EXHIBIT 12.1 M.D.C. HOLDINGS, INC. RATIO OF EARNINGS TO FIXED CHARGES SIX MONTHS ENDED YEAR ENDED DECEMBER 31, JUNE 30, ----------------------------------------------------------------- 2002 2001 2000 1999 1998 1997 ---------------- --------- --------- --------- --------- --------- Earnings $121,394 $ 285,815 $ 231,096 $ 181,602 $ 118,989 $ 69,246 -------- --------- --------- --------- --------- --------- Fixed Charges $12,265 $ 28,369 $ 29,906 $ 24,223 $ 23,478 $ 27,165 Earnings to Fixed Charges 9.90 10.07 7.73 7.50 5.07 2.55 ======== ========= ========= ========= ========= ========= EARNINGS: Pretax Earnings from Continuing Operations 109,375 255,387 203,201 148,453 83,852 39,327 Add: Fixed Charges 12,265 28,369 29,906 24,223 23,478 27,165 Less capitalized interest (8,956) (22,498) (24,367) (21,261) (22,525) (25,607) Add amortization of previously capitalized interest 8,710 24,557 22,356 30,187 34,184 28,361 -------- --------- --------- --------- --------- --------- Total Earnings 121,394 285,815 231,096 181,602 118,989 69,246 ======== ========= ========= ========= ========= ========= FIXED CHARGES: Homebuilding and corporate interest expense 0 0 0 0 0 761 Interest component of rent expense 1,317 2,253 2,177 1,615 0 0 Amortization and expensing of debt expenses 1,992 3,618 3,362 1,347 953 797 Capitalized interest 8,956 22,498 24,367 21,261 22,525 25,607 -------- --------- --------- --------- --------- --------- Total Fixed Charges 12,265 28,369 29,906 24,223 23,478 27,165 ======== ========= ========= ========= ========= =========