EXHIBIT 12.1

Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratio)

																Nine Months
																Ended
	1999			2000			2001			2002			2003			September 30, 2004
Consolidated pretax income	$	109,336		$	134,840		$	218,336		$	309,340		$	396,217		$	344,537
Share of distributed income of 50%-or-less-owned affiliates net of equity pickup		(263	)		(163	)		(26	)		(2,689	)		94			(5,780	)
Amortization of capitalized interest		19,027			27,581			31,878			32,162			38,263			28,387
Interest		52,764			62,610			55,327			49,086			50,125			40,113
Less interest capitalized during the period		(24,397	)		(34,105	)		(31,675	)		(39,695	)		(42,602	)		(39,088	)
Interest portion of rental expense		4,522			6,065			7,190			6,679			5,973			4,275
Net amortization of debt discount and premium and issuance expense		33			—			—			—			—			—
EARNINGS	$	161,022		$	196,828		$	281,030		$	354,883		$	448,070		$	372,444
Interest	$	52,764		$	62,610		$	55,327		$	49,086		$	50,125		$	40,113
Interest portion of rental expense		4,522			6,065			7,190			6,679			5,973			4,275
Net amortization of debt discount and premium and issuance expense		33			—			—			—			—			—
FIXED CHARGES	$	57,319		$	68,675		$	62,517		$	55,765		$	56,098		$	44,388
Ratio of earnings to fixed charges		2.81			2.87			4.50			6.36			7.99			8.39