M.D.C. HOLDINGS, INC.
RATIO OF EARNINGS TO FIXED CHARGES
1998 1997 1996 1995 1994
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Earnings $118,989 $69,246 $63,687 $65,313 $69,856
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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
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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
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Total Earnings 118,989 69,246 63,687 65,313 69,856
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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
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Total Fixed Charges 23,478 27,165 31,461 36,401 38,671
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