M.D.C. (MDC) 8-K M.D.C. Holdings Announces 2012 Third Quarter Results

Exhibit 99.1

News Release

M.D.C. HOLDINGS ANNOUNCES 2012 THIRD QUARTER RESULTS

DENVER, COLORADO, Thursday, November 1, 2012. M.D.C. Holdings, Inc. (NYSE: MDC) announced results for the quarter ended September 30, 2012.

2012 Third Quarter Highlights and Comparisons to 2011 Third Quarter

• Net income of $20.1 million, or $0.41 per diluted share vs. net loss of $31.7 million, or $0.68 per diluted share

• 2011 third quarter included $18.6 million charge related to debt extinguishment

• Net new orders of 1,008 homes, up 69%

• Backlog of 1,997 homes, up 52%; backlog dollar value up 65% to $667.0 million

• Home sale revenues of $320.6 million, up 57%

• Homes closed of 1,039 homes, up 47%

• Gross margin from home sales of 15.5% vs. 14.8%

• Improvement of 130 basis points vs. 14.2% in 2012 second quarter

• SG&A expenses as a percentage of home sale revenues of 14.0% vs. 22.6%, an 860 basis point improvement

• Homebuilding operations pretax income of $10.2 million vs. loss of $33.7 million

• Financial services segment pretax profit of $9.3 million vs. loss of $0.5 million

• Approved the acquisition of 1,478 lots in 31 communities

Larry A. Mizel, MDC’s Chairman and Chief Executive Officer, stated, “I am pleased to announce a third quarter profit of $0.41 per share, our third consecutive quarterly operating profit, with net income improving by more than $50 million over the prior year. Our favorable results were largely attributable to significantly improved operating profits from our homebuilding segment, which experienced top-line growth as well as operating margin expansion. In addition, the Company’s financial services segment produced considerably better results as the Company took advantage of favorable mortgage market conditions, including increased volume and margins for its mortgage loan products.”

Mr. Mizel continued, “Looking forward, we will continue to balance our improved sales rate by increasing home prices and reducing incentives in subdivisions where demand is strong. Our efforts to date in this regard have helped us push the gross margins in our backlog higher, positioning us to increase our gross margin in the fourth quarter and into 2013. In addition, we believe our unit backlog, which ended the quarter up 52% from a year ago, will drive the revenue increases we need to improve our operating leverage in future periods.”

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Mizel concluded, “At the end of the quarter, we owned nearly 9,000 lots across the country and had an additional 3,700 lots under option or in feasibility. While our overall supply of owned lots is somewhat smaller than our peers, our proportion of finished lots is much higher, and nearly all of our communities are actively selling or under development. This finished, in-production lot supply compares favorably with our peers and should allow us to drive top-line growth in 2013. Also, we have the financial strength to support future land acquisition opportunities, as evidenced by our unique net liquidity position and investment-grade balance sheet.”

Homebuilding

Home sale revenues for the 2012 third quarter increased 57% to $320.6 million compared to $204.9 million for the prior year period. The increase in revenues resulted primarily from a 47% increase in homes closed to 1,039 homes as compared to 707 in the prior year. The Company’s average selling price for homes closed was $308,600, up 6% year-over-year compared to $289,800 for the prior year period, primarily due to a mix shift in closings to more desirable communities within individual markets, coupled with increased prices and lower incentives in many of our markets.

Gross margin from home sales for the 2012 third quarter was 15.5% versus 14.8% for the year-earlier period. The 2011 third quarter benefited by $6.4 million from the settlement of a construction defect claim and the impact of project close-out adjustments, as well as from a $1.0 million benefit related to a warranty accrual reduction. These benefits were partially offset by $4.0 million in inventory impairments while the 2012 third quarter had no inventory impairments. On a sequential basis, our 2012 third quarter gross margin from home sales was up 130 basis points as compared to 14.2% for the 2012 second quarter.

The year-over-year improvement in the Company’s gross margin from home sales was driven partially by closing a significantly higher percentage of homes started with buyers under contract, which historically have been more profitable than homes started without a buyer under contract. In addition, both the year-over-year and sequential increases in the gross margin percentage were driven by price increases and a reduction of incentives in many of our communities across the country.

Our 2012 third quarter SG&A expenses fell slightly to $44.8 million, compared to $46.4 million for the 2011 third quarter. The decrease in SG&A was attributable to a $4.6 million decrease in general and administrative expenses, including reductions in salaries and other overhead costs and a $2.2 million legal recovery, partially offset by a $3.8 million increase in commission expenses attributable to our increase in home sale revenues. The decreased SG&A expenses, combined with increased revenues, resulted in better operating leverage, with SG&A expenses as a percentage of home sales revenues decreasing 860 basis points to 14.0% for the 2012 third quarter versus 22.6% for the same period in 2011.

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Net new orders for the 2012 third quarter increased 69% to 1,008 homes, compared to 595 homes during the same period in 2011. The Company’s monthly sales absorption rate for the 2012 third quarter was 2.0 per community, compared to 1.1 per community for the 2011 third quarter. The Company’s cancellation rate for the 2012 third quarter was 27% versus 44% in the prior year third quarter.

The Company ended the 2012 third quarter with 1,997 homes in backlog, with an estimated sales value of $667.0 million, compared with a backlog of 1,312 homes with an estimated sales value of $405.0 million at September 30, 2011.

Financial Services

Income before taxes from our financial services operations for the 2012 third quarter was $9.3 million, compared to a loss of $0.5 million for the 2011 third quarter. The increase in pretax income primarily reflected an $8.9 million increase in our mortgage segment’s pretax results from a loss of $1.6 million in the 2011 third quarter to income of $7.3 million for the 2012 third quarter. The improvement in our mortgage profitability was driven mostly by year-over-year increases in the gains on sales of mortgage loans and the corresponding servicing rights, and higher origination income. These increases were due largely to favorable mortgage market conditions, increases in the volume of loans locked and originated, and a decrease in the level of special financing programs that we offered our homebuyers. Additionally, mortgage operations benefited from a $2.8 million decrease in the expense recognized for mortgage loan losses.

About MDC

Since 1972, MDC's subsidiary companies have built and financed the American dream for more than 170,000 homebuyers. MDC's commitment to customer satisfaction, quality and value is reflected in each home its subsidiaries build. MDC is one of the largest homebuilders in the United States. Its subsidiaries have homebuilding operations across the country, including the metropolitan areas of Denver, Colorado Springs, Salt Lake City, Las Vegas, Phoenix, Tucson, Riverside-San Bernardino, Los Angeles, San Francisco Bay Area, Washington D.C., Baltimore, Philadelphia, Jacksonville and Seattle. The Company's subsidiaries also provide mortgage financing, insurance and title services, primarily for Richmond American homebuyers, through HomeAmerican Mortgage Corporation, American Home Insurance Agency, Inc. and American Home Title and Escrow Company, respectively. M.D.C. Holdings, Inc. is traded on the New York Stock Exchange under the symbol "MDC." For more information, visit www.mdcholdings.com.

Forward-Looking Statements

Certain statements in this release, including statements regarding our business, financial condition, results of operation, cash flows, strategies and prospects, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors

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that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among other things, (1) general economic conditions, including changes in consumer confidence, inflation or deflation and employment levels; (2) changes in business conditions experienced by the Company, including cancellation rates, net home orders, home gross margins, and land and home values; (3) changes in interest rates, mortgage lending programs and the availability of credit; (4) changes in the market value of the Company’s investments in marketable securities; (5) uncertainty in the mortgage lending industry, including repurchase requirements associated with HomeAmerican’s sale of mortgage loans (6) the relative stability of debt and equity markets; (7) competition; (8) the availability and cost of land and other raw materials used by the Company in its homebuilding operations; (9) the availability and cost of performance bonds and insurance covering risks associated with our business; (10) shortages and the cost of labor; (11) weather related slowdowns; (12) slow growth initiatives; (13) building moratoria; (14) governmental regulation, including the interpretation of tax, labor and environmental laws; (15) terrorist acts and other acts of war; and (16) other factors over which the Company has little or no control.Additional information about the risks and uncertainties applicable to the Company's business is contained in the Company's Form 10-Q for the quarter ended September 30, 2012, which is scheduled to be filed with the Securities and Exchange Commission today. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this press release will increase with the passage of time. The Company undertakes no duty to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or webcasts should be consulted.

Contact:	Robert N. Martin
	Vice President of Finance
	(720) 977-3431
	bob.martin@mdch.com

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M.D.C. HOLDINGS, INC.

Consolidated Statements of Operations and Comprehensive Income

	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
	(Dollars in thousands, except per share amounts)
	(Unaudited)
Homebuilding:
Home sale revenues	$	320,647		$	204,886		$	761,857		$	574,432
Land sale revenues		15			730			3,420			3,499
Total home sale and land revenues		320,662			205,616			765,277			577,931
Home cost of sales		(271,067	)		(170,443	)		(649,941	)		(490,521	)
Land cost of sales		(2	)		(724	)		(3,210	)		(2,482	)
Inventory impairments		—			(4,049	)		—			(12,682	)
Total cost of sales		(271,069	)		(175,216	)		(653,151	)		(505,685	)
Gross margin		49,593			30,400			112,126			72,246
Selling, general and administrative expenses		(44,788	)		(46,360	)		(118,135	)		(143,171	)
Interest income		5,365			5,964			16,651			19,437
Interest expense		—			(3,641	)		(808	)		(19,642	)
Other income (expense)		16			(20,102	)		592			(20,985	)
Homebuilding pretax income (loss)		10,186			(33,739	)		10,426			(92,115	)
Financial Services:
Revenues		14,454			6,322			34,304			20,480
Expenses		(5,156	)		(6,772	)		(13,466	)		(16,061	)
Financial services pretax income		9,298			(450	)		20,838			4,419
Income (loss) before income taxes		19,484			(34,189	)		31,264			(87,696	)
Benefit (provision) for income taxes		642			2,479			1,765			8,127
Net income (loss)	$	20,126		$	(31,710	)	$	33,029		$	(79,569	)
Other comprehensive income (loss):
Unrealized gain related to available-for-sale securities		5,095			(20,237	)		10,945			(18,905	)
Comprehensive income (loss)	$	25,221		$	(51,947	)	$	43,974		$	(98,474	)
Earnings (loss) per share:
Basic	$	0.42		$	(0.68	)	$	0.69		$	(1.72	)
Diluted	$	0.41		$	(0.68	)	$	0.68		$	(1.72	)
Weighted Average Common Shares Outstanding:
Basic		47,761,307			46,736,638			47,499,429			46,717,408
Diluted		48,173,315			46,736,638			47,818,188			46,717,408
Dividends declared per share	$	0.25		$	0.25		$	0.75		$	0.75

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M.D.C. HOLDINGS, INC.

Consolidated Balance Sheets

	September 30, 2012		December 31, 2011
	(Dollars in thousands, except per share amounts)
	(Unaudited)
ASSETS
Homebuilding:
Cash and cash equivalents	$	235,273	$	316,418
Marketable securities		503,805		485,434
Restricted cash		2,084		667
Trade and other receivables		35,768		21,593
Inventories:
Housing completed or under construction		504,016		300,714
Land and land under development		393,170		505,338
Total inventories		897,186		806,052
Property and equipment, net		33,789		36,277
Deferred tax asset, net of valuation allowance of $263,562 and $281,178 at September 30, 2012 and December 31, 2011, respectively		—		—
Prepaid expenses and other assets		47,616		50,423
Total homebuilding assets		1,755,521		1,716,864
Financial Services:
Cash and cash equivalents		28,524		26,943
Marketable securities		32,915		34,509
Mortgage loans held-for-sale, net		86,648		78,335
Prepaid expenses and other assets		4,815		2,074
Total financial services assets		152,902		141,861
Total Assets	$	1,908,423	$	1,858,725
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	49,636	$	25,645
Accrued liabilities		106,457		119,188
Senior notes, net		744,654		744,108
Total homebuilding liabilities		900,747		888,941
Financial Services:
Accounts payable and accrued liabilities		54,226		52,446
Mortgage repurchase facility		46,888		48,702
Total financial services liabilities		101,114		101,148
Total Liabilities		1,001,861		990,089
Stockholders’ Equity
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding		—		—
Common stock, $0.01 par value; 250,000,000 shares authorized; 48,651,558 issued and outstanding at September 30, 2012 and 48,017,108 and 47,957,196 issued and outstanding, respectively, at December 31, 2011		487		480
Additional paid-in-capital		892,461		863,128
Retained earnings		9,909		12,927
Accumulated other comprehensive income (loss)		3,705		(7,240	)
Treasury stock, at cost; no shares at September 30, 2012 and 59,912 at December 31, 2011		—		(659	)
Total Stockholders’ Equity		906,562		868,636
Total Liabilities and Stockholders’ Equity	$	1,908,423	$	1,858,725

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M.D.C. HOLDINGS, INC.

Consolidated Statement of Cash Flows

	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
	(Dollars in thousands)
	(Unaudited)
Operating Activities:
Net income (loss)	$	20,126		$	(31,710	)	$	33,029		$	(79,569	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Loss on extinguishment of senior notes		—			18,559			—			18,559
Stock-based compensation expense		4,907			5,412			12,628			12,092
Depreciation and amortization		1,052			1,496			3,708			4,713
Inventory impairments and write-offs of land option deposits		103			5,578			414			17,883
Amortization of (premium) discount on marketable debt securities		430			692			279			1,604
Net changes in assets and liabilities:
Restricted cash		176			(78	)		(1,417	)		(262	)
Trade and other receivables		4,660			(2,821	)		(13,685	)		16,114
Mortgage loans held-for-sale		(20,961	)		(3,101	)		(8,313	)		22,813
Housing completed or under construction		(66,607	)		2,271			(202,994	)		53,861
Land and land under development		21,358			3,468			112,406			(105,154	)
Prepaid expenses and other assets		(4,509	)		(1,406	)		(553	)		(2,782	)
Accounts payable		6,894			(1,813	)		24,063			(7,723	)
Accrued liabilities		(2,494	)		(8,033	)		(10,020	)		(32,892	)
Net cash provided by (used in) operating activities		(34,865	)		(11,486	)		(50,455	)		(80,743	)
Investing Activities:
Purchase of marketable securities		(104,379	)		(30,201	)		(397,167	)		(288,624	)
Maturity of marketable securities		—			2,071			106,000			453,071
Sale of marketable securities		59,355			118,755			285,056			248,432
Purchase of property and equipment and other		(290	)		(2,422	)		(958	)		(31,717	)
Net cash provided by (used in) investing activities		(45,314	)		88,203			(7,069	)		381,162
Financing Activities:
Extinuishment of senior notes		—			(254,903	)		—			(254,903	)
Payments on mortgage repurchase facility		(47,120	)		(9,339	)		(137,529	)		(56,454	)
Advances on mortgage repurchase facility		61,348			11,059			135,715			41,728
Dividend payments		(12,056	)		(11,868	)		(36,046	)		(35,560	)
Proceeds from exercise of stock options		15,680			—			15,820			46
Net cash provided by (used in) financing activities		17,852			(265,051	)		(22,040	)		(305,143	)
Net increase (decrease) in cash and cash equivalents		(62,327	)		(188,334	)		(79,564	)		(4,724	)
Cash and cash equivalents:
Beginning of period		326,124			755,835			343,361			572,225
End of period	$	263,797		$	567,501		$	263,797		$	567,501

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M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

New Home Deliveries:

	Three Months Ended September 30,
	2012							2011						% Change
	Homes		Dollar Value		��	Average Price		Homes		Dollar Value		Average Price		Homes			Dollar Value			Average Price
	(Dollars in thousands)
Arizona		203	$	44,877		$	221.1		126	$	25,272	$	200.6		61	%		78	%		10	%
California		131		46,580			355.6		58		17,883		308.3		126	%		160	%		15	%
Nevada		178		37,679			211.7		77		14,387		186.8		131	%		162	%		13	%
Washington		63		18,894			299.9		49		13,135		268.1		29	%		44	%		12	%
West		575		148,030			257.4		310		70,677		228.0		85	%		109	%		13	%
Colorado		229		81,706			356.8		189		65,234		345.2		21	%		25	%		3	%
Utah		53		14,632			276.1		58		16,712		288.1		-9	%		-12	%		-4	%
Mountain		282		96,338			341.6		247		81,946		331.8		14	%		18	%		3	%
Maryland		65		29,382			452.0		47		21,020		447.2		38	%		40	%		1	%
Virginia		67		34,069			508.5		36		15,370		426.9		86	%		122	%		19	%
East		132		63,451			480.7		83		36,390		438.4		59	%		74	%		10	%
Florida		50		12,828			256.6		63		14,592		231.6		-21	%		-12	%		11	%
Illinois		—		—			—		4		1,281		320.3		N/M			N/M			N/M
Other Homebuilding		50		12,828			256.6		67		15,873		236.9		-25	%		-19	%		8	%
Total		1,039	$	320,647		$	308.6		707	$	204,886	$	289.8		47	%		57	%		6	%

	Nine Months Ended September 30,
	2012						2011						% Change
	Homes		Dollar Value		Average Price		Homes		Dollar Value		Average Price		Homes			Dollar Value			Average Price
	(Dollars in thousands)
Arizona		418	$	89,920	$	215.1		301	$	57,183	$	190.0		39	%		57	%		13	%
California		319		107,768		337.8		168		52,554		312.8		90	%		105	%		8	%
Nevada		439		87,735		199.9		223		42,150		189.0		97	%		108	%		6	%
Washington		166		48,060		289.5		100		26,912		269.1		66	%		79	%		8	%
West		1,342		333,483		248.5		792		178,799		225.8		69	%		87	%		10	%
Colorado		539		192,923		357.9		537		180,256		335.7		0	%		7	%		7	%
Utah		151		41,874		277.3		178		49,185		276.3		-15	%		-15	%		0	%
Mountain		690		234,797		340.3		715		229,441		320.9		-3	%		2	%		6	%
Maryland		156		67,953		435.6		153		65,506		428.1		2	%		4	%		2	%
Virginia		196		92,395		471.4		151		64,161		424.9		30	%		44	%		11	%
East		352		160,348		455.5		304		129,667		426.5		16	%		24	%		7	%
Florida		133		32,678		245.7		154		34,951		227.0		-14	%		-7	%		8	%
Illinois		2		551		275.5		5		1,574		314.8		-60	%		-65	%		-12	%
Other Homebuilding		135		33,229		246.1		159		36,525		229.7		-15	%		-9	%		7	%
Total		2,519	$	761,857	$	302.4		1,970	$	574,432	$	291.6		28	%		33	%		4	%

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M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

Net New Orders:

	Three Months Ended September 30,
	2012						2011								% Change
	Homes		Dollar Value		Average Price		Homes			Dollar Value			Average Price		Homes			Dollar Value			Average Price
	(Dollars in thousands)
Arizona		136	$	30,441	$	223.8		104		$	19,127		$	183.9		31	%		59	%		22	%
California		173		56,507		326.6		53			16,526			311.8		226	%		242	%		5	%
Nevada		131		30,944		236.2		107			18,220			170.3		22	%		70	%		39	%
Washington		71		21,998		309.8		42			10,737			255.6		69	%		105	%		21	%
West		511		139,890		273.8		306			64,610			211.1		67	%		117	%		30	%
Colorado		251		84,575		337.0		147			51,812			352.5		71	%		63	%		-4	%
Utah		66		20,220		306.4		38			10,604			279.1		74	%		91	%		10	%
Mountain		317		104,795		330.6		185			62,416			337.4		71	%		68	%		-2	%
Maryland		39		18,031		462.3		48			25,178			524.5		-19	%		-28	%		-12	%
Virginia		88		42,554		483.6		42			18,586			442.5		110	%		129	%		9	%
East		127		60,585		477.0		90			43,764			486.3		41	%		38	%		-2	%
Florida		53		12,918		243.7		16			4,379			273.7		231	%		195	%		-11	%
Illinois		—		—		—		(2	)		(564	)		282.0		N/M			N/M			N/M
Other		53		12,918		243.7		14			3,815			272.5		279	%		239	%		-11	%
Total		1,008	$	318,188	$	315.7		595		$	174,605		$	293.5		69	%		82	%		8	%

	Nine Months Ended September 30,
	2012						2011						% Change
	Homes		Dollar Value		Average Price		Homes		Dollar Value		Average Price		Homes			Dollar Value			Average Price
	(Dollars in thousands)
Arizona		569	$	124,723	$	219.2		390	$	74,007	$	189.8		46	%		69	%		15	%
California		511		175,533		343.5		247		73,341		296.9		107	%		139	%		16	%
Nevada		522		114,823		220.0		349		64,256		184.1		50	%		79	%		20	%
Washington		216		64,040		296.5		68		17,464		256.8		218	%		267	%		15	%
West		1,818		479,119		263.5		1,054		229,068		217.3		72	%		109	%		21	%
Colorado		797		276,767		347.3		560		190,560		340.3		42	%		45	%		2	%
Utah		203		60,491		298.0		214		59,154		276.4		-5	%		2	%		8	%
Mountain		1,000		337,258		337.3		774		249,714		322.6		29	%		35	%		5	%
Maryland		235		103,079		438.6		168		75,626		450.2		40	%		36	%		-3	%
Virginia		276		136,740		495.4		205		88,669		432.5		35	%		54	%		15	%
East		511		239,819		469.3		373		164,295		440.5		37	%		46	%		7	%
Florida		142		33,502		235.9		158		36,339		230.0		-10	%		-8	%		3	%
Illinois		2		550		275.0		5		1,477		295.4		-60	%		-63	%		-7	%
Other		144		34,052		236.5		163		37,816		232.0		-12	%		-10	%		2	%
Total		3,473	$	1,090,248	$	313.9		2,364	$	680,893	$	288.0		47	%		60	%		9	%

9

M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

Active Subdivisions:

	September 30,
	2012		2011		% Change
Arizona		14		26		-46	%
California		18		16		13	%
Nevada		16		20		-20	%
Washington		12		10		20	%
West		60		72		-17	%
Colorado		45		47		-4	%
Utah		16		21		-24	%
Mountain		61		68		-10	%
Maryland		17		14		21	%
Virginia		13		13		0	%
East		30		27		11	%
Florida		15		15		0	%
Other Homebuilding		15		15		0	%
Total		166		182		-9	%
Average for quarter ended		170		179		-5	%

Backlog:

	September 30,
	2012						2011						% Change
	Homes		Dollar Value		Average Price		Homes		Dollar Value		Average Price		Homes			Dollar Value			Average Price
	(Dollars in thousands)
Arizona		279	$	62,902	$	225.5		173	$	34,474	$	199.3		61	%		82	%		13	%
California		310		104,825		338.1		158		48,476		306.8		96	%		116	%		10	%
Nevada		239		56,902		238.1		202		39,432		195.2		18	%		44	%		22	%
Washington		104		33,885		325.8		44		11,675		265.3		136	%		190	%		23	%
West		932		258,514		277.4		577		134,057		232.3		62	%		93	%		19	%
Colorado		491		179,779		366.1		296		105,850		357.6		66	%		70	%		2	%
Utah		120		35,745		297.9		105		29,667		282.5		14	%		20	%		5	%
Mountain		611		215,524		352.7		401		135,517		337.9		52	%		59	%		4	%
Maryland		192		80,876		421.2		141		61,567		436.6		36	%		31	%		-4	%
Virginia		183		91,993		502.7		124		56,480		455.5		48	%		63	%		10	%
East		375		172,869		461.0		265		118,047		445.5		42	%		46	%		3	%
Florida		79		20,052		253.8		68		16,926		248.9		16	%		18	%		2	%
Illinois		—		—		—		1		329		329.1		N/M			N/M			N/M
Other Homebuilding		79		20,052		253.8		69		17,255		250.1		14	%		16	%		1	%
Total		1,997	$	666,959	$	334.0		1,312	$	404,876	$	308.6		52	%		65	%		8	%

10

M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

Homes Completed or Under Construction (WIP lots):

	September 30,
	2012		2011		% Change
Unsold
Completed		137		85		61	%
Under construction - frame		391		314		25	%
Under construction - foundation		233		85		174	%
Total unsold started homes		761		484		57	%
Sold homes under construction or completed		1,463		871		68	%
Model homes		229		220		4	%
Total homes completed or under construction		2,453		1,575		56	%

Lots Owned and Optioned (including homes completed or under construction):

	September 30, 2012						September 30, 2011
	Lots Owned		Lots Optioned		Total		Lots Owned		Lots Optioned		Total
Arizona		938		63		1,001		981		96		1,077
California		1,065		112		1,177		1,306		—		1,306
Nevada		994		61		1,055		1,091		75		1,166
Washington		524		212		736		312		182		494
West		3,521		448		3,969		3,690		353		4,043
Colorado		3,325		433		3,758		3,103		464		3,567
Utah		557		13		570		545		273		818
Mountain		3,882		446		4,328		3,648		737		4,385
Maryland		584		358		942		446		730		1,176
Virginia		547		103		650		566		192		758
East		1,131		461		1,592		1,012		922		1,934
Florida		321		95		416		233		373		606
Illinois		123		—		123		123		—		123
Other		444		95		539		356		373		729
Total		8,978		1,450		10,428		8,706		2,385		11,091

11