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Exhibit 12.1



STATEMENT OF COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES



|                                                                |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|--------------------------------------------------------------- |  | ----------------------- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | - |  | ---- | ------- | - |  | - | ------- | -
|                                                                |  | Year Ended December 31, |        
|                                                                |  | 2003                    |         |   | 2002 |   |         | 2001 |  |   | 2000    |   |  | 1999 |        
|                                                                |  | (dollars in thousands)  |        
|Income before provision for income taxes                        |  | $                       | 123,952 |   |      | $ | 67,781  |      |  | $ | 53,525  |   |  | $    | 51,745  |   |  | $ | 47,718  |  
|Interest incurred                                               |  |                         | 47,188  |   |      |   | 26,783  |      |  |   | 21,908  |   |  |      | 26,012  |   |  |   | 24,500  |  
|Less interest capitalized                                       |  |                         | (47,188 | ) |      |   | (26,783 | )    |  |   | (21,681 | ) |  |      | (20,455 | ) |  |   | (18,347 | )
|Amortization of capitalized interest included in cost of sales  |  |                         | 36,376  |   |      |   | 28,109  |      |  |   | 20,537  |   |  |      | 21,373  |   |  |   | 23,771  |  
|Cash distributions of income from unconsolidated joint ventures |  |                         | 37,501  |   |      |   | 24,621  |      |  |   | 18,404  |   |  |      | 24,865  |   |  |   | 7,604   |  
|Less equity in income of unconsolidated joint ventures          |  |                         | (31,236 | ) |      |   | (27,748 | )    |  |   | (22,384 | ) |  |      | (24,416 | ) |  |   | (17,859 | )
|                                                                |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Earnings                                                        |  | $                       | 166,593 |   |      | $ | 92,763  |      |  | $ | 70,309  |   |  | $    | 79,124  |   |  | $ | 67,387  |  
|                                                                |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Interest incurred                                               |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Interest expensed                                               |  | $                       |        |   |      | $ |        |      |  | $ | 227     |   |  | $    | 5,557   |   |  | $ | 6,153   |  
|Interest capitalized                                            |  |                         | 47,188  |   |      |   | 26,783  |      |  |   | 21,681  |   |  |      | 20,455  |   |  |   | 18,347  |  
|                                                                |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Fixed Charges                                                   |  | $                       | 47,188  |   |      | $ | 26,783  |      |  | $ | 21,908  |   |  | $    | 26,012  |   |  | $ | 24,500  |  
|                                                                |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Ratio of Earnings to Fixed Charges                              |  |                         | 3.53x   |   |      |   | 3.46x   |      |  |   | 3.21x   |   |  |      | 3.04x   |   |  |   | 2.75x   |  
|                                                                |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  



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