M.D.C. HOLDINGS, INC.
RATIO OF EARNINGS TO FIXED CHARGES
December 31,
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2000 1999 1998 1997 1996 1995 1994
Earnings $231,096 $181,602 $118,989 $69,246 $63,687 $65,313 $69,856
Fixed Charges $ 29,906 $ 24,223 $ 23,478 $27,165 $31,461 $36,401 $38,671
Earnings to Fixed $7.73 $7.50 $5.07 $2.55 $2.02 $1.79 $1.81
Charges
Earnings:
Pretax Earnings from 203,201 148,453 83,852 39,327 32,754 26,651 30,982
Continuing Operations
Add:
Fixed Charges 29,906 24,223 23,478 27,165 31,461 36,401 38,671
Less capitalized
interest (24,367) (21,261) (22,525) (25,607) (26,523) (26,136) (26,345)
Add amortization
of previously
capitalized interest 22,356 30,187 34,184 28,361 25,995 28,397 26,548
Total Earnings 231,096 181,602 118,989 69,246 63,687 65,313 69,856
Fixed Charges:
Homebuilding and
corporate interest
expense 0 0 0 761 3,773 7,773 9,454
Interest component
of rent expense 2,177 1,615 0 0 0 0 0
Amortization and
expensing of debt
expenses 3,362 1,347 953 797 1,165 2,492 2,872
Capitalized interest 24,367 21,261 22,525 25,607 26,523 26,136 26,345
Total Fixed Charges 29,906 24,223 23,478 27,165 31,461 36,401 38,671