Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year Ended December 31, |
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| 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 |
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| 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 | |||||||||||||||