EXHIBIT 12.1

Statement of computation of ratio of earnings to fixed charges

	Year Ended December 31,
	2003			2002			2001			2000			1999
	(dollars in thousands)
Income before provision for income taxes	$	123,952		$	67,781		$	53,525		$	51,745		$	47,718
Interest incurred		47,188			26,783			21,908			26,012			24,500
Less interest capitalized		(47,188	)		(26,783	)		(21,681	)		(20,455	)		(18,347	)
Amortization of capitalized interest included in cost of sales		36,376			28,109			20,537			21,373			23,771
Cash distributions of income from unconsolidated joint ventures		37,501			24,621			18,404			24,865			7,604
Less equity in income of unconsolidated joint ventures		(31,236	)		(27,748	)		(22,384	)		(24,416	)		(17,859	)
Earnings	$	166,593		$	92,763		$	70,309		$	79,124		$	67,387
Interest incurred
Interest expensed	$	—		$	—		$	227		$	5,557		$	6,153
Interest capitalized		47,188			26,783			21,681			20,455			18,347
Fixed Charges	$	47,188		$	26,783		$	21,908		$	26,012		$	24,500
Ratio of Earnings to Fixed Charges		3.53x			3.46x			3.21x			3.04x			2.75x