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 ====== ====== ====== ====== ======