**Exhibit 12.1: Computation ofRatio of Earnings to Fixed Charges**
|                                                                                       |   | ** ** | ** ** | ** ** | ** ** | **YEAR ENDED DECEMBER 31,** |       |
|---------------------------------------------------------------------------------------|--------|------------|------------|------------|------------|-----------------------------|------------|
| *(in thousands, except ratio)*                                                        |   | **2002**   | ** ** | **2003**   | ** ** | **2004**                    | ** ** | **2005** | ** ** | **2006** |   |
| Consolidated pretax  income                                                           |   | $          | 309,340    |       | $          | 396,217                     |       | $ | 521,212 |   | $ | 721,051 |   | **$** | **567,108** | ** ** |
| Share of distributed  income of 50%-or-less-  owned affiliates,  net of equity pickup |   | (2,689     | )          | 94         |       | (5,772                      | )          | (315 | ) | **260** | ** ** |
| Amortization of  capitalized interest                                                 |   | 32,162     |       | 38,263     |       | 41,764                      |       | 45,483 |   | **48,708** | ** ** |
| Interest                                                                              |   | 49,086     |       | 50,125     |       | 53,242                      |       | 66,697 |   | **71,955** | ** ** |
| Less interest  capitalized during the period                                          |   | (39,695    | )          | (42,602    | )          | (52,015                     | )          | (65,959 | ) | **(71,750** | **)** |
| Interest portion of  rental expense                                                   |   | 6,679      |       | 5,973      |       | 5,639                       |       | 5,678 |   | **7,736** | ** ** |
| EARNINGS                                                                              |   | $          | 354,883    |       | $          | 448,070                     |       | $ | 564,070 |   | $ | 772,635 |   | **$** | **624,017** | ** ** |
|                                                                                  |   |       |       |       |       |                        |       |   |   | ** ** | ** ** |
| Interest                                                                              |   | $          | 49,086     |       | $          | 50,125                      |       | $ | 53,242 |   | $ | 66,697 |   | **$** | **71,955** | ** ** |
| Interest portion of  rental expense                                                   |   | 6,679      |       | 5,973      |       | 5,639                       |       | 5,678 |   | **7,736** | ** ** |
| FIXED CHARGES                                                                         |   | $          | 55,765     |       | $          | 56,098                      |       | $ | 58,881 |   | $ | 72,375 |   | **$** | **79,691** | ** ** |
|                                                                                  |   |       |       |       |       |                        |       |   |   | ** ** | ** ** |
| Ratio of earnings to fixed charges                                                    |   | 6.36       |       | 7.99       |       | 9.58                        |       | 10.68 |   | **7.83** | ** ** |

 

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