Exhibit 12.1

STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(dollars in thousands) |  | For the Nine Months Ended September 30, 2016
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest |  | $ | 380,976 |
Interest expense |  |
Senior notes payable and other debt |  | 312,001 |
Distributions from unconsolidated entities |  | 5,574 |
Earnings |  | $ | 698,551 |
Interest |  |
Senior notes payable and other debt expense |  | $ | 312,001 |
Interest capitalized |  | 1,460 |
Fixed charges |  | $ | 313,461 |
Ratio of Earnings to Fixed Charges |  | 2.23 |