EXHIBIT 12.1

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)
                                                           
Three Months Ended Years Ended November 30,
February 28, February 29,
2005 2004 2004 2003 2002 2001 2000
Earnings from continuing operations:
                                                       
Pre-tax earnings from continuing operations
  $ 310,371       223,698       1,519,067       1,207,054       875,709       679,423       375,635  
Adjustment to pre-tax earnings from continuing operations:
                                                       
 
Fixed charges
    47,702       38,423       173,419       161,165       157,552       156,885       142,654  
 
Interest capitalized
    (36,712 )     (31,417 )     (137,574 )     (129,517 )     (126,762 )     (127,544 )     (117,444 )
 
Adjustment for undistributed earnings and losses of unconsolidated 50% or less owned entities
    1,631       4,809       (205 )     4,670       1,107       1,423       6,928  
 
Previously capitalized interest amortized
    31,052       25,363       134,193       141,347       145,567       119,503       98,601  
     
     
     
     
     
     
     
 
“Earnings”
  $ 354,044       260,876       1,688,900       1,384,719       1,053,173       829,690       506,374  
     
     
     
     
     
     
     
 
Fixed Charges:
                                                       
Interest incurred
  $ 39,204       32,284       145,189       140,114       139,223       142,772       130,458  
Interest component of rent expense
    8,498       6,139       28,230       21,051       18,329       14,113       12,196  
     
     
     
     
     
     
     
 
“Fixed Charges”
  $ 47,702       38,423       173,419     161,165     157,552     156,885     142,654  
     
     
     
     
     
     
     
 
Ratio of Earnings to Fixed Charges
    7.4       6.8       9.7       8.6       6.7       5.3       3.5