Exhibit 12.1
- ------------
M.D.C. Holdings, Inc.
Computation of Ratio of Earnings to Fixed Charges
(Amounts in thousands of dollars)
June 30, June 30,
1997 1997 1996 1995 1994 1993 1992
---------- ---------- ---------- ---------- ---------- ---------- ----------
Pre-tax income from continuing
operations..................... $ 14,049 $ 13,945 $ 32,754 $ 26,651 $ 30,982 $ 15,032 $ 6,520
Fixed charges:
Interest expense and
amortization of debt discount,
net of interest capitalized....
13,976 16,479 30,933 38,662 38,874 34,425 36,447
---------- ---------- ---------- ---------- ---------- ---------- ----------
Earnings before income taxes, and
fixed charges.................. $ 28,025 $ 30,424 $ 63,687 $ 65,313 $ 69,856 $ 49,457 $ 42,967
---------- ---------- ---------- ---------- ---------- ---------- ----------
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total fixed charges............... $ 13,890 $ 16,101 $ 31,461 $ 36,401 $ 38,671 $ 28,930 $ 26,769
---------- ---------- ---------- ---------- ---------- ---------- ----------
---------- ---------- ---------- ---------- ---------- ---------- ----------
Ratio of earnings to fixed charges
2.018 1.890 2.024 1.794 1.806 1.710 1.605
---------- ---------- ---------- ---------- ---------- ---------- ----------
---------- ---------- ---------- ---------- ---------- ---------- ----------