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Exhibit 12.1

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES



|                                                                |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|--------------------------------------------------------------- |  | ----------------------- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | - |  | ---- | ------- | - |  | - | ------- | -
|                                                                |  | Year Ended December 31, |        
|                                                                |  | 2006                    |         |   | 2005 |   |         | 2004 |  |   | 2003    |   |  | 2002 |        
|                                                                |  | (dollars in thousands)  |        
|Income before provision for income taxes                        |  | $                       | 123,709 |   |      | $ | 314,780 |      |  | $ | 285,148 |   |  | $    | 123,952 |   |  | $ | 67,781  |  
|Interest incurred                                               |  |                         | 80,173  |   |      |   | 73,208  |      |  |   | 59,024  |   |  |      | 47,188  |   |  |   | 26,783  |  
|Less interest capitalized                                       |  |                         | (80,173 | ) |      |   | (73,208 | )    |  |   | (59,024 | ) |  |      | (47,188 | ) |  |   | (26,783 | )
|Amortization of capitalized interest included in cost of sales  |  |                         | 54,356  |   |      |   | 55,748  |      |  |   | 62,671  |   |  |      | 36,376  |   |  |   | 28,109  |  
|Non-cash impairment charge                                      |  |                         | 39,895  |   |      |   | 4,600   |      |  |   |        |   |  |      |        |   |  |   |        |  
|Cash distributions of income from unconsolidated joint ventures |  |                         | 2,599   |   |      |   | 2,708   |      |  |   |        |   |  |      | 37,501  |   |  |   | 24,621  |  
|Less equity in (income) loss of unconsolidated joint ventures   |  |                         | (3,242  | ) |      |   | ( 4,301 | )    |  |   | 699     |   |  |      | (31,236 | ) |  |   | (27,748 | )
|                                                                |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Earnings                                                        |  | $                       | 217,317 |   |      | $ | 373,535 |      |  | $ | 348,518 |   |  | $    | 166,593 |   |  | $ | 92,763  |  
|                                                                |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Interest incurred                                               |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Interest capitalized                                            |  |                         | 80,173  |   |      |   | 73,208  |      |  |   | 59,024  |   |  |      | 47,188  |   |  |   | 26,783  |  
|                                                                |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Fixed Charges                                                   |  | $                       | 80,173  |   |      | $ | 73,208  |      |  | $ | 59,024  |   |  | $    | 47,188  |   |  | $ | 26,783  |  
|                                                                |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Ratio of Earnings to Fixed Charges                              |  |                         | 2.71x   |   |      |   | 5.10x   |      |  |   | 5.91x   |   |  |      | 3.53x   |   |  |   | 3.46x   |  
|                                                                |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  



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