EXHIBIT 12
M.D.C. HOLDINGS, INC.
RATIO OF EARNINGS TO FIXED CHARGES
YEAR ENDED DECEMBER 31,
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2002 2001 2000 1999 1998
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Earnings $ 299,250 $ 283,562 $ 228,919 $ 181,602 $ 118,989
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Fixed Charges $ 25,631 $ 26,116 $ 27,729 $ 24,223 $ 23,478
Earnings to Fixed Charges 11.68 10.86 8.26 7.50 5.07
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EARNINGS:
Pretax Earnings from Continuing Operations 274,044 255,387 203,201 148,453 83,852
Add:
Fixed Charges 25,631 26,116 27,729 24,223 23,478
Less capitalized interest (21,116) (22,498) (24,367) (21,261) (22,525)
Add amortization of previously capitalized interest 20,691 24,557 22,356 30,187 34,184
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Total Earnings 299,250 283,562 228,919 181,602 118,989
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FIXED CHARGES:
Homebuilding and corporate interest expense 0 0 0 0 0
Interest component of rent expense 2,812 2,253 2,177 1,615 0
Amortization and expensing of debt expenses 1,703 1,365 1,185 1,347 953
Capitalized interest 21,116 22,498 24,367 21,261 22,525
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Total Fixed Charges 25,631 26,116 27,729 24,223 23,478
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