages and other |
418 | 611 | ||||||
Total notes receivable |
$ | 4,883 | $ | 5,731 | ||||
Residential Real | Commercial Real | Rural Land | ||||||||||||||||||||||
Estate | Estate | Sales | Forestry | Other | Total | |||||||||||||||||||
Three months ended
September 30, 2011: |
||||||||||||||||||||||||
One-time
termination
benefits to
employees |
$ | 80 | $ | | $ | | $ | 77 | $ | 108 | $ | 265 | ||||||||||||
Cumulative
restructuring
charges, January 1,
2011 through
September 30, 2011 |
$ | 244 | $ | 1,657 | $ | 199 | $ | 77 | $ | 8,168 | $ | 10,345 | ||||||||||||
Remaining one-time
termination
benefits to
employees to be
incurred during
2011 |
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
14
Residential Real | Commercial Real | Rural Land | ||||||||||||||||||||||
Estate | Estate | Sales | Forestry | Other | Total | |||||||||||||||||||
Three months ended
September 30, 2011: |
||||||||||||||||||||||||
One-time
termination and
relocation benefits
to employees |
$ | | $ | | $ | | $ | | $ | 84 | $ | 84 | ||||||||||||
Cumulative
restructuring
charges, January 1,
2010 through
September 30, 2011 |
$ | 1,013 | $ | 43 | $ | 793 | $ | 193 | $ | 3,605 | $ | 5,647 | ||||||||||||
Remaining one-time
termination and
relocation benefits
to employees to
be incurred during
2011(a) |
$ | 186 | $ | | $ | 173 | $ | 292 | $ | 733 | $ | 1,384 | ||||||||||||
(a) | Represents costs to be incurred from October 1, 2011 through December 31, 2012. |
Balance at | Balance at | |||||||||||||||||||
December 31, | Costs | September 30, | Due within | |||||||||||||||||
2010 | Accrued | Payments | 2011 | 12 months | ||||||||||||||||
One-time
termination
benefits to
employees 2010
restructuring and
relocation program |
$ | 870 | $ | 389 | $ | 1,192 | $ | 67 | $ | 67 | ||||||||||
One-time
termination
benefits to
employees 2011
restructuring
program |
$ | | $ | 10,344 | $ | 5,273 | $ | 5,071 | $ | 5,071 | ||||||||||
September 30, 2011 | December 31, 2010 | |||||||
Non-recourse defeased debt |
$ | 23,800 | $ | 25,281 | ||||
Community Development District debt |
28,627 | 29,370 | ||||||
Total debt |
$ | 52,427 | $ | 54,651 | ||||
2011 |
$ | 501 | ||
2012 |
2,018 | |||
2013 |
1,586 | |||
2014 |
1,507 | |||
2015 |
18,188 | |||
Thereafter |
28,627 | |||
Total |
$ | 52,427 | ||
(a) | Includes debt defeased in connection with the sale of the Companys office portfolio in the amount of $23.8 million which matures in years 2011-2015. | |
(b) | Community Development District debt maturities are presented in the year of contractual maturity; however, earlier payments may be required when the properties benefited by the CDD are sold. |
15
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Service cost |
$ | 729 | $ | 511 | $ | 3,742 | $ | 1,322 | ||||||||
Interest cost |
301 | 337 | 952 | 1,148 | ||||||||||||
Expected return on assets |
(742 | ) | (248 | ) | (2,370 | ) | (3,191 | ) | ||||||||
Prior service costs |
158 | 160 | 509 | 535 | ||||||||||||
Settlement loss |
2,887 | 894 | 2,887 | 2,486 | ||||||||||||
Curtailment charges |
326 | | 2,039 | 1,347 | ||||||||||||
Net periodic expense |
$ | 3,659 | $ | 1,654 | $ | 7,759 | $ | 3,647 | ||||||||
16
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Operating Revenues: |
||||||||||||||||
Residential real estate |
$ | 16,592 | $ | 12,316 | $ | 40,802 | $ | 30,813 | ||||||||
Commercial real estate |
1,450 | 3,690 | 2,345 | 4,137 | ||||||||||||
Rural land sales |
517 | 4,282 | 3,342 | 6,454 | ||||||||||||
Forestry |
8,186 | 6,817 | 78,976 | 21,036 | ||||||||||||
Consolidated operating revenues |
$ | 26,745 | $ | 27,105 | $ | 125,465 | $ | 62,440 | ||||||||
Income (loss) from continuing
operations before equity in
loss of unconsolidated
affiliates and income taxes : |
||||||||||||||||
Residential real estate |
$ | (3,663 | ) | $ | (16,575 | ) | $ | (18,817 | ) | $ | (34,975 | ) | ||||
Commercial real estate |
(523 | ) | 1,539 | (5,295 | ) | (215 | ) | |||||||||
Rural land sales |
307 | 3,548 | 2,204 | 3,949 | ||||||||||||
Forestry |
2,593 | 767 | 57,090 | 4,399 | ||||||||||||
Other |
(2,613 | ) | (10,928 | ) | (37,688 | ) | (27,162 | ) | ||||||||
Consolidated income (loss)
from continuing operations
before equity in loss of
unconsolidated affiliates and
income taxes |
$ | (3,899 | ) | $ | (21,649 | ) | $ | (2,506 | ) | $ | (54,004 | ) | ||||
September 30, 2011 | December 31, 2010 | |||||||
Total Assets: |
||||||||
Residential real estate |
$ | 633,227 | $ | 639,460 | ||||
Commercial real estate |
82,006 | 72,581 | ||||||
Rural land sales |
7,881 | 7,964 | ||||||
Forestry |
58,185 | 61,756 | ||||||
Other |
267,364 | 269,934 | ||||||
Total Assets |
$ | 1,048,663 | $ | 1,051,695 | ||||
17
18
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Segment Operating Revenue |
||||||||||||||||
Residential real estate |
62.1 | % | 45.4 | % | 32.5 | % | 49.4 | % | ||||||||
Commercial real estate |
5.4 | % | 13.6 | % | 1.9 | % | 6.6 | % | ||||||||
Rural land sales |
1.9 | % | 15.8 | % | 2.7 | % | 10.3 | % | ||||||||
Forestry |
30.6 | % | 25.2 | % | 62.9 | % | 33.7 | % | ||||||||
Consolidated operating revenues |
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
19
| the sale of developed homesites to retail customers and builders; | ||
| the sale of parcels of entitled, undeveloped land; | ||
| the sale of housing units built by us; | ||
| resort and club operations; | ||
| rental income; and | ||
| brokerage fees on certain transactions. |
| costs directly associated with the land, development and construction of real estate sold, indirect costs such as development overhead, project administration, warranty, capitalized interest and selling costs; | ||
| resort and club personnel costs, cost of goods sold, and management fees paid to third party managers; | ||
| operating expenses of rental properties; and | ||
| brokerage fees. |
20
21
| Acceleration of $6.2 million of stock compensation expense for the nine months ended September 30, 2011 due to the change in control of the Board of Directors and acceleration of the vesting of most of our former President and Chief Executive Officers restricted stock. | ||
| Restructuring charges of $0.3 million and $10.8 million for the three months and nine months ended September 30, 2011, respectively, including payments to five members of our senior management under the terms of their Separation Agreements. |
22
| Impairment charges of $2.5 million for the nine months ended September 30, 2011, relating to homes sold in our residential segment and the decision to indefinitely delay the development of our new corporate headquarters. | ||
| Legal fees totaling $1.5 million and $10.3 million for the three months and nine months ended September 30, 2011 due to defending the securities class action lawsuit, responding to the SEC inquiry, pursuing the claims against the parties we believe are responsible for the Deepwater Horizon oil spill, and legal costs incurred in connection with the change of control of the Board and other corporate governance matters. | ||
| Pension charges totaling $3.2 million and $4.9 million for the three months and nine months ended September 30, 2011 due to settlement and curtailment charges. |
| Restructuring charges of $1.7 million and $4.4 million for the three months and nine months ended September 30, 2010, respectively, related to the consolidation of our offices. | ||
| Impairment charges of zero and $0.6 million in the three months and nine months ended September 30, 2010, respectively. | ||
| A non-cash charge of $8.8 million ($4.7 million of litigation settlement and $4.1 million of interest on the settlement) for the three months and nine months ended September 30, 2010 for a reserve for an adverse trial court verdict in a lawsuit involving a contract dispute. | ||
| Legal and clean-up costs of $2.6 million for the three months and nine months ended September 30, 2010 resulting from the DeepWater Horizon incident. | ||
| Pension charges totaling $0.9 million and $3.8 million for the three months and nine months ended September 30, 2010 due to settlement and curtailment charges. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2011 | 2010 | Difference | % Change | 2011 | 2010 | Difference | % Change | |||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||
Revenues: |
||||||||||||||||||||||||||||||||
Real estate sales |
$ | 5.7 | $ | 10.9 | $ | (5.2 | ) | (48 | )% | $ | 14.4 | $ | 15.5 | $ | (1.1 | ) | (7 | )% | ||||||||||||||
Resort and club revenues |
12.0 | 8.8 | 3.2 | 36 | 30.1 | 24.2 | 5.9 | 24 | ||||||||||||||||||||||||
Timber sales |
8.2 | 6.8 | 1.4 | 21 | 79.0 | 21.0 | 58.0 | 276 | ||||||||||||||||||||||||
Other revenues |
0.8 | 0.6 | 0.2 | 33 | 2.0 | 1.7 | 0.3 | 18 | ||||||||||||||||||||||||
Total |
26.7 | 27.1 | (0.4 | ) | (1 | ) | 125.5 | 62.4 | 63.1 | 101 | ||||||||||||||||||||||
Expenses: |
||||||||||||||||||||||||||||||||
Cost of real estate sales |
3.6 | 3.3 | 0.3 | 9 | 8.2 | 5.1 | 3.1 | 61 | ||||||||||||||||||||||||
Cost of resort and club
revenues |
10.6 | 8.8 | 1.8 | 20 | 28.1 | 24.9 | 3.2 | 13 | ||||||||||||||||||||||||
Cost of timber sales |
5.1 | 5.3 | (0.2 | ) | (4 | ) | 17.3 | 14.8 | 2.5 | 17 | ||||||||||||||||||||||
Cost of other revenues |
0.7 | 0.5 | 0.2 | 40 | 1.8 | 1.6 | 0.2 | 13 | ||||||||||||||||||||||||
Other operating expenses |
4.7 | 12.3 | (7.6 | ) | (62 | ) | 18.0 | 27.8 | (9.8 | ) | (35 | ) | ||||||||||||||||||||
Total |
$ | 24.7 | $ | 30.2 | $ | (5.5 | ) | (18 | )% | $ | 73.4 | $ | 74.2 | $ | (0.8 | ) | (1 | )% | ||||||||||||||
23
24
25
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
(In millions) | ||||||||||||||||
Revenues: |
||||||||||||||||
Real estate sales |
$ | 3.9 | $ | 3.0 | $ | 9.0 | $ | 5.1 | ||||||||
Resort and club revenues |
12.0 | 8.7 | 30.1 | 24.2 | ||||||||||||
Other revenues |
0.7 | 0.6 | 1.7 | 1.5 | ||||||||||||
Total revenues |
16.6 | 12.3 | 40.8 | 30.8 | ||||||||||||
Expenses: |
||||||||||||||||
Cost of real estate sales |
2.9 | 2.3 | 6.9 | 3.8 | ||||||||||||
Cost of resort and club revenues |
10.6 | 8.8 | 28.1 | 24.9 | ||||||||||||
Cost of other revenues |
0.5 | 0.5 | 1.4 | 1.6 | ||||||||||||
Other operating expenses |
2.9 | 9.6 | 11.6 | 19.7 | ||||||||||||
Depreciation and amortization |
2.2 | 2.5 | 7.1 | 7.6 | ||||||||||||
Restructuring charges |
0.1 | 0.2 | 0.3 | 0.9 | ||||||||||||
Impairment losses |
| | 1.7 | 0.6 | ||||||||||||
Total expenses |
19.2 | 23.9 | 57.1 | 59.1 | ||||||||||||
Other income (expense) |
(1.0 | ) | (5.0 | ) | (2.5 | ) | (6.7 | ) | ||||||||
Pre-tax (loss) from continuing operations |
$ | (3.6 | ) | $ | (16.6 | ) | $ | (18.8 | ) | $ | (35.0 | ) | ||||
Three Months Ended September 30, 2011 | Three Months Ended September 30, 2010 | |||||||||||||||||||||||
Homes | Homesites | Total | Homes | Homesites | Total | |||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Sales |
$ | 0.8 | $ | 2.8 | $ | 3.6 | $ | 0.5 | $ | 2.5 | $ | 3.0 | ||||||||||||
Cost of sales: |
||||||||||||||||||||||||
Direct costs |
0.7 | 1.8 | 2.5 | 0.3 | 1.0 | 1.3 | ||||||||||||||||||
Selling costs |
0.1 | 0.1 | 0.2 | 0.1 | 0.2 | 0.3 | ||||||||||||||||||
Other indirect costs |
| 0.2 | 0.2 | | 0.7 | 0.7 | ||||||||||||||||||
Total cost of sales |
0.8 | 2.1 | 2.9 | 0.4 | 1.9 | 2.3 | ||||||||||||||||||
Gross profit |
$ | | $ | 0.7 | $ | 0.7 | $ | 0.1 | $ | 0.6 | $ | 0.7 | ||||||||||||
Gross profit margin |
| % | 25 | % | 19 | % | 20 | % | 24 | % | 23 | % | ||||||||||||
Units sold |
1 | 39 | 40 | 1 | 21 | 22 | ||||||||||||||||||
26
Three Month Ended September 30, 2011 | Three Month Ended September 30, 2010 | |||||||||||||||||||||||||||||||
Closed | Cost of | Gross | Closed | Cost of | Gross | |||||||||||||||||||||||||||
Units | Revenues | Sales | Profit | Units | Revenues | Sales | Profit | |||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||
Northwest Florida: |
||||||||||||||||||||||||||||||||
Resort and Seasonal |
||||||||||||||||||||||||||||||||
Single-family homes |
1 | $ | 0.8 | $ | 0.8 | $ | | 1 | $ | 0.5 | $ | 0.4 | $ | 0.1 | ||||||||||||||||||
Homesites |
12 | 1.4 | 1.1 | 0.3 | 12 | 2.0 | 1.5 | 0.5 | ||||||||||||||||||||||||
Primary |
||||||||||||||||||||||||||||||||
Homesites |
19 | 1.1 | 0.8 | 0.3 | 7 | 0.4 | 0.3 | 0.1 | ||||||||||||||||||||||||
Northeast Florida: |
||||||||||||||||||||||||||||||||
Primary |
||||||||||||||||||||||||||||||||
Single-family homes |
| | | | | | | | ||||||||||||||||||||||||
Homesites |
8 | 0.3 | 0.2 | 0.1 | 2 | 0.1 | 0.1 | | ||||||||||||||||||||||||
Total |
40 | $ | 3.6 | $ | 2.9 | $ | 0.7 | 22 | $ | 3.0 | $ | 2.3 | $ | 0.7 | ||||||||||||||||||
27
Nine Months Ended September 30, 2011 | Nine Months Ended September 30, 2010 | |||||||||||||||||||||||
Homes | Homesites | Total | Homes | Homesites | Total | |||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Sales |
$ | 1.3 | $ | 7.4 | $ | 8.7 | $ | 0.5 | $ | 4.5 | $ | 5.0 | ||||||||||||
Cost of sales: |
||||||||||||||||||||||||
Direct costs |
1.2 | 4.9 | 6.1 | 0.3 | 2.2 | 2.5 | ||||||||||||||||||
Selling costs |
0.1 | 0.2 | 0.3 | 0.1 | 0.3 | 0.4 | ||||||||||||||||||
Other indirect costs |
| 0.5 | 0.5 | | 0.8 | 0.8 | ||||||||||||||||||
Total cost of sales |
1.3 | 5.6 | 6.9 | 0.4 | 3.3 | 3.7 | ||||||||||||||||||
Gross profit |
$ | | $ | 1.8 | $ | 1.8 | $ | 0.1 | $ | 1.2 | $ | 1.3 | ||||||||||||
Gross profit margin |
| % | 24 | % | 21 | % | 20 | % | 27 | % | 26 | % | ||||||||||||
Units sold |
2 | 85 | 87 | 1 | 43 | 44 | ||||||||||||||||||
Nine Months Ended September 30, 2011 | Nine Months Ended September 30, 2010 | |||||||||||||||||||||||||||||||
Closed | Cost of | Gross | Closed | Cost of | Gross | |||||||||||||||||||||||||||
Units | Revenues | Sales | Profit | Units | Revenues | Sales | Profit | |||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||
Northwest Florida: |
||||||||||||||||||||||||||||||||
Resort and Seasonal |
||||||||||||||||||||||||||||||||
Single-family homes |
2 | $ | 1.3 | $ | 1.3 | $ | | 1 | $ | 0.5 | $ | 0.4 | $ | 0.1 | ||||||||||||||||||
Homesites |
38 | 5.0 | 3.8 | 1.2 | 28 | 3.6 | 2.7 | 0.9 | ||||||||||||||||||||||||
Primary |
||||||||||||||||||||||||||||||||
Homesites |
39 | 2.1 | 1.6 | 0.5 | 13 | 0.8 | 0.5 | 0.3 | ||||||||||||||||||||||||
Northeast Florida: |
||||||||||||||||||||||||||||||||
Primary |
||||||||||||||||||||||||||||||||
Single-family homes |
| | | | | | | | ||||||||||||||||||||||||
Homesites |
8 | 0.3 | 0.2 | 0.1 | 2 | 0.1 | 0.1 | | ||||||||||||||||||||||||
Total |
87 | $ | 8.7 | $ | 6.9 | $ | 1.8 | 44 | $ | 5.0 | $ | 3.7 | $ | 1.3 | ||||||||||||||||||
28
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
(In millions) | ||||||||||||||||
Revenues: |
||||||||||||||||
Real estate sales |
$ | 1.3 | $ | 3.6 | $ | 2.1 | $ | 3.9 | ||||||||
Other revenues |
0.2 | | 0.3 | 0.2 | ||||||||||||
Total revenues |
1.5 | 3.6 | 2.4 | 4.1 | ||||||||||||
Expenses: |
||||||||||||||||
Cost of real estate sales |
0.7 | 0.8 | 1.1 | 0.8 | ||||||||||||
Cost of other revenues |
0.2 | | 0.4 | | ||||||||||||
Other operating expenses |
1.1 | 1.5 | 4.0 | 4.6 | ||||||||||||
Depreciation and amortization |
0.1 | | 0.1 | | ||||||||||||
Restructuring charges |
| | 1.7 | | ||||||||||||
Impairment losses |
| | 0.8 | | ||||||||||||
Total expenses |
2.1 | 2.3 | 8.1 | 5.4 | ||||||||||||
Other income |
0.1 | 0.2 | 0.4 | 1.1 | ||||||||||||
Pre-tax (loss) from continuing operations |
$ | (0.5 | ) | $ | 1.5 | $ | (5.3 | ) | $ | (0.2 | ) | |||||
29
Number of | Number of | Average Price | Gross Sales | Gross | ||||||||||||||||
Sales | Acres | per Acre | Price | Profit | ||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||
Three Months Ended: |
||||||||||||||||||||
September 30, 2011 |
2 | 4.23 | $ | 301,418 | $ | 1.3 | $ | 0.6 | ||||||||||||
September 30, 2010 |
2 | 13.85 | $ | 261,369 | $ | 3.6 | $ | 2.8 | ||||||||||||
Nine Months Ended: |
||||||||||||||||||||
September 30, 2011 |
4 | 5.23 | $ | 392,255 | $ | 2.1 | $ | 0.9 | ||||||||||||
September 30, 2010 |
3 | 16.70 | $ | 235,536 | $ | 3.9 | $ | 3.1 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
(In millions) | ||||||||||||||||
Revenues: |
||||||||||||||||
Real estate sales |
$ | 0.5 | $ | 4.3 | $ | 3.3 | $ | 6.5 | ||||||||
Expenses: |
||||||||||||||||
Cost of real estate sales |
| 0.3 | 0.1 | 0.4 | ||||||||||||
Other operating expenses |
0.2 | 0.6 | 1.0 | 2.0 | ||||||||||||
Restructuring charge |
| 0.1 | 0.2 | 0.8 | ||||||||||||
Total expenses |
0.2 | 1.0 | 1.3 | 3.2 | ||||||||||||
Other income |
| 0.2 | 0.2 | 0.7 | ||||||||||||
Pre-tax (loss) income from continuing operations |
$ | 0.3 | $ | 3.5 | $ | 2.2 | $ | 4.0 | ||||||||
30
Number of | Number of | Average Price | Gross Sales | Gross | ||||||||||||||||
Sales | Acres | per Acre | Price | Profit | ||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||
Three Months Ended: |
||||||||||||||||||||
September 30, 2011 |
1 | 128 | $ | 3,750 | $ | 0.5 | $ | 0.4 | ||||||||||||
September 30, 2010 |
2 | 226 | $ | 3,212 | $ | 0.7 | $ | 0.5 | ||||||||||||
Nine Months Ended: |
||||||||||||||||||||
September 30, 2011 |
3 | 232 | $ | 14,279 | $ | 3.3 | $ | 3.2 | ||||||||||||
September 30, 2010 |
7 | 340 | $ | 4,409 | $ | 1.5 | $ | 1.2 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
(In millions) | ||||||||||||||||
Revenues: |
||||||||||||||||
Timber sales |
$ | 8.2 | $ | 6.8 | $ | 79.0 | $ | 21.0 | ||||||||
Expenses: |
||||||||||||||||
Cost of timber sales |
5.1 | 5.3 | 17.3 | 14.8 | ||||||||||||
Other operating expenses |
0.4 | 0.5 | 1.4 | 1.5 | ||||||||||||
Depreciation and amortization |
0.5 | 0.5 | 4.5 | 1.6 | ||||||||||||
Restructuring |
0.1 | 0.2 | 0.1 | 0.2 | ||||||||||||
Total expenses |
6.1 | 6.5 | 23.3 | 18.1 | ||||||||||||
Other income |
0.5 | 0.5 | 1.4 | 1.5 | ||||||||||||
Pre-tax income from continuing operations |
$ | 2.6 | $ | 0.8 | $ | 57.1 | $ | 4.4 | ||||||||
31
32
33
| our expectations regarding improvement in market conditions; | ||
| our expectations regarding the impact of our recent restructuring initiatives on our future operating expenses and results of operations; | ||
| our expectation regarding capital expenditures during the remainder of 2011 and during 2012; | ||
| our expectation that our current cash position and our anticipated cash flows will provide us with sufficient liquidity to satisfy our working capital needs and capital expenditures; | ||
| our expectation regarding the contribution to our recurring revenue of the parking facility at the entrance to the Northwest Florida Beaches International Airport and the lease with CVS Pharmacy in Port. St. Joe; | ||
| our expectation regarding the impact of pending environmental litigation matters or governmental proceedings on our financial position or results of operations, and our belief regarding the defenses to litigation claims against us; | ||
| our belief that by removing the contractual restrictions imposed by our prior revolving credit facility, we will have flexibility that will permit us to explore additional opportunities that may be accretive to shareholders; and | ||
| our estimates regarding certain tax matters and accounting valuations. |
| a delay in the recovery of real estate markets in Florida and across the nation, or any further downturn in such markets; | ||
| economic or other business conditions that affect the desire or ability of our customers to purchase new homes in markets in which we conduct our business, such as reductions in the availability of mortgage financing or property insurance, increases in foreclosures, interest rates, the cost of property insurance, inflation, or unemployment rates or declines in consumer confidence or the demand for, or the prices of, housing; | ||
| our ability to successfully dispose of developed properties or undeveloped land or homesites at expected prices and within anticipated time frames; |
34
| our ability to effect our growth strategies in our commercial and residential real estate operations and our rural land and forestry business; | ||
| an increase in the prices, or shortages in the availability, of labor and building materials; | ||
| a decline in the value of the land and home inventories we maintain or possible future write-downs of the book value of our real estate assets and notes receivable; | ||
| the impact of natural or man-made disasters or weather conditions, including hurricanes and other severe weather conditions, on our business, including the economic health of the Northwest Florida region, the willingness of businesses and home buyers to invest in the region and of tourists to visit, and on the condition of our timber; | ||
| the adverse impact of Deepwater Horizon oil spill to the economy and future growth of Northwest Florida and other coastal states; | ||
| the expense, management distraction and possible liability associated with pending securities class action litigation, shareholder derivative litigation and/or the SEC inquiry; | ||
| the financial impact to our results of operations if the RockTenn mill in Panama City were to permanently cease operations; | ||
| a reduction or termination of air service at Northwest Florida Beaches International Airport, especially any reduction or termination of Southwest Airlines service; | ||
| potential liability under environmental or construction laws, or other laws or regulations; | ||
| expectations regarding the impact of pending environmental litigation matters or governmental proceedings on our financial position or results of operations; | ||
| the amounts and timing of any recoveries arising from the Horizon Deepwater Oil Spill litigation; | ||
| our ability to identify and successfully implement new opportunities that are accretive to shareholders; | ||
| changes in laws, regulations or the regulatory environment affecting the development of real estate or forestry activities; | ||
| significant tax payments arising from any acceleration of deferred taxes; | ||
| our ability to realize the anticipated benefits of our recent restructuring, including the expected reductions in operating and corporate expenses on an on-going basis; | ||
| our ability to successfully estimate the impact of certain accounting and tax matters; and | ||
| our estimates of upfront costs associated with our restructuring initiatives, consulting or other professional fees that we may incur as a result of our reduced headcount and the impact of our restructuring initiatives on our operations. |
35
36
37
Item 6. | Exhibits |
Exhibit | ||
Number | Description | |
31.1
|
Certification by Chief Executive Officer. | |
31.2
|
Certification by Chief Financial Officer. | |
32.1
|
Certification by Chief Executive Officer. | |
32.2
|
Certification by Chief Financial Officer. | |
99.1
|
Supplemental Information regarding Land-Use Entitlements, Sales by Community and other quarterly information. | |
101 *
|
The following information from the Companys Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2011, formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statement of Changes in Equity (iv) the Consolidated Statements of Cash Flow and (v) Notes to the Consolidated Financial Statements, tagged as blocks of text. |
* |
In accordance with Regulation S-T, the XBRL-related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall be deemed to be furnished and not filed. |
38
The St. Joe Company |
||||
Date: November 3, 2011 | /s/ Park Brady | |||
Park Brady | ||||
Chief Executive Officer | ||||
Date: November 3, 2011 | /s/ Janna L. Connolly | |||
Janna L. Connolly Senior Vice President and Chief Financial Officer |
39
/s/ Park Brady | ||||
Park Brady | ||||
Chief Executive Officer |
/s/ Janna L. Connolly | ||||
Janna L. Connolly | ||||
Senior Vice President and Chief Financial Officer |
/s/ Park Brady | ||||
Park Brady | ||||
Chief Executive Officer | ||||
/s/ Janna L. Connolly | ||||
Janna L. Connolly | ||||
Senior Vice President and Chief Financial Officer | ||||
Residential | ||||||||||||||||||||||||||||
Units | Residential | Total | Remaining | |||||||||||||||||||||||||
Closed | Units Under | Residential | Commercial | |||||||||||||||||||||||||
Project | Project | Since | Contract as | Units | Entitlements | |||||||||||||||||||||||
Project | Class.(2) | County | Acres | Units(3) | Inception | of 9/30/11 | Remaining | (Sq. Ft.)(4) | ||||||||||||||||||||
In Development: (5) |
||||||||||||||||||||||||||||
Breakfast Point, Phase 1 |
PR/RS | Bay | 132 | 348 | 10 | | 338 | | ||||||||||||||||||||
Landings at Wetappo |
RR | Gulf | 113 | 24 | 7 | | 17 | | ||||||||||||||||||||
RiverCamps on Crooked Creek |
RS | Bay | 1,491 | 408 | 192 | | 216 | | ||||||||||||||||||||
RiverSide at Chipola |
RR | Calhoun | 120 | 10 | 2 | | 8 | | ||||||||||||||||||||
RiverTown |
PR | St. Johns | 4,170 | 4,500 | 40 | | 4,460 | 500,000 | ||||||||||||||||||||
SouthWood |
PR | Leon | 3,370 | 4,770 | 2,575 | | 2,195 | 4,535,588 | ||||||||||||||||||||
SummerCamp Beach |
RS | Franklin | 762 | 499 | 89 | 1 | 409 | 25,000 | ||||||||||||||||||||
Topsail |
PR | Walton | 115 | 610 | | | 610 | 220,000 | ||||||||||||||||||||
WaterColor |
RS | Walton | 499 | 1,140 | 951 | 1 | 188 | 47,600 | ||||||||||||||||||||
WaterSound |
RS | Walton | 2,425 | 1,432 | 33 | | 1,399 | 457,380 | ||||||||||||||||||||
WaterSound Beach |
RS | Walton | 256 | 511 | 447 | 4 | 60 | 29,000 | ||||||||||||||||||||
WaterSound West Beach |
RS | Walton | 62 | 199 | 68 | 2 | 129 | | ||||||||||||||||||||
West Bay DSAP I |
PR/RS | Bay | 15,089 | 5,628 | | | 5,628 | 4,430,000 | ||||||||||||||||||||
Wild Heron (6) |
RS | Bay | 17 | 28 | 2 | | 26 | | ||||||||||||||||||||
WindMark Beach |
RS | Gulf | 2,020 | 1,516 | 150 | 1 | 1,365 | 76,157 | ||||||||||||||||||||
Subtotal |
30,641 | 21,623 | 4,566 | 9 | 17,048 | 10,320,725 | ||||||||||||||||||||||
In Pre-Development: (5) |
||||||||||||||||||||||||||||
Avenue A |
PR | Gulf | 6 | 96 | | | 96 | | ||||||||||||||||||||
Bayview Estates |
PR | Gulf | 31 | 45 | | | 45 | | ||||||||||||||||||||
Bayview Multifamily |
PR | Gulf | 20 | 300 | | | 300 | | ||||||||||||||||||||
Beacon Hill |
RR | Gulf | 3 | 12 | | | 12 | | ||||||||||||||||||||
Beckrich NE |
PR | Bay | 15 | 74 | | | 74 | | ||||||||||||||||||||
Boggy Creek |
PR | Bay | 630 | 526 | | | 526 | | ||||||||||||||||||||
Bonfire Beach |
RS | Bay | 550 | 750 | | | 750 | 70,000 | ||||||||||||||||||||
College Station |
PR | Bay | 567 | 800 | | | 800 | | ||||||||||||||||||||
Cutter Ridge |
PR | Franklin | 10 | 25 | | | 25 | | ||||||||||||||||||||
DeerPoint Cedar Grove |
PR | Bay | 686 | 950 | | | 950 | | ||||||||||||||||||||
East Lake Creek |
PR | Bay | 81 | 313 | | | 313 | | ||||||||||||||||||||
East Lake Powell |
RS | Bay | 181 | 360 | | | 360 | 30,000 | ||||||||||||||||||||
Howards Creek |
RR | Gulf | 8 | 33 | | | 33 | | ||||||||||||||||||||
Laguna Beach West |
PR | Bay | 36 | 260 | | | 260 | | ||||||||||||||||||||
Long Avenue |
PR | Gulf | 10 | 30 | | | 30 | | ||||||||||||||||||||
Palmetto Bayou |
PR | Bay | 58 | 217 | | | 217 | 90,000 | ||||||||||||||||||||
ParkSide |
PR | Bay | 48 | 480 | | | 480 | | ||||||||||||||||||||
Pier Park Timeshare |
RS | Bay | 13 | 125 | | | 125 | | ||||||||||||||||||||
PineWood |
PR | Bay | 104 | 264 | | | 264 | | ||||||||||||||||||||
Port St. Joe Draper, Phase 1 |
PR | Gulf | 610 | 1,200 | | | 1,200 | | ||||||||||||||||||||
Port St. Joe Draper, Phase 2 |
PR | Gulf | 981 | 2,125 | | | 2,125 | 150,000 | ||||||||||||||||||||
Port St. Joe Town Center |
RS | Gulf | 180 | 624 | | | 624 | 500,000 | ||||||||||||||||||||
Powell Adams |
RS | Bay | 56 | 2,520 | | | 2,520 | | ||||||||||||||||||||
Sabal Island |
RS | Gulf | 45 | 18 | | | 18 | | ||||||||||||||||||||
South Walton Multifamily |
PR | Walton | 40 | 212 | | | 212 | | ||||||||||||||||||||
Star Avenue North |
PR | Bay | 295 | 600 | | | 600 | 350,000 | ||||||||||||||||||||
The Cove |
RR | Gulf | 64 | 107 | | | 107 | | ||||||||||||||||||||
Timber Island (7) |
RS | Franklin | 49 | 407 | | | 407 | 14,500 | ||||||||||||||||||||
Wavecrest |
RS | Bay | 7 | 95 | | | 95 | | ||||||||||||||||||||
West Bay Corners SE |
PR | Bay | 100 | 524 | | | 524 | 50,000 | ||||||||||||||||||||
West Bay Corners SW |
PR | Bay | 64 | 160 | | | 160 | | ||||||||||||||||||||
West Bay Landing (8) |
RS | Bay | 950 | 214 | | | 214 | | ||||||||||||||||||||
Subtotal |
6,498 | 14,466 | 14,466 | 1,254,500 | ||||||||||||||||||||||||
Total |
37,139 | 36,089 | 4,566 | 9 | 31,514 | 11,575,225 | ||||||||||||||||||||||
(1) | A project is deemed land-use entitled when all major discretionary governmental land-use approvals have been received. Some of these projects may require additional permits for development and/or build-out; they also may be subject to legal challenge. | |
(2) | Current JOE land classifications for its residential developments or the residential portion of its mixed-use projects: |
| PR Primary residential | ||
| RS Resort and seasonal residential | ||
| RR Rural residential |
(3) | Project units represent the maximum number of units entitled or currently expected at full build-out. The actual number of units or square feet to be constructed at full build-out may be lower than the number entitled or currently expected. | |
(4) | Represents the remaining square feet with land-use entitlements as designated in a development order or expected given the existing property land use or zoning and present plans. The actual number of square feet to be constructed at full build-out may be lower than the number entitled. Commercial entitlements include retail, office and industrial uses. Industrial uses total 6,128,381 square feet including SouthWood, RiverTown and the West Bay DSAP I. | |
(5) | A project is in development when horizontal construction has commenced and sales and/or marketing has commenced or will commence in the foreseeable future. A project in pre-development has land-use entitlements but is still under internal evaluation or requires one or more additional permits prior to the commencement of construction. For certain projects in pre-development, some horizontal construction may have occurred, but no sales or marketing activities are expected in the foreseeable future. | |
(6) | Homesites acquired by JOE within the Wild Heron community. | |
(7) | Timber Island entitlements include seven residential units and 400 units for hotel or other transient uses (including units held with fractional ownership such as private residence clubs). | |
(8) | West Bay Landing is a sub-project within WestBay DSAP I. |
Acres Sold | Acres Under | |||||||||||||||||
Project | Since | Contract | Total Acres | |||||||||||||||
Project | County | Acres | Inception | As of 9/30/11 | Remaining | |||||||||||||
Airport Commerce |
Leon | 45 | 10 | | 35 | |||||||||||||
Alf Coleman Retail |
Bay | 25 | 23 | | 2 | |||||||||||||
Beach Commerce |
Bay | 157 | 151 | | 6 | |||||||||||||
Beach Commerce II |
Bay | 112 | 13 | | 99 | |||||||||||||
Beckrich Office Park |
Bay | 17 | 15 | | 2 | |||||||||||||
Beckrich Retail |
Bay | 44 | 41 | | 3 | |||||||||||||
Cedar Grove Commerce |
Bay | 51 | 5 | | 46 | |||||||||||||
Franklin Industrial |
Franklin | 7 | | | 7 | |||||||||||||
Glades Retail |
Bay | 14 | | | 14 | |||||||||||||
Gulf Boulevard |
Bay | 78 | 27 | | 51 | |||||||||||||
Hammock Creek Commerce |
Gadsden | 165 | 27 | | 138 | |||||||||||||
Mill Creek Commerce |
Bay | 37 | | | 37 | |||||||||||||
Nautilus Court |
Bay | 11 | 11 | | 0 | |||||||||||||
Pier Park NE |
Bay | 57 | | | 57 | |||||||||||||
Port St. Joe Commerce II |
Gulf | 39 | 9 | | 30 | |||||||||||||
Port St. Joe Commerce III |
Gulf | 50 | | | 50 | |||||||||||||
Powell Hills Retail |
Bay | 44 | | | 44 | |||||||||||||
South Walton Commerce |
Walton | 38 | 17 | | 21 | |||||||||||||
Total |
991 | 349 | | 642 | ||||||||||||||
(1) | A project is deemed land-use entitled when all major discretionary governmental land-use approvals have been received. Some of these projects may require additional permits for development and/or build-out; they also may be subject to legal challenge. Includes significant JOE projects that are either operating, under development or in the pre-development stage. |
2011 | 2010 | |||||||||||||||||||||||||||||||
Number | Number | |||||||||||||||||||||||||||||||
of Units | Cost of | Gross | of Units | Cost of | Gross | |||||||||||||||||||||||||||
Closed | Revenue | Sales(1) | Profit | Closed | Revenue | Sales(1) | Profit | |||||||||||||||||||||||||
Homesites |
39 | $ | 2.8 | $ | 2.1 | $ | 0.7 | 21 | (2) | $ | 2.5 | $ | 1.9 | $ | 0.6 | |||||||||||||||||
Homes |
1 | 0.8 | 0.8 | | 1 | 0.5 | 0.4 | 0.1 | ||||||||||||||||||||||||
Total |
40 | $ | 3.6 | $ | 2.9 | $ | 0.7 | 22 | $ | 3.0 | $ | 2.3 | $ | 0.7 | ||||||||||||||||||
(1) | Cost of sales for homesites in the third quarter of 2011 consisted of $1.8 million in direct costs, $0.1 million in selling costs and $0.2 million in indirect costs. Cost of sales for home sites in the third quarter of 2010 consisted of $1.0 million in direct costs, $0.2 million in selling costs and $0.7 million in indirect costs. Cost of sales for homes in the third quarter of 2011 consisted of $0.7 million in direct costs and $0.1 million in selling costs. Cost of sales for homes in the third quarter of 2010 consisted of $0.3 million in direct costs and $0.1 million in selling costs. | |
(2) | Includes 4 homesites closings with $1.2 million of revenue and $0.8 million of costs deferred due to less than sufficient down payment to qualify for full profit recognition. |
2011 | 2010 | |||||||||||||||||||||||||||||||
Units | Avg. | Avg. | Units | Avg. | Avg. | |||||||||||||||||||||||||||
Closed | Price | Accepted(1) | Price | Closed | Price | Accepted(1) | Price | |||||||||||||||||||||||||
Breakfast Point |
||||||||||||||||||||||||||||||||
Homesites |
9 | $ | 51.6 | 9 | $ | 51.6 | | | | | ||||||||||||||||||||||
Hawks Landing |
||||||||||||||||||||||||||||||||
Homesites |
| | | | 2 | $ | 55.7 | 2 | $ | 55.7 | ||||||||||||||||||||||
RiverTown |
||||||||||||||||||||||||||||||||
Homesites |
8 | $ | 37.6 | 8 | $ | 37.6 | 2 | $ | 31.3 | 2 | $ | 31.3 | ||||||||||||||||||||
SouthWood |
||||||||||||||||||||||||||||||||
Homesites |
10 | $ | 58.8 | 10 | $ | 58.8 | 5 | $ | 68.4 | 5 | $ | 68.4 | ||||||||||||||||||||
SummerCamp |
||||||||||||||||||||||||||||||||
Homesites |
1 | $ | 109.8 | 2 | $ | 86.1 | 4 | $ | 300.0 | | | |||||||||||||||||||||
Single-Family Homes |
| | | | 1 | $ | 450.0 | | | |||||||||||||||||||||||
WaterColor |
||||||||||||||||||||||||||||||||
Homesites |
4 | $ | 123.8 | 5 | $ | 125.5 | 3 | $ | 107.1 | 3 | $ | 107.1 | ||||||||||||||||||||
WaterSound |
||||||||||||||||||||||||||||||||
Homesites |
1 | $ | 58.2 | 1 | $ | 58.2 | | | | | ||||||||||||||||||||||
WaterSound Beach |
||||||||||||||||||||||||||||||||
Homesites |
| | 4 | $ | 350.00 | 1 | $ | 1,253.7 | 1 | $ | 1,253.7 | |||||||||||||||||||||
WaterSound West Beach |
||||||||||||||||||||||||||||||||
Homesites |
6 | $ | 127.4 | 8 | $ | 145.9 | 2 | $ | 87.2 | 2 | $ | 87.2 | ||||||||||||||||||||
White Fence Farms |
||||||||||||||||||||||||||||||||
Single-Family Homes |
1 | $ | 850.0 | | | | | | | |||||||||||||||||||||||
WindMark Beach |
||||||||||||||||||||||||||||||||
Homesites |
| | 1 | $ | 90.0 | 2 | $ | 152.7 | 1 | $ | 188.0 | |||||||||||||||||||||
Total Homesites |
39 | $ | 71.3 | 48 | $ | 101.4 | 21 | $ | 179.6 | 16 | $ | 153.3 | ||||||||||||||||||||
Total Single-Family Homes |
1 | $ | 850.0 | | | 1 | $ | 450.0 | | -- | ||||||||||||||||||||||
Total |
40 | $ | 90.8 | (2) | 48 | $ | 101.4 | (2) | 22 | $ | 191.9 | (2) | 16 | $ | 153.3 | (2) | ||||||||||||||||
(1) | Contracts accepted during the quarter. Contracts accepted and closed in the same quarter are also included as units closed. | |
(2) | Average prices differ from quarter to quarter primarily because of the relative mix and location of sales. |
Number of Sales | Acres Sold | Gross Sales Price | Average Price/Acre | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
2011
|
2 | 4.2 | $ | 1,275 | $ | 301 | ||||||||||
2010
|
2 | 13.8 | $ | 3,620 | $ | 262 |
Number of Sales | Acres Sold | Gross Sales Price | Average Price/Acre | |||||||||||||
(in thousands) | ||||||||||||||||
2011
|
1 | 128 | $ | 482 | $ | 3,750 | ||||||||||
2010
|
2 | 226 | $ | 725 | $ | 3,212 |
Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | ||||||||||||||||||||||||||||
2011 | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 | 2009 | 2009 | ||||||||||||||||||||||||||||
Residential |
$ | (3.7 | ) | $ | (6.3 | ) | $ | (8.8 | ) | $ | (12.3 | ) | $ | (16.5 | ) | $ | (7.2 | ) | $ | (11.3 | ) | $ | (80.6 | ) | $ | (19.7 | ) | |||||||||
Commercial |
(0.5 | ) | (2.9 | ) | (1.9 | ) | (1.2 | ) | 1.5 | (1.3 | ) | (0.4 | ) | 1.3 | (0.5 | ) | ||||||||||||||||||||
Rural Land Sales |
0.3 | (0.4 | ) | 2.3 | 18.2 | 3.5 | 0.7 | (0.3 | ) | 0.9 | (0.5 | ) | ||||||||||||||||||||||||
Forestry |
2.6 | 1.7 | 52.7 | 1.9 | 0.8 | 2.2 | 1.4 | 1.3 | 1.2 | |||||||||||||||||||||||||||
Corporate and other |
(2.6 | ) | (12.4 | ) | (22.6 | ) | (8.0 | ) | (10.9 | ) | (9.1 | ) | (7.0 | ) | (8.8 | ) | (6.6 | ) | ||||||||||||||||||
Pretax income (loss) from
continuing operations (1) |
$ | (3.9 | ) | $ | (20.3 | ) | $ | 21.7 | $ | (1.4 | ) | $ | (21.6 | ) | $ | (14.7 | ) | $ | (17.6 | ) | $ | (85.9 | ) | $ | (26.1 | ) | ||||||||||
(1) | Includes one time charges as described in our SEC filings. |
Quarter Ended Sept. 30, | Nine Months Ended Sept. 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Dividend and interest income |
$ | 0.4 | $ | 0.4 | $ | 0.8 | $ | 1.2 | ||||||||
Interest expense |
(1.1 | ) | (5.2 | ) | (3.1 | ) | (7.4 | ) | ||||||||
Gain on sale of office buildings |
0.2 | 0.2 | 0.5 | 0.5 | ||||||||||||
Other |
0.7 | 0.8 | 2.4 | 1.7 | ||||||||||||
Retained
interest in monetized installment notes |
0.1 | 0.1 | 0.3 | 0.3 | ||||||||||||
Total |
$ | 0.3 | $ | (3.7 | ) | $ | 0.9 | $ | (3.7 | ) | ||||||
Concentration Of Risks And Uncertainties (Details) | 9 Months Ended |
---|---|
Sep. 30, 2011
years
A
months | |
Concentration Of Risks And Uncertainties [Abstract] | |
Period under bankruptcy protection (months) | 18 |
Period of mill closure (years) | 1 |
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2011 | Dec. 31, 2010 |
---|---|---|
Consolidated Balance Sheets [Abstract] | ||
Common stock, par value | ||
Common stock, shares authorized | 180,000,000 | 180,000,000 |
Common stock, shares issued | 122,771,547 | 122,923,913 |
Treasury stock, shares | 30,490,815 | 30,318,478 |
Consolidated Statements Of Operations (USD $) In Thousands, except Per Share data | 3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | |
Revenues: | ||||
Real estate sales | $ 5,677 | $ 10,866 | $ 14,371 | $ 15,536 |
Resort and club revenues | 12,023 | 8,755 | 30,109 | 24,144 |
Timber sales | 8,186 | 6,817 | 78,976 | 21,036 |
Other revenues | 859 | 667 | 2,009 | 1,724 |
Total revenues | 26,745 | 27,105 | 125,465 | 62,440 |
Expenses: | ||||
Cost of real estate sales | 3,624 | 3,335 | 8,169 | 5,066 |
Cost of resort and club revenues | 10,576 | 8,786 | 28,146 | 24,920 |
Cost of timber sales | 5,123 | 5,289 | 17,319 | 14,810 |
Cost of other revenues | 728 | 515 | 1,759 | 1,597 |
Other operating expenses | 4,692 | 12,300 | 17,961 | 27,838 |
Corporate expense, net | 2,832 | 9,821 | 29,357 | 23,287 |
Depreciation and amortization | 3,020 | 3,356 | 12,970 | 10,295 |
Impairment losses | 2,479 | 555 | ||
Restructuring charges | 348 | 1,654 | 10,750 | 4,352 |
Total expenses | 30,943 | 45,056 | 128,910 | 112,720 |
Operating loss | (4,198) | (17,951) | (3,445) | (50,280) |
Other income (expense): | ||||
Investment income, net | 436 | 392 | 808 | 1,227 |
Interest expense | (1,077) | (5,171) | (3,059) | (7,401) |
Other, net | 940 | 1,081 | 3,190 | 2,450 |
Total other income (expense) | 299 | (3,698) | 939 | (3,724) |
Loss from continuing operations before equity in loss of unconsolidated affiliates and income taxes | (3,899) | (21,649) | (2,506) | (54,004) |
Equity in loss of unconsolidated affiliates | (11) | (50) | (51) | (479) |
Income tax (benefit) expense | (1,473) | (8,573) | (867) | (21,302) |
Net loss | (2,437) | (13,126) | (1,690) | (33,181) |
Less: Net loss attributable to noncontrolling interest | (6) | (10) | (22) | (30) |
Net loss attributable to the Company | $ (2,431) | $ (13,116) | $ (1,668) | $ (33,151) |
Basic | ||||
Net loss attributable to the Company | $ (0.03) | $ (0.14) | $ (0.02) | $ (0.36) |
Diluted | ||||
Net loss attributable to the Company | $ (0.03) | $ (0.14) | $ (0.02) | $ (0.36) |
Notes Receivable (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Notes Receivable |
|
Document And Entity Information | 9 Months Ended | |
---|---|---|
Sep. 30, 2011 | Oct. 26, 2011 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | ST JOE CO | |
Entity Central Index Key | 0000745308 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2011 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2011 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 92,272,735 |
Employee Benefit Plans (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Periodic Benefit Expense Net |
|
Income Taxes (Details) (USD $) In Millions | Sep. 30, 2011 | Dec. 31, 2010 |
---|---|---|
Income Taxes [Abstract] | ||
Total unrecognized tax benefits | $ 1.7 | $ 1.4 |
Accrued interest (net of tax benefit) related to uncertain tax positions | $ 0 | $ (0.2) |
"+ text.join( "
\n" ) +"
" + text[p] + "
\n"; } } }else{ formatted = '' + raw + '
'; } html = ''+ "\n"+''+ "\n"+''+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+' | '+ "\n"+'
'+ "\n"+' | '+ "\n"+' '+ "\n"+'
'+ "\n"+' | '+ "\n"+' '+ "\n"+'
Restructuring | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring | 6. Restructuring
On February 25, 2011, the Company entered into a Separation Agreement with Wm. Britton Greene in connection with his resignation as President, Chief Executive Officer and director of the Company. On April 11, 2011, the Company entered into separation agreements with four additional members of senior management. Additionally, certain other employees were terminated pursuant to the Company's 2011 restructuring program. In connection with these terminations, the Company expensed $10.3 million during the nine months ended September 30, 2011.
The charges associated with the Company's 2011 restructuring program by segment are as follows:
During 2010 the Company relocated its corporate headquarters from Jacksonville, Florida to WaterSound, Florida. The Company also consolidated other existing offices from Tallahassee, Port St. Joe and Walton County into the WaterSound location.
The charges associated with the Company's 2010 restructuring and relocation program by segment are as follows:
Termination benefits are comprised of severance-related payments for all employees terminated in connection with the restructurings. At September 30, 2011, the remaining accrued liability associated with restructurings and reorganization programs consisted of the following:
|
Segment Information (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Reporting Information |
|
Debt (Summary Of Debt) (Details) (USD $) In Thousands | Sep. 30, 2011 | Dec. 31, 2010 | |||||
---|---|---|---|---|---|---|---|
Debt [Abstract] | |||||||
Non-recourse defeased debt | $ 23,800 | $ 25,281 | |||||
Community Development District debt | 28,627 | 29,370 | |||||
Total debt | $ 52,427 | [1],[2] | $ 54,651 | ||||
|
Notes Receivable (Components Of Notes Receivable) (Details) (USD $) In Thousands | Sep. 30, 2011 | Dec. 31, 2010 |
---|---|---|
Accounts Notes And Loans Receivable [Line Items] | ||
Notes receivable | $ 4,883 | $ 5,731 |
Various Builders [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes receivable | 1,698 | 2,358 |
Pier Park Community Development District [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes receivable | 2,767 | 2,762 |
Various Mortgages And Other [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes receivable | $ 418 | $ 611 |
Debt (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Debt |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturities Of Debt |
|
Contingencies | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
Contingencies [Abstract] | |
Contingencies | 11. Contingencies
The Company and its affiliates are involved in litigation on a number of matters and are subject to various claims which arise in the normal course of business, including claims resulting from construction defects and contract disputes. When appropriate, the Company establishes estimated accruals for litigation matters which meet the requirements of ASC 450 — Contingencies.
The Company is subject to costs arising out of environmental laws and regulations, which include obligations to remove or limit the effects on the environment of the disposal or release of certain wastes or substances at various sites, including sites which have been previously sold. It is the Company's policy to accrue and charge against earnings environmental cleanup costs when it is probable that a liability has been incurred and an amount can be reasonably estimated. As assessments and cleanups proceed, these accruals are reviewed and adjusted, if necessary, as additional information becomes available.
The Company's former paper mill site in Gulf County and certain adjacent properties are subject to various Consent Agreements and Brownfield Site Rehabilitation Agreements with the Florida Department of Environmental Protection. The paper mill site has been rehabilitated by Smurfit-Stone Container Corporation in accordance with these agreements. The Company is in the process of assessing and rehabilitating certain adjacent properties. Management is unable to quantify the rehabilitation costs at this time. Other proceedings and litigation involving environmental matters are pending against the Company. Aggregate environmental-related accruals were $1.5 million and $1.6 million at September 30, 2011 and December 31, 2010, respectively. Although in the opinion of management none of our environmental litigation matters or governmental proceedings is expected to have a material adverse effect on the Company's consolidated financial position, results of operations or liquidity, it is possible that the actual amounts of liabilities resulting from such matters could be material.
There is an ongoing securities class action lawsuit against the Company and certain of its current and former officers pending before Judge Richard Smoak in the United States District Court for the Northern District of Florida (Meyer v. The St. Joe Company et al., No. 5:11-cv-00027). A consolidated class action complaint was filed in the case on February 24, 2011 alleging various securities laws violations primarily related to the Company's accounting for its real estate assets. The complaint seeks an unspecified amount in damages. The Company filed a motion to dismiss the case on April 6, 2011, which the court granted without prejudice on August 24, 2011. Plaintiff filed an amended complaint on September 23, 2011. The Company filed a motion to dismiss the amended complaint on October 24, 2011.
Additionally, on March 29, 2011 and July 21, 2011, two separate derivative lawsuits were filed by shareholders on behalf of the Company against certain of its officers and directors in the United States District Court for the Northern District of Florida (Nakata v. Greene et. al., No. 5:11-cv-00090 and Packer v. Greene et al., No. 3:11-cv-00344). The complaints allege breaches of fiduciary duties, waste of corporate assets and unjust enrichment arising from substantially similar allegations as those described above in the Meyer case. The Company has received two other demand letters asking the Board of Directors to initiate derivative litigation in this matter. On June 6, 2011, the court granted the parties' motion to stay the Nakata action pending the outcome of the Meyer action. On September 12, 2011, a third derivative lawsuit was filed in the Northern District of Florida (Shurkin v. Berkowitz, et al., No. 5:11-cv-304) making similar claims as those in the Nakata and Packer actions. On September 16, 2011, plaintiffs in Nakata and Packer filed a joint motion to consolidate all derivative actions and appoint lead counsel. On October 3, 2011, plaintiff in Shurkin filed a cross motion seeking separate lead counsel for Shurkin and coordination of Shurkin with the other derivative cases. On October 6, 2011, the Company filed a response in which it stated that all derivative cases should be consolidated. On October 14, 2011, Nakata and Packer plaintiffs filed an amended joint motion seeking consolidation of those two cases only. On October 21, 2011, the court issued an order consolidating the Nakata and Packer actions.
The Company believes that it has meritorious defenses to the above referenced claims and intends to defend the actions vigorously.
On January 4, 2011 the SEC notified the Company it was conducting an inquiry into the Company's policies and practices concerning impairment of investment in real estate assets. On June 24, 2011, the Company received notice from the SEC that it has issued a related order of private investigation. The order of private investigation covers a variety of matters for the period beginning January 1, 2007 including (a) the antifraud provisions of the Federal securities laws as applicable to the Company and its past and present officers, directors, employees, partners, subsidiaries, and/or affiliates, and/or other persons or entities, (b) compliance by past and present reporting persons or entities who were or are directly or indirectly the beneficial owner of more than 5% of the Company's common stock (which includes Fairholme Funds, Inc, Fairholme Capital Management L.L.C. and the Company's current Chairman Bruce R. Berkowitz) with their reporting obligations under Section 13(d) of the Exchange Act, (c) internal controls, (d) books and records, (e) communications with auditors and (f) financial reports. The order designates officers of the SEC to take the testimony of the Company and third parties with respect to any or all of these matters, and the Company is cooperating with the SEC.
The Company carries a standby guarantee liability of $0.8 million at September 30, 2011 and December 31, 2010 related to the strategic alliance agreement with SouthWest Airlines.
The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage.
At September 30, 2011 and December 31, 2010, the Company was party to surety bonds of $28.8 million and $27.9 million, respectively, and standby letters of credit in the amount of $0.8 million at September 30, 2011 and December 31, 2010 which may potentially result in liability to the Company if the underlying obligations, primarily development and litigation related obligations, of the Company are not met. |
Stock-Based Compensation And Earnings Per Share | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation And Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation And Earnings Per Share | 2. Stock-Based Compensation and Earnings Per Share
On May 12, 2009, the Company adopted The St. Joe Company 2009 Equity Incentive Plan whereby options, stock appreciation rights, restricted stock, restricted stock units and performance awards may be granted to directors and employees. The 2009 Equity Incentive Plan provides for the issuance of a maximum of 2.0 million shares of the Company's common stock. As of September 30, 2011, 1.5 million shares remained available for issuance under the 2009 Equity Incentive Plan.
Stock-Based Compensation
Stock-based compensation cost is measured at the grant date based on the fair value of the award and is typically recognized as expense on a straight-line basis over the requisite service period, which is the vesting period. Stock-based compensation cost may be recognized over a shorter requisite service period if an employee meets retirement eligibility requirements. Upon exercise of stock options, the Company will issue new common stock. Additionally, the 15% discount at which employees purchased the Company's common stock through payroll deductions was recognized as compensation expense. The Company discontinued the employee stock purchase plan as of July 1, 2011.
The changes to the composition of the Company's board of directors which occurred during the first quarter of 2011 constituted a "change in control event" under the terms of certain of our incentive plans. As a result, during March 2011, the Company accelerated the vesting of approximately 300,000 restricted stock units resulting in $6.2 million in accelerated stock compensation expense.
Service-Based Grants
A summary of service-based restricted stock unit activity as of September 30, 2011 and changes during the six month period are presented below:
As of September 30, 2011, there was $0.3 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to restricted stock unit and stock option compensation arrangements which will be recognized over a weighted average period of four years. Market Condition Grants
The Company has granted to select executives and other key employees restricted stock units whose vesting is based upon the achievement of certain market conditions which are defined as the Company's total shareholder return as compared to the total shareholder return of certain peer groups during a three year performance period.
The Company used a Monte Carlo simulation pricing model to determine the fair value of its market condition awards. The determination of the fair value of market condition awards is affected by the stock price as well as by assumptions regarding a number of other variables. These variables included expected stock price volatility over the requisite performance term of the awards, the relative performance of the Company's stock price and shareholder returns to those companies in its peer groups and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market condition, provided the requisite service period is met.
A summary of the activity for market condition restricted stock units during the nine months ended September 30, 2011 is presented below:
As of September 30, 2011, there was $0.3 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to market condition restricted stock units which will be recognized over a weighted average period of three years.
Total stock-based compensation recognized in the consolidated statements of operations was as follows:
The Company is evaluating alternatives to its existing stock-based compensation programs.
Earnings (Loss) Per Share
Basic earnings (loss) per share is calculated by dividing net income (loss) by the average number of common shares outstanding for the period. Diluted earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including all potentially dilutive shares issuable under outstanding stock options and service-based restricted stock units. Stock options and restricted stock units are not considered in any diluted earnings per share calculations when the Company has a loss from continuing operations. Restricted stock units subject to vesting based on the achievement of market conditions are treated as contingently issuable shares and are issued and outstanding only upon the satisfaction of the market conditions.
The following table presents a reconciliation of average shares outstanding:
Zero and less than 0.1 million shares were excluded from the computation of diluted earnings (loss) per share during the three months ended September 30, 2011 and 2010, respectively, and less than 0.1 million shares during the nine months ended September 30, 2011 and 2010, respectively, as the effect would have been anti-dilutive. |
Fair Value Measurements (Reconciliation Of Retained Interest) (Details) (USD $) In Thousands | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
Fair Value Measurements [Abstract] | |
Beginning balance | $ 10,283 |
Accretion of interest income | 315 |
Ending balance | $ 10,598 |
Employee Benefit Plans | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | 8. Employee Benefit Plans
A summary of the net periodic expense follows:
The Company remeasures its plan assets and benefit obligations at each December 31. The Company remeasured the plan assets and benefit obligations as of September 30, 2011 due to settlement and curtailment accounting.
During the second quarter of 2011, the Company implemented a Health Reimbursement Arrangement whereby the Company would make a discretionary contribution every year on behalf of certain retirees, beneficiaries and surviving spouses. As a result, the retiree medical liability has been reduced by $7.0 million pre-tax with a corresponding reduction in accumulated other comprehensive income (loss).
During the third quarter of 2011, the Company discontinued the Health Reimbursement Arrangement. As a result, the retiree medical liability has been reduced by an additional $3.5 million, accumulated other comprehensive income (loss) was reduced by $2.0 million and employee insurance expense was reduced by $5.5 million. |
Description Of Business And Basis Of Presentation (Policy) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis Of Presentation | Basis of Presentation
The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") for reporting on Form 10-Q. Accordingly, certain information and footnotes required by U.S. generally accepted accounting principles for complete financial statements are not included herein. The consolidated interim financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The December 31, 2010 balance sheet amounts have been derived from the Company's December 31, 2010 audited financial statements.
The statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The consolidated interim statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2010. The Company adheres to the same accounting policies in preparation of its interim financial statements. As permitted under generally accepted accounting principles, interim accounting for certain expenses, including income taxes, are based on full year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates.
Certain prior period amounts have been reclassified to conform to the current period's presentation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Lived Assets And Discontinued Operations | Long-Lived Assets and Discontinued Operations
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets include the Company's investments in operating, development and investment property. Some of the events or changes in circumstances that are considered by the Company as indicators of potential impairment include:
Homes and homesites substantially completed and ready for sale are measured at the lower of carrying value or fair value less costs to sell. Homes and homesites ready for sale include properties that are actively marketed with an intent to sell such properties in the near term. Management identifies properties as being ready for sale when the intent is to sell such assets in the near term under current market conditions. Other properties for which management does not intend to sell in the near term under current market conditions are evaluated for impairment based on management's best estimate of the long-term use and eventual disposition of such property.
For projects under development, an estimate of future cash flows on an undiscounted basis is performed using estimated future expenditures necessary to develop and maintain the existing project and using management's best estimates about future sales prices and holding periods. The projection of undiscounted cash flows requires that management develop various assumptions including:
For operating properties, an estimate of undiscounted cash flows requires management to make similar assumptions about the use and eventual disposition of such properties. Some of the significant assumptions that are used to develop the undiscounted cash flows include:
The results of impairment analyses for development and operating properties are particularly dependent on the estimated holding and selling period for each asset group, which can be up to 35 years for certain properties with long range development plans. The estimated holding period is based on management's current intent for the use and disposition of each property, which could be subject to change in future periods if the strategic direction of the Company were to change. The Company's new management is in the process of evaluating the strategic direction of certain of its existing properties. If the excess of undiscounted cash flows over the carrying value of a property is small, there is a greater risk of future impairment in the event of such changes and any resulting impairment charges could be material. Excluding any properties that have been written down to fair value, at December 31, 2010 the Company had one development property with a carrying value of approximately $23 million whose current undiscounted cash flow is approximately 110% of its carrying value.
In the event that projected future undiscounted cash flows are not adequate to recover the carrying value of a property, impairment is indicated and the Company would be required under generally accepted accounting principles to write down the asset to its fair value. Fair value of a property may be derived either from discounting projected cash flows at an appropriate discount rate, through appraisals of the underlying property, or a combination thereof.
The Company classifies the assets and liabilities of a long-lived asset as held-for-sale when management approves and commits to a formal plan of sale and it is probable that a sale will be completed. The carrying value of the assets held-for-sale are then recorded at the lower of their carrying value or fair market value less costs to sell. The operations and gains on sales reported in discontinued operations include operating properties sold during the year and assets classified as held-for-sale for which operations and cash flows can be clearly distinguished and for which the Company will not have continuing involvement or significant cash flows after disposition. The operations from these assets have been eliminated from ongoing operations. Prior periods have been reclassified to reflect the operations of these assets as discontinued operations. The operations and gains on sales of operating assets for which the Company has continuing involvement or significant cash flows are reported as income from continuing operations. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Timber Deed | Timber Deed
Timber deed sales are agreements in which the buyer agrees to purchase and harvest specified timber (i.e. mature pulpwood and/or sawlogs) on a tract of land over the term of the contract. Unlike a pay-as-cut sales contract, risk of loss and title to the trees transfer to the buyer when the contract is signed. The buyer pays the full purchase price when the contract is signed and the Company does not have any additional performance obligations. Under a timber deed, the buyer or some other third party is responsible for all logging and hauling costs, if any, and the timing of such activity. Revenue from a timber deed sale is recognized when the contract is signed because the earnings process is complete.
On March 31, 2011, the Company entered into a $55.9 million agreement with an investment fund for the sale of a timber deed which gives the investment fund the right to harvest timber on specific tracts of land (encompassing 40,975 acres) over a maximum term of 20 years. As part of the agreement, the Company also entered into a Thinnings Supply Agreement, pursuant to which we agreed, to the extent that the buyer decided to conduct "First Thinnings", to purchase 85% of such first thinnings at fair market value. During the three months and nine months ended September 30, 2011, we purchased approximately $0.1 million and $0.7 million, respectively, of first thinnings. During the first nine months of 2011, the Company recognized revenue of $54.5 million related to the timber deed and an additional $1.4 million was recorded as an imputed land lease to be recognized over the life of the timber deed. |
Income Taxes | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
Income Taxes [Abstract] | |
Income Taxes | 9. Income Taxes
The Company had approximately $1.7 million and $1.4 million of total unrecognized tax benefits as of September 30, 2011 and December 31, 2010, respectively. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. The Company had accrued interest of zero and $(0.2) million (net of tax benefit) at September 30, 2011 and December 31, 2010, respectively, related to uncertain tax positions. |
Stock-Based Compensation And Earnings Per Share (Reconciliation Of Average Shares Outstanding) (Details) | 3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | |
Stock-Based Compensation And Earnings Per Share [Abstract] | ||||
Basic average shares outstanding | 92,190,064 | 91,773,482 | 92,243,345 | 91,635,193 |
Diluted average shares outstanding | 92,190,064 | 91,773,482 | 92,243,345 | 91,635,193 |
Debt | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | 7. Debt
Debt consists of the following:
The aggregate scheduled maturities of debt subsequent to September 30, 2011 are as follows (a)(b):
On June 28, 2011, the Company notified Branch Banking and Trust Company that it was exercising its right to early terminate the Credit Agreement which was scheduled to mature on September 19, 2012. The termination was effective on July 1, 2011. The description of the material terms of the Credit Agreement is set forth in the Company's Form 10-K for the year ended December 31, 2010. The Company did not incur any prepayment penalties in connection with the early termination of the Credit Agreement. |
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | 3. Fair value measurements
The Company follows the provisions of ASC 820 for its financial and non-financial assets and liabilities. ASC 820 among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. ASC 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level 1. Observable inputs such as quoted prices in active markets;
Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and
Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
Assets and liabilities measured at fair value on a recurring basis are as follows:
Fair value as of September 30, 2011
Fair value as of December 31, 2010
The Company has recorded a retained interest with respect to the monetization of certain installment notes which is recorded in other assets. The retained interest is an estimate based on the present value of cash flows to be received over the life of the installment notes. The Company's continuing involvement with the entities is in the form of receipts of net interest payments, which are recorded as interest income and approximated $0.5 million for each of the nine months ended September 30, 2011 and 2010, respectively. In addition, the Company will receive the payment of the remaining principal on the installment notes during 2022 and 2023. In accordance with ASC 325, Investments — Other, Subtopic 40 — Beneficial Interests in Securitized Financial Assets, the Company recognizes interest income over the life of the retained interest using the effective yield method. This income adjustment is being recorded as an offset to loss on monetization of notes over the life of the installment notes. In addition, fair value may be adjusted at each reporting date when, based on management's assessment of current information and events, there is a favorable or adverse change in estimated cash flows from cash flows previously projected. The Company did not make adjustments as a result of changes in previously projected cash flows during the first nine months of 2011 or 2010.
The following is a reconciliation of the Company's retained interest:
In the event of a failure and liquidation of the financial institution involved in our installment sales, the Company could be required to write-off the remaining retained interest recorded on its balance sheet in connection with the installment sale monetization transactions, which would have an adverse effect on the Company's results of operations and financial position.
On October 21, 2009, the Company entered into a strategic alliance agreement with Southwest Airlines to facilitate the commencement of low-fare air service in May 2010 to the Northwest Florida Beaches International Airport. The Company has agreed to reimburse Southwest Airlines if it incurs losses on its service at the airport during the first three years of service by making specified break-even payments. There was no reimbursement required in 2010 or the first nine months of 2011. The agreement also provides that Southwest's profits from the air service during the term of the agreement will be shared with the Company up to the maximum amount of our break-even payments. Profits from any calendar year, however, do not carryover from year to year.
The term of the agreement extends for a period of three years ending May 23, 2013. Although the agreement does not provide for maximum payments, the agreement may be terminated by the Company if the break-even payments to Southwest exceed $12 million in the second year of air service. Southwest may terminate the agreement if its actual annual revenues attributable to the air service at the airport are less than certain minimum annual amounts established in the agreement. As of September 30, 2011, actual revenues have exceeded these minimum amounts.
At inception, the Company measured the associated standby guarantee liability at fair value based upon a discounted cash flow analysis based on management's best estimates of future cash flows to be paid by the Company pursuant to the strategic alliance agreement. These cash flows are estimated using numerous estimates including future fuel costs, passenger load factors, air fares, and seasonality. Subsequently, the guarantee is measured at the greater of the fair value of the guarantee liability at inception or the payment amount that is probable and reasonably estimable of occurring, if any. The Company carried a standby guarantee liability of $0.8 million at September 30, 2011 and December 31, 2010 related to this strategic alliance agreement. The Company has made no payments under the standby guarantee.
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Homes and homesites substantially completed and ready for sale, and which management intends to sell in the near term under current market conditions, are measured at lower of carrying value or fair value less costs to sell. The fair value of these properties is determined based upon final sales prices of inventory sold during the period (level 2 inputs) or estimates of selling prices based on current market data (level 3 inputs). Other properties for which management does not intend to sell in the near term under current market conditions, including development and operating properties, are evaluated for impairment based on management's best estimate of the long-term use and eventual disposition of the property. If determined to be impaired, the fair value of these properties is determined based on the net present value of discounted cash flows using estimated future expenditures necessary to maintain and complete the existing project and management's best estimates about future sales prices, sales volumes, sales velocity and holding periods (level 3 inputs). The estimated length of expected development periods, related economic cycles and inherent uncertainty with respect to these projects such as the impact of changes in development plans and the Company's intent and ability to hold the projects through the development period, could result in changes to these estimates. For operating properties, an estimate of undiscounted cash flows requires management to make similar assumptions about the use and eventual disposition of such properties. For the nine months ended September 30, 2011, the total impairment losses were $2.5 million. The assets measured at fair value on a nonrecurring basis during the nine months ended September 30, 2011 were as follows:
During the second quarter of 2011, management made the decision to dispose of four homes to avoid the ongoing maintenance and other holding costs. One of these homes included a 53 acre parcel which the Company had initially developed as a rural retreat community. The remaining homes and condos owned by the Company are currently being used as rental property. As a result, long-lived assets sold or held for sale with a carrying amount of $4.6 million were written down to their fair value of $2.9 million, resulting in a loss of $1.7 million, which was included in impairment losses for the nine months ending September 30, 2011. In addition, the Company impaired $0.8 million of predevelopment costs related to the construction of the Company's proposed new headquarters in Northwest Florida, which has been indefinitely delayed. |
Stock-Based Compensation And Earnings Per Share (Total Stock-Based Compensation) (Details) (USD $) In Thousands | 3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | |
Stock-Based Compensation And Earnings Per Share [Abstract] | ||||
Stock-based compensation expense | $ 225 | $ 1,911 | $ 8,609 | $ 4,730 |
Investment In Real Estate | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment In Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment In Real Estate | 4. Investment in Real Estate
Real estate by segment includes the following:
Included in operating property are Company-owned amenities related to residential real estate, the Company's timberlands, and land and buildings developed by the Company and used for commercial rental purposes. Development property consists of residential real estate land and inventory currently under development to be sold. Investment property primarily includes the Company's land held for future use. |
Debt (Narrative) (Details) | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
Debt [Abstract] | |
Credit agreement scheduled maturity date | Sep. 19, 2012 |
Credit agreement effective termination date | July 1, 2011 |
Debt defeased maturity range | matures in years 2011-2015 |
Description Of Business And Basis Of Presentation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2011 | Mar. 31, 2011 | Sep. 30, 2010 | Sep. 30, 2011
years
A
months | Sep. 30, 2010 | Dec. 31, 2010 | |
Description Of Business And Basis Of Presentation [Line Items] | ||||||
Land owned (acres) | 573,000 | |||||
Minimum projected price appreciation over time | 0.00% | |||||
Maximum projected price appreciation over time | 7.00% | |||||
Properties for long range development plans, in years | 35 | |||||
Carrying value of one development property | $ 23,000,000 | |||||
Undiscounted cash flows, as a percentage of carrying value | 110.00% | |||||
Timber deed sale agreement, value | 55,900,000 | |||||
Percentage of buyer first thinnings at fair market value | 85.00% | |||||
Purchase price of first thinnings | 100,000 | 700,000 | ||||
Timber deed revenue | 8,186,000 | 6,817,000 | 78,976,000 | 21,036,000 | ||
Maximum [Member] | ||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||
Length of the estimated development and selling periods | 17 | |||||
Maximum [Member] | Timber Deed [Member] | ||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||
Timber deed sale agreement, term (years) | 20 | |||||
Minimum [Member] | ||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||
Length of the estimated development and selling periods | 5 | |||||
Timber Deed [Member] | ||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||
Timber deed land owned | 40,975 | |||||
Timber deed revenue | 54,500,000 | |||||
Imputed land lease revenue | $ 1,400,000 |
Fair Value Measurements (Narrative) (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2011
years
A
months | Dec. 31, 2010 | Jun. 30, 2011
Disposed Properties [Member]
A | Sep. 30, 2011
Qualifying Special Purpose [Member] | Sep. 30, 2010
Qualifying Special Purpose [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Interest income | $ 500,000 | $ 500,000 | |||
Term on alliance agreement (years) | 3 | ||||
Break-even payments to Southwest in the second year of air service | 12,000,000 | ||||
Standby guarantee liability | 800,000 | 800,000 | |||
Valuation adjustments and write-offs | 2,500,000 | ||||
Number of real estate properties | 4 | ||||
Carrying value of long-lived assets | 4,600,000 | ||||
Land owned (acres) | 573,000 | 53 | |||
Fair value of long-lived assets | 2,925,000 | ||||
Impairment loss on long lived assets | 2,479,000 | ||||
Impaired predevelopment costs | $ 800,000 |
=9-P!D!W:!`=S&J>MLZ>+4=A+];[8".4=G51X^KNU^,>.Q
M.C;;F4!:,\G3&`YF1_<,;?$H_\:<=&
(
M%+LQI`-",%0B6K; ^WP^?.6I"QB/4Q$[]EM53''58P+`Q:":Y[6-Q"0MS#<
MZWC`[HS)G/\P]R.LV^>_O!#Z?/!=,$;B`$L(.#DB,ACIP<`12*$CI"M"&DAW
M%;L1%&&@LB3(&&LG4J7G8C14B)I3C-$MH64HI5-0A=/=A/R"R?M.BY1:5`PI
MY4:.'=/+R-UP=RS\AKMC4]^%\*QM.Y5Q/6*)K!0H&8W7LJ.9GEZ\+N4M-@K]
MS'*9C`0]9N5`8@CW9&^Y>%B*P?86.-BRI9U):Q#W-3>P1$*H4-!S)(<[3V4T
MW[8HH=KR,`$;"9.?&UP.U^&Q4/C!L>D*09H4(:?'XRBXY%69PJ<_0W+'DVQV
M.$E^$"\$1FA9,HZP(7>L*;#-JZ+D?)#$_/C(0P\_Q*MWF1.)VS6?R+50+,F=
M$2KARG)=E56.L:)N*D\H>/0F=,+O4FI,IA0@K3Y(!("H0$#3&*LU@%_0NY+^
MTDXZRO*C`B()Z-5;J=3G4L88L@[!C($W6VEO:8W44P#5;9XR]Y\\M.F35#L5
MA.F>"DV93I<6RCS`YXM*E_AS//+C85I AW0TOH(U#MA3\$5*/DQ#O=5KGJ19D56!<
MWJ>8@VI=D:O`PHE649;$SF#4:##.8&L['P8#0Y#V3<]-F=.=\8B?$^2BS'L"
M7K/]:ZA\IZS0G^Z`E0_O>:4VF!QZ)4\/MR3B@=8(6\&Z17'\#V#9$R_;4W8O
M(O'')"'1O:_I*Z0P+$OZR.0907(VSO^UBXMA@9I\(#"//%%*L>9<#F#H>"LM
M6V`,$I+N"8%TS#E9`&L09`S7VI#Y8.O"YY__Y^ >W-;R/?_@Z-B$@0LIC%D;L?FMHXEY=V:,6CX:NB
MRXZF^7AF1?!\RPO1*KT+K#GX87C.1V*B/K-@CCE0<+M*NL6.!708>$$"'O8'
M J31
M*>QH#8X+NWP]J4]_[H'N@7Z!0$M2C7T\E-*?E[:'AC9@WCDF.=)_3/^4R4$W
MX+L#:BZLL7.F3\D4[WP3^"9ROE,9+QXQ_B0!FSOQ;);GOD=FX^UG]FFT%&][
M EL)7,/-N5N)9TOKE&]^RU-__-L>X=%T?.?B(6O&5^XWTET&??\1[>
M6*$3WAU7UP:BP':M,/SKJT\DLMY9D?4J)RKRDF,[P"F^[3/D^O?V[VWQO>5N
M_M83;[KP0-T 'T'DU!
M^^7YXR:@A5K`S6I
M5\UJ&&:+0-4S_Z;:>-8^IBH"98SU456@WI'[Z)D9DQ.0^O=1Q^Q$`$DH^,E5
MP-I=4.FR>[@<7]G&F^'4(^7$[)][/Z)R3A[_PW\R&5>8XF-6>+;,5)Z7_E[V
ML7`0E$0.T\P4IZV3/`C)85#%*"@DN"NV0C)22M'6/Q3,[?L+!':`#BD8^LYY
M3A*A)QR]7;N4,G<=B#NP)1%R542DM=Z.]I"`/)GKOZA>2!:+0W10(!OA$KAR
MT$#\1;G2S/6/?.M'^!.^Y[/O74%Z#E:O0^XB]BN="U$L*T-5CR,O?O][ST/8
M9I=/1E&GPV$[!%(3(E/5I]JQ!]SB&;YEB514KWXG.1R3;/4F#K,T;B6T3=6Q
M/FEEL3K0S%1C4HFLR@EJ31Q"4X>9@^48!LS*0]24:@K#%(]M'UQW8#Z_E#:&
M@BCNL)'9&:6RJ:NCEIBY+D0C=6P>+96?#4,;E#G`^^J2"^+H4P,M40#[V+6A
MF%;2FB"TEV0>0Y$/C@Y)YE*!#,!L>_)'S%HG[D\4#+`A(3-90Z@E>'W_TVZ[
M]="$F&[;M=/IR[`33VXD),;;&2Z>89G1_-(/P*@RRH$Q
M!*G34S#GW*$<$E$"!X'EB7_]!9G]9%NCEX#LD!5GX(@Q&0`I`4<-:#L",D77?_38606P.P
MZ6R#U@!M*AVA-0"/SU>X<%IO,*[<&HS-9AZT!V8#Z0&=!*XK)%XC=%H-2<>'
M=SNPB8;2$[JSDV/S%[JSD[H)#GL8\.1#H;\*OTD?R>\?J$N\)XFBHZ-SY7MD
M(UR:X!\,EWX0XV(MV<#TJD2$DX#
M5K>D>F1AA,SA$XZ`=]"_[Y"C>:(TWB7B&ZKF;'H>279ZNGL>(%4_LST<($<:
M!)$V1>PY6(Z1]EG-$<,_-=7&W-&V>'`]S"\-YA.K8%@"HRH>B
LL"F5%4>7-*:P^Q1>_UB!!IU%)V[`ESX<9K''\"0ZE@
MW[)WDQZ#Y6Y@&$JQM_<>Z9.[9O$0%G$$^M-6Q`H'0.488$VE>`Q%D)Q8]MVL
M*+;#S(N!@%*W,'.Z>_&*4%,[E("BV'-C9'H.VR(F+KU^0V#9-?BKO0ZX^C['I>$H,)86X6:P>D0F_RT>=>4X
MX(]79/0=FT-L8Q-;-S?K`_=S8'YNT$\GRHYPIII:+045PIR)^9I=
MJFO'VD0V.:4C6;01K=*$*@"UJ!QT\KY*_:U;*U%>E^M)7I=KLHLU2DOG9>V\
MK)V7M?.R=E[6ME'N'&N=8TT#`ZQSK'6.->TPZT["M7@2KO._O9L,R;9.U'4)
MDEHE2#9];J_R_,B*G3W1`Y_KPQ+K_ZV_7R['_J25S[USLGV%VKI-]E^#]V7X
MG1D?HG]$BETNC:#S>BY7BQX4D7"<=K-:MNJM7#RZFK#FKN9`N4>Y9VPU4)H_N__B.O'*#ZW^YO3[MCLV;_V@C>MO>4.S*&6[
MU?4%6UHZY#]JA_=UM0(??^9&(Y3OK9'`_.%%8[;M7Q-H[FH.G++.UR#`ASAX
MU&`Y^MW]-]<*6'[KQH].O[&FY]:WK=H0:.1:JS]$>1C$?Z5!]H']Y7BKWMD2
M3[,-0A_K]E$S%.W6RF#6;]&<0'O""7#F@S`S=C.BT19[3F@$U\\*I2'BO&A)
MT3LSY`+@=&Z<[[.L,97-FP!S4_"<0#`0G-ODU2JFRVDA@&>5PVE)C+T&?"%TJ/9Z$J9=A8G6F!),
MH[TJGF@F;CX-@!LM<$RR1DC5`BL_.S>XK;Y;7Y^W(*()CAK:RA@L)Z.%8DV3
MTG6`2&<,`6Y`B#D0!"D`I#/P`TN`_[@-LB@)2%KM,]RF(AV&&-KR-*/0NDPQZCQ?T4BY8;3YL&<&N1UZ'B((
M;)=BFPX[S39(W@:=H`T_@]K`O8>AW7O[*,C;E),5QY$_0,XUK9,EHYVS[<4=
MO;[-HTC\\6"]('=KE*DQ8DE'H^BMZHZMECB%'@UB&"H5*INV9170J@#D,-E-
MJX0K)9Q19/?'^YYS'_9QONL8CW9\[SD$8V5)Z11.1!AAJTJ/D`WWGMQH)X\>
M:,NJE.7R*U2P[_6*=;1'6L/Z`#26,5-C]RM9MR1MZUK-F9+``Q_:4!!E,]14
MBGFA^D^X0\5XOZQMBQ4HT2%X,TQ"TQ`A2,(HA<8XYL61?XW
:0;-*,
M_V>0)/M(C0()R%IFPBF9[5C'/U2);?)*,A*R%>F1LG[8UC`7Y]$GJG:;E&7B
MV._[F!\SN:\MW&=%$,4*DYSO*8%Z7L7.KT9SBDAF
Z*T
M[6GZ)24E0\(X'LU78?E4ID1RQ=F;.X9_:H:/M:F?>P2817ECCWKV8[L"YS*F
MSS.:L!'L4*W8:/@:0S:8%[8M&REPMSX+IB_'HKD;!+_MVESC`,;&C6E;X/S(
M$?/8,SB"7"50F%S\V^:TTT7MP7FR'YSQ7&DFQ3U?]LG5<\X4$U/$&O(S9\EA
MP3#\_EHV\^$+64.HTR7(L.)?Y\,3''VO_*3YQ4X(C]['"X6=`O56L
M^16?@NP1\S&2FM7:B#"W"WJUX(`=Z&H-4A_
HMT-9:/$>GVD
MS#:EVVV:W!5I^!O?B-_LL^>(?N$1QL],HJODF>:%//-I;-Z\[-WO$988GG(O
M,2=OE#W'_`!:^E!W0=*R#PC_D)W`I43(NR$Y]'-"]M`3V8FNX.>=Z(Q$:F].
MMS-NAZGJ@]2=\$V"&*8[,4R\)R*[DD\<^#!=+3Y,G7LD_"F%[E=MN(H_!E^C
M[7Y[^767YNQLU^W%ZZ9$]:#:@-*X3;O(L'RE_3+9.4BA\#$G)B4U5TM(&L'V
M!W/?J-MO:,;#!.V,"GY#5M>8FG&K$B2_9?M=$1Z8(=@S>[]E!H"')G%;4/]\
MDZ6%*,6FLS!CN"!L/,:#K?87PUG@;"/&RMDV[553OC&0O$YDO*C<&SS4C785
M0[<;@B4`PQ)?`1;
L(#JZ
M0,61&:BX\OPD!E/)!62KEO%(:0D2$7+MC(O.X(0<3(R'AXA\A5'2Z6*RHV@Y
MD]GEFP/G(+J%Y0"8-1%S#@4CYN"`.5D/@ULXR/KH-JRA<#+AK8!+O'J=A%UQ
MW\`T\4$VLHO5I>]$T0L^.F-:=&&>SGYV?G0R.B7-4+JQ2(19)`YFSN)N9R
M1G5*)TZ?$$!LR1Y_>*R3/K>.,3)M*AZ*@*7I-4K$A>A[]P`_8V2(M5+./%%*
M"Z(J3#$JC1+@=JX=KA3IA:T4I02I3/W:T'1!7!$+U[=2ZNVH9[HJ=1XBE"MR
M2DDKA2M*)].QJ".O,>O"I6"E::8*8[32>&C#+A5\$";3PL,P:MK)4R
M%:>4Z0'3B3Z,]?_L-'"'](=;Q`AF^"):6?.$V?J((TZG49I4[S(&&0`6<5'3
M3L+:6*+(QKD$H1=@4V,8FQ3Z7RJQ<:6*51B2)E31W8@QR-@^K:QSDVI(XZZI
M-]OPN#,>V1D=K+&3J`G(V:'TJ]BK88RB/;'H/=@Y6%@VFV+@FLD,YQ"'8)KY
M6#_Z#D12><1C?P;AN^<"'$CK";C!'.)$0K?D9[+`>^XC;C:`N$1-QNU.QE*2
M]/$027JTSU/`'!G8Z8.A6+J[430^YXA.%86'?LV),[M-1'T%7&Q?!O@!UQ4.
MHH