Exhibit 12.1

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Year Ended December 31,
	2006			2005			2004			2003			2002
	(dollars in thousands)
Income before provision for income taxes	$	123,709		$	314,780		$	285,148		$	123,952		$	67,781
Interest incurred		80,173			73,208			59,024			47,188			26,783
Less interest capitalized		(80,173	)		(73,208	)		(59,024	)		(47,188	)		(26,783	)
Amortization of capitalized interest included in cost of sales		54,356			55,748			62,671			36,376			28,109
Non-cash impairment charge		39,895			4,600			—			—			—
Cash distributions of income from unconsolidated joint ventures		2,599			2,708			—			37,501			24,621
Less equity in (income) loss of unconsolidated joint ventures		(3,242	)		( 4,301	)		699			(31,236	)		(27,748	)
Earnings	$	217,317		$	373,535		$	348,518		$	166,593		$	92,763
Interest incurred
Interest capitalized		80,173			73,208			59,024			47,188			26,783
Fixed Charges	$	80,173		$	73,208		$	59,024		$	47,188		$	26,783
Ratio of Earnings to Fixed Charges		2.71x			5.10x			5.91x			3.53x			3.46x