Exhibit 12.1

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



|                                                                |  |                         |          |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|--------------------------------------------------------------- |  | ----------------------- | -------- | - | ---- | - | ------- | ---- |  | - | ------- | - |  | ---- | ------- | - |  | - | ------- | -
|                                                                |  | Year Ended December 31, |         
|                                                                |  | 2007                    |          |   | 2006 |   |         | 2005 |  |   | 2004    |   |  | 2003 |        
|                                                                |  | (dollars in thousands)  |         
|(Loss) Income before provision for income taxes                 |  | $                       | (349,408 | ) |      | $ | 123,709 |      |  | $ | 314,780 |   |  | $    | 285,148 |   |  | $ | 123,952 |  
|Interest incurred                                               |  |                         | 76,497   |   |      |   | 80,173  |      |  |   | 73,208  |   |  |      | 59,024  |   |  |   | 47,188  |  
|Less interest capitalized                                       |  |                         | (76,497  | ) |      |   | (80,173 | )    |  |   | (73,208 | ) |  |      | (59,024 | ) |  |   | (47,188 | )
|Amortization of capitalized interest included in cost of sales  |  |                         | 57,241   |   |      |   | 54,356  |      |  |   | 55,748  |   |  |      | 62,671  |   |  |   | 36,376  |  
|Non-cash impairment charge                                      |  |                         | 231,120  |   |      |   | 39,895  |      |  |   | 4,600   |   |  |      |        |   |  |   |        |  
|Cash distributions of income from unconsolidated joint ventures |  |                         |         |   |      |   | 2,599   |      |  |   | 2,708   |   |  |      |        |   |  |   | 37,501  |  
|Less equity in (income) loss of unconsolidated joint ventures   |  |                         | (304     | ) |      |   | (3,242  | )    |  |   | ( 4,301 | ) |  |      | 699     |   |  |   | (31,236 | )
|                                                                |  |                         |          |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|(Loss) Earnings                                                 |  | $                       | (61,354  | ) |      | $ | 217,317 |      |  | $ | 373,535 |   |  | $    | 348,518 |   |  | $ | 166,593 |  
|                                                                |  |                         |          |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Interest incurred                                               |  |                         |          |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Interest capitalized                                            |  |                         | 76,497   |   |      |   | 80,173  |      |  |   | 73,208  |   |  |      | 59,024  |   |  |   | 47,188  |  
|                                                                |  |                         |          |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Fixed Charges                                                   |  | $                       | 76,497   |   |      | $ | 80,173  |      |  | $ | 73,208  |   |  | $    | 59,024  |   |  | $ | 47,188  |  
|                                                                |  |                         |          |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Ratio of (Loss) Earnings to Fixed Charges                       |  |                         | (0.80x   | ) |      |   | 2.71x   |      |  |   | 5.10x   |   |  |      | 5.91x   |   |  |   | 3.53x   |  
|                                                                |  |                         |          |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |