M.D.C. HOLDINGS, INC. RATIO OF EARNINGS TO FIXED CHARGES 1998 1997 1996 1995 1994 ---- ---- ---- ---- ---- Earnings $118,989 $69,246 $63,687 $65,313 $69,856 -------- ------- ------- ------- ------- Fixed Charges $23,478 $27,165 $31,461 $36,401 $38,671 Earnings to Fixed Charges $5.07 $2.55 $2.02 $1.79 $1.81 ===== ===== ===== ===== ===== Earnings: Pretax Earnings from Continuing Operations 83,852 39,327 32,754 26,651 30,982 Add: Fixed Charges 23,478 27,165 31,461 36,401 38,671 Less capitalized interest (22,525) (25,607) (26,523) (26,136) (26,345) Add amortization of previously capitalized interest 34,184 28,361 25,995 28,397 26,548 ------ ------ ------ ------ ------ Total Earnings 118,989 69,246 63,687 65,313 69,856 ======= ====== ====== ====== ====== Fixed Charges: Homebuilding and corporate interest expense 0 761 3,773 7,773 9,454 Amortization and expensing of debt expenses 953 797 1,165 2,492 2,872 Capitalized interest 22,525 25,607 26,523 26,136 26,345 ------ ------ ------ ------ ------ Total Fixed Charges 23,478 27,165 31,461 36,401 38,671 ====== ====== ====== ====== ======