J.M.
Every sunscreen I have ever used recommends re-applying after 2 hours, or after heavy sweating or swimming.
SPF is Sun Protection Factor... It has nothing to do with the amount of time it is effective.
ETA...
http://www.rei.com/expertadvice/articles/sunscreen.html
SPF 30 DOES NOT MEAN 300 minutes... it means 95% UVB rays will be absorbed by the sunscreen instead of your skin... SPF 15 doesn't mean 150 minutes, it means that even less UVB rays will be absorbed by the sunscreen.
SPF is NOT a timer. It has nothing to do with time. :)