The St. Joe Company provided cash flow guidance for 2012. The company expects to have positive operating cash flow in 2012, excluding discretionary capital expenditures. Based on the work performed to date, the company currently anticipates it will record an aggregate non-cash charge for impairment associated with these projects that may range from $325 million to $375 million in the fourth quarter ended December 31, 2011. The company anticipates that the amount of future capital expenditures associated with existing projects will be reduced by approximately $190 million, the majority of which was expected to be spent in the next 10 years.