M.D.C. (MDC) 10-Q 2008 Q1 Quarterly report

Exhibit 12

M.D.C. HOLDINGS, INC.

RATIO OF (LOSS) EARNINGS TO FIXED CHARGES

	Three Months Ended March 31,				Year Ended December 31,
(dollars in 000’s)	2008		2007		2007		2006		2005		2004		2003
Earnings	($  59,098	)	($126,390	)	($688,767	)	$  405,396		$  858,443		$  675,748		$  389,940
Fixed Charges	$16,808		$18,447		$70,529		$80,915		$67,459		$43,011		$43,977
(Loss) Earnings to Fixed Charges	(3.52	)	(6.85	)	(9.77	)	5.01		12.73		15.71		8.87
Ratio Before Reclassification of Costs Associated with the Early Extinguishment of Debt (1)	(3.52	)	(6.85	)	(9.77	)	5.01		12.73		15.71		8.87
(Loss) Earnings:
Pretax (Loss) Earnings from Continuing Operations	(77,226	)	(143,681	)	(756,464	)	333,137		808,763		636,914		348,223
Add: Fixed Charges	16,808		18,447		70,529		80,915		67,459		43,011		43,977
Less: Capitalized Interest	(14,453	)	(14,441	)	(57,791	)	(58,141	)	(51,872	)	(32,879	)	(26,779	)
Add: Amortization of Previously Capitalized Interest	15,773		13,285		54,959		49,485		34,093		28,702		24,519
Total (Loss) Earnings	(59,098	)	(126,390	)	(688,767	)	405,396		858,443		675,748		389,940
Fixed Charges:
Homebuilding and corporate interest expense	0		0		0		0		0		0		0
Mortgage lending interest expense	130		651		1,581		8,816		3,850		1,946		1,967
Interest component of rent expense	1,135		2,385		7,109		9,852		7,369		5,462		3,897
Amortization and expensing of debt expenses (1)	1,090		970		4,048		4,106		4,368		2,724		11,334
Capitalized interest	14,453		14,441		57,791		58,141		51,872		32,879		26,779
Total Fixed Charges	16,808		18,447		70,529		80,915		67,459		43,011		43,977

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