EXHIBIT 12.1

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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In Thousands, Except Ratios)

	Years Ended November 30,
	2011			2010			2009			2008			2007
Earnings
Loss from continuing operations before income taxes	$	(181,168	)	$	(76,368	)	$	(311,184	)	$	(967,931	)	$	(1,460,770	)
Add:
Interest incurred		112,037			122,230			119,602			156,402			199,550
Amortization of premiums and discounts related to debt		2,150			2,149			1,586			2,062			2,478
Portion of rent expense considered to be interest		3,517			4,658			7,507			16,503			28,464
Amortization of previously capitalized interest		79,338			95,236			138,179			129,901			171,496
Distribution of earnings from unconsolidated joint ventures, net of equity in income (loss)		45,256			19,638			43,262			157,393			171,576
Deduct:
Interest capitalized		(62,833	)		(53,923	)		(67,839	)		(143,436	)		(186,560	)
Income (loss) as adjusted	$	(1,703	)	$	113,620		$	(68,887	)	$	(649,106	)	$	(1,073,766	)
Fixed charges
Interest incurred	$	112,037		$	122,230		$	119,602		$	156,402		$	199,550
Amortization of premiums and discounts related to debt		2,150			2,149			1,586			2,062			2,478
Portion of rent expense considered to be interest		3,517			4,658			7,507			16,503			28,464
	$	117,704		$	129,037		$	128,695		$	174,967		$	230,492
Ratio of earnings to fixed charges		—			—			—			—			—
Coverage deficiency (a)	$	(119,407	)	$	(15,417	)	$	(197,582	)	$	(824,073	)	$	(1,304,258	)

The ratios of earnings to fixed charges are computed on a consolidated basis excluding our French discontinued operations for the year ended November 30, 2007.

(a) Earnings for the years ended November 30, 2011, 2010, 2009, 2008 and 2007 were insufficient to cover fixed charges for the periods by $119.4 million, $15.4 million, $197.6 million, $824.1 million and $1.30 billion, respectively.