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Exhibit 12.1



STATEMENT OF COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES



|                                                                |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|--------------------------------------------------------------- |  | ----------------------- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | - |  | ---- | ------- | - |  | - | ------- | -
|                                                                |  | Year Ended December 31, |        
|                                                                |  | 2004                    |         |   | 2003 |   |         | 2002 |  |   | 2001    |   |  | 2000 |        
|                                                                |  | (dollars in thousands)  |        
|Income before provision for income taxes                        |  | $                       | 285,148 |   |      | $ | 123,952 |      |  | $ | 67,781  |   |  | $    | 53,525  |   |  | $ | 51,745  |  
|Interest incurred                                               |  |                         | 59,024  |   |      |   | 47,188  |      |  |   | 26,783  |   |  |      | 21,908  |   |  |   | 26,012  |  
|Less interest capitalized                                       |  |                         | (59,024 | ) |      |   | (47,188 | )    |  |   | (26,783 | ) |  |      | (21,681 | ) |  |   | (20,455 | )
|Amortization of capitalized interest included in cost of sales  |  |                         | 62,671  |   |      |   | 36,376  |      |  |   | 28,109  |   |  |      | 20,537  |   |  |   | 21,373  |  
|Cash distributions of income from unconsolidated joint ventures |  |                         |        |   |      |   | 37,501  |      |  |   | 24,621  |   |  |      | 18,404  |   |  |   | 24,865  |  
|Less equity in loss (income) of unconsolidated joint ventures   |  |                         | 699     |   |      |   | (31,236 | )    |  |   | (27,748 | ) |  |      | (22,384 | ) |  |   | (24,416 | )
|                                                                |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Earnings                                                        |  | $                       | 348,518 |   |      | $ | 166,593 |      |  | $ | 92,763  |   |  | $    | 70,309  |   |  | $ | 79,124  |  
|                                                                |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Interest incurred                                               |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Interest expensed                                               |  | $                       |        |   |      | $ |        |      |  | $ |        |   |  | $    | 227     |   |  | $ | 5,557   |  
|Interest capitalized                                            |  |                         | 59,024  |   |      |   | 47,188  |      |  |   | 26,783  |   |  |      | 21,681  |   |  |   | 20,455  |  
|                                                                |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Fixed Charges                                                   |  | $                       | 59,024  |   |      | $ | 47,188  |      |  | $ | 26,783  |   |  | $    | 21,908  |   |  | $ | 26,012  |  
|                                                                |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Ratio of Earnings to Fixed Charges                              |  |                         | 5.91x   |   |      |   | 3.53x   |      |  |   | 3.46x   |   |  |      | 3.21x   |   |  |   | 3.04x   |  
|                                                                |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  



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