Exhibit 12.1

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Year Ended December 31,															Three Months Ended March 31,
	2004			2005			2006			2007			2008			2008			2009
	(dollars in thousands)
Earnings available for fixed charges:
Income before income taxes	$	111,890		$	326,102		$	90,523		$	223,501		$	279,424		$	66,187		$	72,309
Fixed charges		70,724			114,965			202,074			290,209			309,033			75,976			95,053
Amortization of capitalized interest		90			408			843			2,388			6,041			1,223			2,041
Capitalized interest		(2,919	)		(3,564	)		(17,503	)		(34,867	)		(64,160	)		(15,286	)		(15,394	)
Total earnings available for fixed charges:	$	179,785		$	437,911		$	275,937		$	481,231		$	530,338		$	128,100		$	154,009
Fixed charges:
Interest expense(1)	$	19,030		$	58,033		$	115,985		$	201,746		$	179,398		$	47,425		$	58,432
Portion of rent expense representative of interest(2)		12,552			17,202			28,199			41,392			65,475			13,265			21,227
Capitalized interest		2,919			3,564			17,503			34,867			64,160			15,286			15,394
Net preferred stock dividends(3)		36,223			36,166			40,387			12,204			—			—			—
Total fixed charges:	$	70,724		$	114,965		$	202,074		$	290,209		$	309,033		$	75,976		$	95,053
Ratio of earnings to fixed charges:		2.54x			3.81x			1.37x			1.66x			1.72x			1.69x			1.62x

(1) Interest expense includes amortization of deferred debt issuance costs and discounts related to indebtedness.

(2) The portion of operating rental expense that management believes is representative of interest is estimated to be 33%.

(3) Net preferred stock dividends are the company’s preferred dividend expense net of income tax benefit.