Must I eat back my exercise calories?

First of all, my stats...
Sex: Female
Age: 29
Height: 5'4
Current Weight: 142
Goal Weight: 120 (maybe 115)

I keep my activity level set to sedentary and I log all my activities just as I log all of my calories.  I've been eating about 1200 (as per CC's recommendation) on days that I do not exercise at all and I end up with a deficit of about 430 calories because my sedentary daily burn is about 1630. 

Here's my question: If I burn 300 calories and thus increase my burn meter to 1930, is it ok to keep my intake at 1200 so I can have a deficit of 730?  According to my math this would allow me to lose about a pound and a half a week.  Is this unhealthy?

YES its ok to keep it a 1200 calories and that is a healthy weight loss rate in fact if you look at all the reputable diet advice then you will see that you are doing it perfectly!

B

To my (inexperienced) knowledge, as long as you don't have a deficit higher than 1000 calories a day or dip below eating 1200, you should be fine. Although, this could be very incorrect, so read up more on it. I think you should see if you are hungrier after working out, and if so then eat more, because its your body's way of telling you it needs more food. Also, make sure you're getting a lot of protein throughout the day, as that builds up your muscles and helps you to lose fat rather than lean muscle tissue.

Hi there. This is an issue that has been hotly debated on this site.  I would suggest you search those terms and you'll find long forums on this. 

Personally, at your stats I think it is unhealthy but I don't know if your weight training, or running etc.  Weights requires nutrition in order to build muscle. 

I also don't know what percentage of body fat you are etc. If your body fat is low....well this is a problem.   Either way good luck. 

I just want to point out that you can have a deficit over 1000 cals.  That's not the issue.  However, the body has a hard time burning more FAT in a day than 1000 cals worth.  So at that point your also going to be burning some lean muscle which may hurt you in the long run.  For really large people 400lbs plus they do go into huge deficits for short periods and under medical supervision.

I'm jogging, walking, biking and doing weight training with Jillian Michaels' Thirty Day Shred.  But, I don't do all of these things every day.  Also, if I'm honest with myself, I'm really only exercising like 4-5 days a week.  So I guess what I'm really asking is if it would be ok to have around a 750 calorie deficit 5 days a week and only about a 400 calorie deficit 2 days a week.

I love Jillian! I'm reading & utilizing Making the Cut....great circuit training. Anyway, your deficits are fine. As long as you're consuming healthy food, getting enough protein & fluids, and it's by you aren't ending the day starving, there's no reason this isn't healthy. But be sure to listen to your body. Don't starve yourself!