Exhibit 12.1

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



|                                                                |  |                         |          |   |      |   |          |      |  |   |         |   |  |      |         |   |  |   |         |  
|--------------------------------------------------------------- |  | ----------------------- | -------- | - | ---- | - | -------- | ---- |  | - | ------- | - |  | ---- | ------- | - |  | - | ------- | -
|                                                                |  | Year Ended December 31, |         
|                                                                |  | 2008                    |          |   | 2007 |   |          | 2006 |  |   | 2005    |   |  | 2004 |        
|                                                                |  | (dollars in thousands)  |         
|(Loss) Income before provision for income taxes                 |  | $                       | (153,230 | ) |      | $ | (316,750 | )    |  | $ | 123,709 |   |  | $    | 314,780 |   |  | $ | 285,148 |  
|Interest incurred                                               |  |                         | 66,748   |   |      |   | 76,497   |      |  |   | 80,173  |   |  |      | 73,208  |   |  |   | 59,024  |  
|Less interest capitalized                                       |  |                         | (42,308  | ) |      |   | (76,497  | )    |  |   | (80,173 | ) |  |      | (73,208 | ) |  |   | (59,024 | )
|Amortization of capitalized interest included in cost of sales  |  |                         | 37,907   |   |      |   | 57,241   |      |  |   | 54,356  |   |  |      | 55,748  |   |  |   | 62,671  |  
|Non-cash impairment charge                                      |  |                         | 141,207  |   |      |   | 231,120  |      |  |   | 39,895  |   |  |      | 4,600   |   |  |   |        |  
|Gain on retirement of debt                                      |  |                         | (54,044  | ) |      |   |         |      |  |   |        |   |  |      |        |   |  |   |        |  
|Cash distributions of income from unconsolidated joint ventures |  |                         | 816      |   |      |   |         |      |  |   | 2,599   |   |  |      | 2,708   |   |  |   |        |  
|Less equity in loss (income) of unconsolidated joint ventures   |  |                         | 3,877    |   |      |   | (304     | )    |  |   | (3,242  | ) |  |      | ( 4,301 | ) |  |   | 699     |  
|                                                                |  |                         |          |   |      |   |          |      |  |   |         |   |  |      |         |   |  |   |         |  
|Earnings (Loss)                                                 |  | $                       | 973      |   |      | $ | (28,693  | )    |  | $ | 217,317 |   |  | $    | 373,535 |   |  | $ | 348,518 |  
|                                                                |  |                         |          |   |      |   |          |      |  |   |         |   |  |      |         |   |  |   |         |  
|Interest incurred                                               |  |                         |          |   |      |   |          |      |  |   |         |   |  |      |         |   |  |   |         |  
|Interest incurred                                               |  |                         | 66,748   |   |      |   | 76,497   |      |  |   | 80,173  |   |  |      | 73,208  |   |  |   | 59,024  |  
|                                                                |  |                         |          |   |      |   |          |      |  |   |         |   |  |      |         |   |  |   |         |  
|Fixed Charges                                                   |  | $                       | 66,748   |   |      | $ | 76,497   |      |  | $ | 80,173  |   |  | $    | 73,208  |   |  | $ | 59,024  |  
|                                                                |  |                         |          |   |      |   |          |      |  |   |         |   |  |      |         |   |  |   |         |  
|Ratio of Earnings (Loss) to Fixed Charges                       |  |                         | 0.02x    |   |      |   | (1.38x   | )    |  |   | 2.71x   |   |  |      | 5.10x   |   |  |   | 5.91x   |  
|                                                                |  |                         |          |   |      |   |          |      |  |   |         |   |  |      |         |   |  |   |         |