M.D.C. (MDC) 10-Q 2007 Q2 Quarterly report

Exhibit 12

M.D.C. HOLDINGS, INC.

RATIO OF EARNINGS TO FIXED CHARGES

	Six Months Ended June 30,						Three Months Ended June 30,						Year Ended December 31,
(dollars in thousands)	2007			2006			2007			2006			2005			2004			2003			2002			2001
Earnings	$	(284,435	)	$	301,890		$	(154,378	)	$	136,631		$	858,443		$	675,748		$	389,940		$	301,072		$	286,228
Fixed Charges	$	35,877		$	41,166		$	17,430		$	20,845		$	67,459		$	43,011		$	43,977		$	27,453		$	28,782
Earnings to Fixed Charges		(7.93	)		7.33			(8.86	)		6.55			12.73			15.71			8.87			10.97			9.94
Earnings:
Pretax Earnings from Continuing Operations		(314,709	)		274,715			(171,028	)		122,234			808,763			636,914			348,223			274,044			255,387
Add Fixed Charges		35,877			41,166			17,430			20,845			67,459			43,011			43,977			27,453			28,782
Less capitalized interest		(28,876	)		(29,843	)		(14,435	)		(15,006	)		(51,872	)		(32,879	)		(26,779	)		(21,116	)		(22,498	)
Add amortization of previously capitalized interest		23,273			15,852			13,655			8,558			34,093			28,702			24,519			20,691			24,557
Total Earnings		(284,435	)		301,890			(154,378	)		136,631			858,443			675,748			389,940			301,072			286,228
Fixed Charges:
Homebuilding and corporate interest expense		0			0			0			0			0			0			0			0			0
Mortgage lending interest expense		1,010			4,281			359			2,317			3,850			1,946			1,967			1,822			2,666
Interest component of rent expense		4,049			4,843			1,664			2,442			7,369			5,462			3,897			2,812			2,253
Amortization and expensing of debt expenses (1)		1,942			2,199			972			1,080			4,368			2,724			11,334			1,703			1,365
Capitalized interest		28,876			29,843			14,435			15,006			51,872			32,879			26,779			21,116			22,498
Total Fixed Charges		35,877			41,166			17,430			20,845			67,459			43,011			43,977			27,453			28,782

(1) 2003 includes $9,315 of expenses related to debt redemption.