M.D.C. (MDC) 10-Q 2007 Q3 Quarterly report

Exhibit 12

M.D.C. HOLDINGS, INC.

RATIO OF EARNINGS TO FIXED CHARGES

	Nine Months Ended September 30,						Three Months Ended September 30,						Year Ended December 31,
(dollars in thousands)	2007			2006			2007			2006			2006			2005			2004			2003			2002
Earnings	$	(515,782	)	$	403,833		$	(233,616	)	$	94,307		$	405,396		$	858,443		$	675,748		$	389,940		$	301,072
Fixed Charges	$	53,590		$	60,843		$	17,714		$	19,462		$	80,915		$	67,459		$	43,011		$	43,977		$	27,453
Earnings to Fixed Charges		(9.62	)		6.64			(13.19	)		4.85			5.01			12.73			15.71			8.87			10.97
Earnings:
Pretax Earnings from Continuing Operations		(566,023	)		351,136			(251,314	)		76,421			333,137			808,763			636,914			348,223			274,044
Add Fixed Charges		53,590			60,843			17,714			19,462			80,915			67,459			43,011			43,977			27,453
Less capitalized interest		(43,320	)		(43,993	)		(14,444	)		(14,150	)		(58,141	)		(51,872	)		(32,879	)		(26,779	)		(21,116	)
Add amortization of previously capitalized interest		39,971			35,847			14,428			12,574			49,485			34,093			28,702			24,519			20,691
Total Earnings		(515,782	)		403,833			(233,616	)		94,307			405,396			858,443			675,748			389,940			301,072
Fixed Charges:
Homebuilding and corporate interest expense		0			0			0			0			0			0			0			0			0
Mortgage lending interest expense		1,353			6,572			343			2,291			8,816			3,850			1,946			1,967			1,822
Interest component of rent expense		5,923			7,148			1,875			2,304			9,852			7,369			5,462			3,897			2,812
Amortization and expensing of debt expenses (1)		2,994			3,130			1,052			717			4,106			4,368			2,724			11,334			1,703
Capitalized interest		43,320			43,993			14,444			14,150			58,141			51,872			32,879			26,779			21,116
Total Fixed Charges		53,590			60,843			17,714			19,462			80,915			67,459			43,011			43,977			27,453

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