Exhibit 12.1

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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands, Except Ratios)

	Years Ended November 30,
	2007			2006			2005			2004			2003
Earnings
Income (loss) from continuing operations before income taxes	$	(1,460,770	)	$	571,847		$	1,201,534		$	642,184		$	488,510
Add:
Interest incurred		199,550			237,801			164,245			140,602			119,335
Amortization of premiums and discounts related to debt		2,478			2,441			1,550			1,617			1,769
Portion of rent expense considered to be interest		28,464			27,657			19,294			14,073			11,283
Amortization of previously capitalized interest		171,496			143,249			100,971			77,266			68,273
Distribution of earnings of unconsolidated joint ventures, net of equity in income (loss)		194,274			34,383			(2,242	)		(2,302	)		(271	)
Deduct:
Interest capitalized		(186,560	)		(221,074	)		(142,738	)		(121,241	)		(93,676	)
Income (loss) as adjusted	$	(1,051,068	)	$	796,304		$	1,342,614		$	752,199		$	595,223
Fixed charges
Interest incurred	$	199,550		$	237,801		$	164,245		$	140,602		$	119,335
Amortization of premiums and discounts related to debt		2,478			2,441			1,550			1,617			1,769
Portion of rent expense considered to be interest		28,464			27,657			19,294			14,073			11,283
	$	230,492		$	267,899		$	185,089		$	156,292		$	132,387
Ratio of earnings to fixed charges		—			2.97			7.25			4.81			4.50
Coverage deficiency (a)	$	(1,281,560	)	$	—		$	—		$	—		$	—

The ratios of earnings to fixed charges are computed on a consolidated basis excluding the French discontinued operations.

(a) Earnings for the year ended November 30, 2007 were insufficient to cover fixed charges for the period by $1.28 billion.