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