EXHIBIT 12.1 Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratio)

																Three Months
																Ended
	2000			2001			2002			2003			2004			March 31, 2005
Consolidated pretax income	$	134,840		$	218,336		$	309,340		$	396,217		$	521,212		$	101,168
Share of distributed income of 50%-or-less-owned affiliates net of equity pickup		(163	)		(26	)		(2,689	)		94			(5,772	)		(99	)
Amortization of capitalized interest		27,581			31,878			32,162			38,263			41,764			10,081
Interest		62,610			55,327			49,086			50,125			53,242			15,407
Less interest capitalized during the period		(34,105	)		(31,675	)		(39,695	)		(42,602	)		(52,015	)		(15,182	)
Interest portion of rental expense		6,065			7,190			6,679			5,973			5,639			1,304
EARNINGS	$	196,828		$	281,030		$	354,883		$	448,070		$	564,070		$	112,679
Interest	$	62,610		$	55,327		$	49,086		$	50,125		$	53,242		$	15,407
Interest portion of rental expense		6,065			7,190			6,679			5,973			5,639			1,304
FIXED CHARGES	$	68,675		$	62,517		$	55,765		$	56,098		$	58,881		$	16,711
Ratio of earnings to fixed charges		2.87			4.50			6.36			7.99			9.58			6.74