Exhibit 12.1

STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(dollars in thousands) |  | For the Three Months Ended March 31, 2014
Income before income from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest |  | $ | 120,428 |
Interest expense |  |
Senior notes payable and other debt |  | 87,841 |
Distributions from unconsolidated entities |  | 1,396 |
Earnings |  | $ | 209,665 |
Interest |  |
Senior notes payable and other debt expense |  | $ | 87,841 |
Interest capitalized |  | 132 |
Fixed charges |  | $ | 87,973 |
Ratio of Earnings to Fixed Charges |  | 2.38 |