EXHIBIT 12.1
Statement of computation of ratio of earnings to fixed charges
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
| 2004 | 2003 | 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||||||
Income before provision for income taxes | $ | 25,751 | $ | 8,261 | $ | 123,952 | $ | 67,781 | $ | 53,525 | $ | 51,745 | $ | 47,718 | ||||||||||||||
Interest incurred | 14,019 | 9,821 | 47,188 | 26,783 | 21,908 | 26,012 | 24,500 | |||||||||||||||||||||
Less interest capitalized | (14,019 | ) | (9,821 | ) | (47,188 | ) | (26,783 | ) | (21,681 | ) | (20,455 | ) | (18,347 | ) | ||||||||||||||
Amortization of capitalized interest included in cost of sales | 10,340 | 3,594 | 36,376 | 28,109 | 20,537 | 21,373 | 23,771 | |||||||||||||||||||||
Cash distributions of income from unconsolidated joint ventures | — | 4,470 | 37,501 | 24,621 | 18,404 | 24,865 | 7,604 | |||||||||||||||||||||
Less equity in income of unconsolidated joint ventures | 96 | (7,471 | ) | (31,236 | ) | (27,748 | ) | (22,384 | ) | (24,416 | ) | (17,859 | ) | |||||||||||||||
Earnings | $ | 36,187 | $ | 8,854 | $ | 166,593 | $ | 92,763 | $ | 70,309 | $ | 79,124 | $ | 67,387 | ||||||||||||||
Interest incurred: | ||||||||||||||||||||||||||||
Interest expensed | $ | — | $ | — | $ | — | $ | — | $ | 227 | $ | 5,557 | $ | 6,153 | ||||||||||||||
Interest capitalized | 14,019 | 9,821 | 47,188 | 26,783 | 21,681 | 20,455 | 18,347 | |||||||||||||||||||||
Fixed Charges | $ | 14,019 | $ | 9,821 | $ | 47,188 | $ | 26,783 | $ | 21,908 | $ | 26,012 | $ | 24,500 | ||||||||||||||
Ratio of Earnings to Fixed Charges | 2.58x | 0.90x | 3.53x | 3.46x | 3.21x | 3.04x | 2.75x | |||||||||||||||||||||