Exhibit 12
M.D.C. HOLDINGS, INC.
RATIO OF (LOSS) EARNINGS TO FIXED CHARGES
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
2009 | 2008 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||||
(dollars in 000’s) | ||||||||||||||||||||||||||||
Earnings | $ | (16,325 | ) | $ | (59,098 | ) | $ | (299,317 | ) | $ | (688,767 | ) | $ | 405,396 | $ | 858,443 | $ | 675,748 | ||||||||||
Fixed Charges | $ | 11,871 | $ | 16,808 | $ | 68,570 | $ | 70,529 | $ | 80,915 | $ | 67,459 | $ | 43,011 | ||||||||||||||
(Loss) Earnings to Fixed Charges | (1.38 | ) | (3.52 | ) | (4.37 | ) | (9.77 | ) | 5.01 | 12.73 | 15.71 | |||||||||||||||||
(Loss) Earnings: | ||||||||||||||||||||||||||||
Pretax (Loss) Earnings from Continuing Operations | (41,073 | ) | (77,226 | ) | (382,135 | ) | (756,464 | ) | 333,137 | 808,763 | 636,914 | |||||||||||||||||
Add: Fixed Charges | 11,871 | 16,808 | 68,570 | 70,529 | 80,915 | 67,459 | 43,011 | |||||||||||||||||||||
Less: Capitalized Interest | 4,844 | (14,453 | ) | (39,852 | ) | (57,791 | ) | (58,141 | ) | (51,872 | ) | (32,879 | ) | |||||||||||||||
Add: Amortization of Previously Capitalized Interest | 8,033 | 15,773 | 54,100 | 54,959 | 49,485 | 34,093 | 28,702 | |||||||||||||||||||||
Total (Loss) Earnings | (16,325 | ) | (59,098 | ) | (299,317 | ) | (688,767 | ) | 405,396 | 858,443 | 675,748 | |||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Homebuilding and corporate interest expense | - | - | 17,989 | - | - | - | - | |||||||||||||||||||||
Mortgage lending interest expense | 91 | 130 | 329 | 1,581 | 8,816 | 3,850 | 1,946 | |||||||||||||||||||||
Interest component of rent expense | 879 | 1,135 | 4,362 | 7,109 | 9,852 | 7,369 | 5,462 | |||||||||||||||||||||
Amortization and expensing of debt expenses | 1,252 | 1,090 | 6,038 | 4,048 | 4,106 | 4,368 | 2,724 | |||||||||||||||||||||
Capitalized interest | 9,649 | 14,453 | 39,852 | 57,791 | 58,141 | 51,872 | 32,879 | |||||||||||||||||||||
Total Fixed Charges | 11,871 | 16,808 | 68,570 | 70,529 | 80,915 | 67,459 | 43,011 | |||||||||||||||||||||