Exhibit 12.1

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



|                                                                |  |                         |          |   |      |   |          |      |  |   |          |   |  |      |         |   |  |   |         |  
|--------------------------------------------------------------- |  | ----------------------- | -------- | - | ---- | - | -------- | ---- |  | - | -------- | - |  | ---- | ------- | - |  | - | ------- | -
|                                                                |  | Year Ended December 31, |         
|                                                                |  | 2009                    |          |   | 2008 |   |          | 2007 |  |   | 2006     |   |  | 2005 |        
|                                                                |  | (dollars in thousands)  |         
|(Loss) Income before provision for income taxes                 |  | $                       | (122,861 | ) |      | $ | (163,676 | )    |  | $ | (305,624 | ) |  | $    | 123,709 |   |  | $ | 314,780 |  
|Interest incurred                                               |  |                         | 48,782   |   |      |   | 66,748   |      |  |   | 76,497   |   |  |      | 80,173  |   |  |   | 73,208  |  
|Less interest capitalized                                       |  |                         | (12,880  | ) |      |   | (42,308  | )    |  |   | (76,497  | ) |  |      | (80,173 | ) |  |   | (73,208 | )
|Amortization of capitalized interest included in cost of sales  |  |                         | 17,978   |   |      |   | 37,907   |      |  |   | 57,241   |   |  |      | 54,356  |   |  |   | 55,748  |  
|Non-cash impairment charge                                      |  |                         | 45,269   |   |      |   | 141,207  |      |  |   | 231,120  |   |  |      | 39,895  |   |  |   | 4,600   |  
|Gain on retirement of debt                                      |  |                         | (78,144  | ) |      |   | (54,044  | )    |  |   |         |   |  |      |        |   |  |   |        |  
|Cash distributions of income from unconsolidated joint ventures |  |                         |         |   |      |   | 816      |      |  |   |         |   |  |      | 2,599   |   |  |   | 2,708   |  
|Less equity in loss (income) of unconsolidated joint ventures   |  |                         | 420      |   |      |   | 3,877    |      |  |   | (304     | ) |  |      | (3,242  | ) |  |   | (4,301  | )
|                                                                |  |                         |          |   |      |   |          |      |  |   |          |   |  |      |         |   |  |   |         |  
|(Loss) Earnings                                                 |  | $                       | (101,436 | ) |      | $ | (9,473   | )    |  | $ | (17,567  | ) |  | $    | 217,317 |   |  | $ | 373,535 |  
|                                                                |  |                         |          |   |      |   |          |      |  |   |          |   |  |      |         |   |  |   |         |  
|Interest incurred                                               |  |                         |          |   |      |   |          |      |  |   |          |   |  |      |         |   |  |   |         |  
|Interest incurred                                               |  | $                       | 48,782   |   |      | $ | 66,748   |      |  | $ | 76,497   |   |  | $    | 80,173  |   |  | $ | 73,208  |  
|                                                                |  |                         |          |   |      |   |          |      |  |   |          |   |  |      |         |   |  |   |         |  
|Fixed Charges                                                   |  | $                       | 48,782   |   |      | $ | 66,748   |      |  | $ | 76,497   |   |  | $    | 80,173  |   |  | $ | 73,208  |  
|                                                                |  |                         |          |   |      |   |          |      |  |   |          |   |  |      |         |   |  |   |         |  
|Ratio of (Loss) Earnings to Fixed Charges                       |  |                         | (2.08x   | ) |      |   | (0.14x   | )    |  |   | (0.23x   | ) |  |      | 2.71x   |   |  |   | 5.10x   |  
|                                                                |  |                         |          |   |      |   |          |      |  |   |          |   |  |      |         |   |  |   |         |