M.D.C. (MDC) 10-Q 2009 Q3 Quarterly report

Exhibit 12

M.D.C. HOLDINGS, INC.

RATIO OF (LOSS) EARNINGS TO FIXED CHARGES

	Nine Months Ended September 30,						Three Months Ended September 30,						Year Ended December 31,
(dollars in 000’s)	2009			2008			2009			2008			2008			2007			2006			2005			2004
(Loss) Earnings	$	(40,808	)	$	(235,620	)	$	(10,679	)	$	(94,004	)	$	(299,317	)	$	(688,767	)	$	405,396		$	858,443		$	675,748
Fixed Charges	$	52,193		$	50,367		$	19,037		$	17,030		$	68,570		$	70,529		$	80,915		$	67,459		$	43,011
(Loss) Earnings to Fixed Charges	$	(0.78	)	$	(4.68	)	$	(0.56	)	$	(5.52	)	$	(4.37	)	$	(9.77	)	$	5.01		$	12.73		$	15.71
(Loss) Earnings:
(Loss) Income before income taxes	$	(102,483	)	$	(295,740	)	$	(32,048	)	$	(116,974	)	$	(382,135	)	$	(756,464	)	$	333,137		$	808,763		$	636,914
Add: Fixed Charges		52,193			50,367			19,037			17,030			68,570			70,529			80,915			67,459			43,011
Less: Capitalized Interest		(14,354	)		(32,666	)		(4,810	)		(3,749	)		(39,852	)		(57,791	)		(58,141	)		(51,872	)		(32,879	)
Add: Amortization of Previously Capitalized Interest		23,836			42,419			7,142			9,689			54,100			54,959			49,485			34,093			28,702
Total (Loss) Earnings	$	(40,808	)	$	(235,620	)	$	(10,679	)	$	(94,004	)	$	(299,317	)	$	(688,767	)	$	405,396		$	858,443		$	675,748
Fixed Charges:
Homebuilding and corporate interest expense	$	29,076		$	10,726		$	9,672		$	10,726		$	17,989		$	-		$	-		$	-		$	-
Mortgage lending interest expense		262			49			88			259			329			1,581			8,816			3,850			1,946
Interest component of rent expense		2,467			3,375			772			1,114			4,362			7,109			9,852			7,369			5,462
Amortization and expensing of debt expenses		6,034			3,551			3,695			1,182			6,038			4,048			4,106			4,368			2,724
Capitalized interest		14,354			32,666			4,810			3,749			39,852			57,791			58,141			51,872			32,879
Total Fixed Charges	$	52,193		$	50,367		$	19,037		$	17,030		$	68,570		$	70,529		$	80,915		$	67,459		$	43,011