Exhibit 12.1

STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(dollars in thousands) |  | For the Six Months Ended June 30, 2015
Income before loss from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest |  | $ | 240,561 |
Interest expense |  |
Senior notes payable and other debt |  | 214,181 |
Distributions from unconsolidated entities |  | 14,973 |
Earnings |  | $ | 469,715 |
Interest |  |
Senior notes payable and other debt expense |  | $ | 214,181 |
Interest capitalized |  | 910 |
Fixed charges |  | $ | 215,091 |
Ratio of Earnings to Fixed Charges |  | 2.18 |