Exhibit 12.1

Kennedy-Wilson Holdings, Inc.

Statement of Computation of Earnings to Combined Fixed Charges and Preferred Dividends

	Three  Months Ended March 31, 2011			Year Ended December 31,
				2010			2009			2008			2007			2006
Earnings:
Pre-tax income from continuing operations before adjustment for income or loss from equity investees:
- Income (loss) before (provision for) benefit from income taxes		2,741,000			10,212,000			(13,618,000	)		1,272,000			13,421,000			11,104,000
- Equity in earnings from real estate ventures		(5,256,000	)		(10,548,000	)		(8,019,000	)		(10,097,000	)		(27,433,000	)		(14,689,000	)
		(2,515,000	)		(336,000	)		(21,637,000	)		(8,825,000	)		(14,012,000	)		(3,585,000	)
Adjustments:
Fixed charges		2,103,000			9,412,000			14,751,000			10,781,000			6,400,000			4,424,000
Distributions from equity investees - operating		104,000			5,931,000			514,000			294,000			885,000			45,000
Interest capitalized		(330,000	)		(790,000	)		0			(999,000	)		(519,000	)		(509,000	)
Total earnings		(638,000	)		14,217,000			(6,372,000	)		1,251,000			(7,246,000	)		375,000
Fixed charges:
Interest
- Expensed		1,529,000			7,634,000			13,174,000			8,596,000			5,090,000			3,183,000
- Capitalized		330,000			790,000			0			999,000			519,000			509,000
Amortization related to indebtedness		71,000			262,000			917,000			658,000			296,000			237,000
Estimated interest within rental expense		173,000			726,000			660,000			528,000			495,000			495,000
Total fixed charges		2,103,000			9,412,000			14,751,000			10,781,000			6,400,000			4,424,000
Preferred stock dividends		2,036,000			4,558,000			—			—			—			—
Total combined fixed charges and preferred stock dividends		4,139,000			13,970,000			14,751,000			10,781,000			6,400,000			4,424,000
Ratio of earnings to fixed charges		N/A			1.51			N/A			N/A			N/A			N/A
Amount of deficiency		2,741,000						21,123,000			9,530,000			13,646,000			4,049,000
Ratio of earnings to combined fixed charges and preferred stock dividends		N/A			1.02			—			—			—			—
Amount of deficiency		4,777,000