Exhibit 12.1

Kennedy-Wilson Holdings, Inc.

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

	Nine Months Ended			Year Ended December 31,
	September 30, 2012			2011			2010			2009			2008			2007
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	$	(8,568,000	)	$	5,121,000		$	10,212,000		$	(13,618,000	)	$	1,272,000		$	13,421,000
- Equity in earnings from real estate ventures		(12,472,000	)		(12,507,000	)		(10,548,000	)		(8,019,000	)		(10,097,000	)		(27,433,000	)
		(21,040,000	)		(7,386,000	)		(336,000	)		(21,637,000	)		(8,825,000	)		(14,012,000	)
Adjustments:
Fixed charges		23,306,000			24,737,000			9,412,000			14,751,000			10,781,000			6,400,000
Distributions from equity investees—operating		20,671,000			3,567,000			5,931,000			514,000			294,000			885,000
Interest capitalized		(1,792,000	)		(2,716,000	)		(790,000	)		—			(999,000	)		(519,000	)
Total earnings	$	21,145,000		$	18,202,000		$	14,217,000		$	(6,372,000	)	$	1,251,000		$	(7,246,000	)
Fixed charges:
Interest
-Expensed	$	19,979,000		$	20,507,000		$	7,634,000		$	13,174,000		$	8,596,000		$	5,090,000
-Capitalized		1,792,000			2,716,000			790,000			—			999,000			519,000
Amortization related to indebtedness		845,000			812,000			262,000			917,000			658,000			296,000
Amortization of premiums and discounts		40,000			41,000			—			—			—			—
Estimated interest within rental expense		650,000			661,000			726,000			660,000			528,000			495,000
Total fixed charges		23,306,000			24,737,000			9,412,000			14,751,000			10,781,000			6,400,000
Preferred stock dividends		6,075,000			8,744,000			4,558,000			—			—			—
Total combined fixed charges and preferred stock dividends	$	29,381,000		$	33,481,000		$	13,970,000		$	14,751,000		$	10,781,000		$	6,400,000
Ratio of earnings to fixed charges		n/a			n/a			1.51			n/a			n/a			n/a
Amount of deficiency	$	2,161,000		$	6,535,000			n/a		$	21,123,000		$	9,530,000		$	13,646,000
Ratio of earnings to combined fixed charges and preferred stock dividends		n/a			n/a			1.02			n/a			n/a			n/a
Amount of deficiency	$	8,236,000		$	15,279,000			n/a		$	21,123,000		$	9,530,000		$	13,646 ,000