Exhibit 12.1

STATEMENT OF COMPUTATION OF RATIO OF (LOSS) EARNINGS TO FIXED CHARGES



|                                                                |  |                         |          |   |      |   |          |      |  |   |          |   |  |      |          |   |  |   |         |  
|--------------------------------------------------------------- |  | ----------------------- | -------- | - | ---- | - | -------- | ---- |  | - | -------- | - |  | ---- | -------- | - |  | - | ------- | -
|                                                                |  | Year Ended December 31, |         
|                                                                |  | 2010                    |          |   | 2009 |   |          | 2008 |  |   | 2007     |   |  | 2006 |         
|                                                                |  | (dollars in thousands)  |         
|(Loss) Income before provision for income taxes                 |  | $                       | (135,867 | ) |      | $ | (122,861 | )    |  | $ | (163,676 | ) |  | $    | (305,624 | ) |  | $ | 123,709 |  
|Interest incurred                                               |  |                         | 62,790   |   |      |   | 48,782   |      |  |   | 66,748   |   |  |      | 76,497   |   |  |   | 80,173  |  
|Less interest capitalized                                       |  |                         | (39,137  | ) |      |   | (12,880  | )    |  |   | (42,308  | ) |  |      | (76,497  | ) |  |   | (80,173 | )
|Amortization of capitalized interest included in cost of sales  |  |                         | 16,762   |   |      |   | 17,978   |      |  |   | 37,907   |   |  |      | 57,241   |   |  |   | 54,356  |  
|Non-cash impairment charge                                      |  |                         | 111,860  |   |      |   | 45,269   |      |  |   | 141,207  |   |  |      | 231,120  |   |  |   | 39,895  |  
|Gain on retirement of debt                                      |  |                         | (5,572   | ) |      |   | (78,144  | )    |  |   | (54,044  | ) |  |      |         |   |  |   |        |  
|Cash distributions of income from unconsolidated joint ventures |  |                         |         |   |      |   |         |      |  |   | 816      |   |  |      |         |   |  |   | 2,599   |  
|Less equity in (income) loss of unconsolidated joint ventures   |  |                         | (916     | ) |      |   | 420      |      |  |   | 3,877    |   |  |      | (304     | ) |  |   | (3,242  | )
|                                                                |  |                         |          |   |      |   |          |      |  |   |          |   |  |      |          |   |  |   |         |  
|Earnings (Loss)                                                 |  | $                       | 9,920    |   |      | $ | (101,436 | )    |  | $ | (9,473   | ) |  | $    | (17,567  | ) |  | $ | 217,317 |  
|                                                                |  |                         |          |   |      |   |          |      |  |   |          |   |  |      |          |   |  |   |         |  
|Interest incurred                                               |  |                         |          |   |      |   |          |      |  |   |          |   |  |      |          |   |  |   |         |  
|Interest incurred                                               |  | $                       | 62,790   |   |      | $ | 48,782   |      |  | $ | 66,748   |   |  | $    | 76,497   |   |  | $ | 80,173  |  
|                                                                |  |                         |          |   |      |   |          |      |  |   |          |   |  |      |          |   |  |   |         |  
|Fixed Charges                                                   |  | $                       | 62,790   |   |      | $ | 48,782   |      |  | $ | 66,748   |   |  | $    | 76,497   |   |  | $ | 80,173  |  
|                                                                |  |                         |          |   |      |   |          |      |  |   |          |   |  |      |          |   |  |   |         |  
|Ratio of Earnings (Loss) to Fixed Charges                       |  |                         | 0.16x    |   |      |   | (2.08x   | )    |  |   | (0.14x   | ) |  |      | (0.23x   | ) |  |   | 2.71x   |  
|                                                                |  |                         |          |   |      |   |          |      |  |   |          |   |  |      |          |   |  |   |         |