Exhibit 12
M.D.C. HOLDINGS, INC.
RATIO OF EARNINGS TO FIXED CHARGES
Three Months to March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
2004 | 2003 | 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||||||||
Earnings | $ | 108,372 | $ | 67,589 | $ | 389,940 | $ | 301,072 | $ | 286,228 | $ | 232,034 | $ | 183,508 | ||||||||||||||
Fixed Charges | $ | 9,558 | $ | 9,072 | $ | 43,977 | $ | 27,453 | $ | 28,782 | $ | 30,844 | $ | 26,129 | ||||||||||||||
Earnings to Fixed Charges | 11.34 | 7.45 | 8.87 | 10.97 | 9.94 | 7.52 | 7.02 | |||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Pretax Earnings from Continuing Operations | 99,818 | 60,766 | 348,223 | 274,044 | 255,387 | 203,201 | 148,453 | |||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||
Fixed Charges | 9,558 | 9,072 | 43,977 | 27,453 | 28,782 | 30,844 | 26,129 | |||||||||||||||||||||
Less capitalized interest | (7,366 | ) | (7,052 | ) | (26,779 | ) | (21,116 | ) | (22,498 | ) | (24,367 | ) | (21,261 | ) | ||||||||||||||
Add amortization of previously capitalized interest | 6,362 | 4,803 | 24,519 | 20,691 | 24,557 | 22,356 | 30,187 | |||||||||||||||||||||
Total Earnings | 108,372 | 67,589 | 389,940 | 301,072 | 286,228 | 232,034 | 183,508 | |||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Homebuilding and corporate interest expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Mortgage lending interest expense | 383 | 570 | 1,967 | 1,822 | 2,666 | 3,115 | 1,906 | |||||||||||||||||||||
Interest component of rent expense | 1,075 | 796 | 3,897 | 2,812 | 2,253 | 2,177 | 1,615 | |||||||||||||||||||||
Amortization and expensing of debt expenses (1) | 734 | 654 | 11,334 | 1,703 | 1,365 | 1,185 | 1,347 | |||||||||||||||||||||
Capitalized interest | 7,366 | 7,052 | 26,779 | 21,116 | 22,498 | 24,367 | 21,261 | |||||||||||||||||||||
Total Fixed Charges | 9,558 | 9,072 | 43,977 | 27,453 | 28,782 | 30,844 | 26,129 | |||||||||||||||||||||
(1) | Year Ended December 31, 2003 includes $9,315,000 of expenses related to debt redemption. |