Exhibit 12.1

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

	Year Ended December 31,
	2007			2006			2005			2004			2003
	(dollars in thousands)
(Loss) Income before provision for income taxes	$	(349,408	)	$	123,709		$	314,780		$	285,148		$	123,952
Interest incurred		76,497			80,173			73,208			59,024			47,188
Less interest capitalized		(76,497	)		(80,173	)		(73,208	)		(59,024	)		(47,188	)
Amortization of capitalized interest included in cost of sales		57,241			54,356			55,748			62,671			36,376
Non-cash impairment charge		231,120			39,895			4,600			—			—
Cash distributions of income from unconsolidated joint ventures		—			2,599			2,708			—			37,501
Less equity in (income) loss of unconsolidated joint ventures		(304	)		(3,242	)		( 4,301	)		699			(31,236	)
(Loss) Earnings	$	(61,354	)	$	217,317		$	373,535		$	348,518		$	166,593
Interest incurred
Interest capitalized		76,497			80,173			73,208			59,024			47,188
Fixed Charges	$	76,497		$	80,173		$	73,208		$	59,024		$	47,188
Ratio of (Loss) Earnings to Fixed Charges		(0.80x	)		2.71x			5.10x			5.91x			3.53x