M.D.C. HOLDINGS, INC.
STATEMENT REGARDING THE EARNINGS TO FIXED CHARGES OF THE COMPANY
(DOLLARS IN THOUSANDS)
Year Ended December 31,
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1993 1992 1991 1990 1989
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Operating Income (Loss) Before
Income Taxes....................... $15,032 $ 6,520 $(14,119) $(12,565) $(116,417)
Add Back Previously Capitalized Home
Building Interest Expense Included
in Cost of Sales................... 19,810 21,339 13,719 20,581 33,762
Corporate and Home Building Interest
Expense............................ 11,454 13,359 12,905 16,551 34,803
Other Debt Related Expenses......... 3,425 1,967 1,975 2,699 3,344
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Earnings Before Interest and
Taxes........................... $49,721 $43,185 $ 14,480 $ 27,266 $ (44,508)
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Interest Incurred................... $25,505 $24,802 $ 25,534 $ 34,726 $ 70,152
Other Debt Related Expenses......... 3,425 1,967 1,975 2,699 3,344
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Total Fixed Charges............... $26,930 $26,769 $ 27,808 $ 37,425 $ 73,496
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Ratio of Earnings to Fixed Charges.. 1.72 1.61 0.53 0.73 N/A
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