Exhibit 12.1

Ratio of Earnings to Fixed Charges

Ratio of Earning to Combined Fixed Charges

(dollars in thousands)

	Years Ended December 31,
	2016		2015		2014		2013			2012
Earnings
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)	$	63,798	$	140,991	$	21,761	$	(1,995	)	$	(17,322	)
Add (subtract):
Distributions from unconsolidated ventures	17,022		10,793		—		—			—
Interest expense	25,914		778		—		—			—
Total earnings	$	106,734	$	152,562	$	21,761	$	(1,995	)	$	(17,322	)
Fixed Charges
Interest expense	25,914		778		—		—			—
Total Fixed Charges	25,914		778		—		—			—
Total Combined Fixed Charges and Preferred Stock Dividends	$	25,914	$	778	$	—	$	—		$	—
Ratio of earnings to fixed charges(1)	4.12		196.10		NA		NA			NA
Ratio of earnings to combined fixed charges and preferred stock dividends(2)	NA		NA		NA		NA			NA
Deficiency related to ratio of earnings to fixed charges	NA		NA		NA		NA			NA

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(1) Because there were no fixed charges prior to 2015 the ratio is not applicable.

(2) Because there was no preferred stock outstanding for the periods presented, the ratio is not applicable.