Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO OF (LOSS) EARNINGS TO FIXED CHARGES
| Year Ended December 31, | ||||||||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
(Loss) Income before provision for income taxes | $ | (122,861 | ) | $ | (163,676 | ) | $ | (305,624 | ) | $ | 123,709 | $ | 314,780 | |||||||
Interest incurred | 48,782 | 66,748 | 76,497 | 80,173 | 73,208 | |||||||||||||||
Less interest capitalized | (12,880 | ) | (42,308 | ) | (76,497 | ) | (80,173 | ) | (73,208 | ) | ||||||||||
Amortization of capitalized interest included in cost of sales | 17,978 | 37,907 | 57,241 | 54,356 | 55,748 | |||||||||||||||
Non-cash impairment charge | 45,269 | 141,207 | 231,120 | 39,895 | 4,600 | |||||||||||||||
Gain on retirement of debt | (78,144 | ) | (54,044 | ) | — | — | — | |||||||||||||
Cash distributions of income from unconsolidated joint ventures | — | 816 | — | 2,599 | 2,708 | |||||||||||||||
Less equity in loss (income) of unconsolidated joint ventures | 420 | 3,877 | (304 | ) | (3,242 | ) | (4,301 | ) | ||||||||||||
(Loss) Earnings | $ | (101,436 | ) | $ | (9,473 | ) | $ | (17,567 | ) | $ | 217,317 | $ | 373,535 | |||||||
Interest incurred | ||||||||||||||||||||
Interest incurred | $ | 48,782 | $ | 66,748 | $ | 76,497 | $ | 80,173 | $ | 73,208 | ||||||||||
Fixed Charges | $ | 48,782 | $ | 66,748 | $ | 76,497 | $ | 80,173 | $ | 73,208 | ||||||||||
Ratio of (Loss) Earnings to Fixed Charges | (2.08x | ) | (0.14x | ) | (0.23x | ) | 2.71x | 5.10x | ||||||||||||