EX-12 7 exhibit12.txt RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 M.D.C. HOLDINGS, INC. RATIO OF EARNINGS TO FIXED CHARGES
Three Months to March 31, Year Ended December 31, ---------------------- ----------------------------------------------------------- 2003 2002 2002 2001 2000 1999 1998 -------- --------- --------- --------- --------- -------- --------- Earnings $67,018 $58,471 $299,250 $283,562 $228,919 $181,602 $118,989 ------- ------- -------- -------- -------- -------- -------- Fixed Charges $8,501 $5,004 $25,631 $26,116 $27,729 $24,223 $23,478 Earnings to Fixed Charges 7.88 11.68 11.68 10.86 8.26 7.50 5.07 ==== ===== ===== ===== ==== ==== ==== Earnings: Pretax Earnings from Continuing Operations 60,766 53,046 274,044 255,387 203,201 148,453 83,852 Add: Fixed Charges 8,501 5,004 25,631 26,116 27,729 24,223 23,478 Less capitalized interest (7,052) (4,041) (21,116) (22,498) (24,367) (21,261) (22,525) Add amortization of previously capitalized interest 4,803 4,462 20,691 24,557 22,356 30,187 34,184 ------ ------ ------- ------- ------- ------- ------ Total Earnings 67,018 58,471 299,250 283,562 228,919 181,602 118,989 ====== ====== ======= ======= ======= ======= ======= Fixed Charges: Homebuilidng and corporate interest expense 0 0 0 0 0 0 0 Interest component of rent expense 796 598 2,812 2,253 2,177 1,615 0 Amortization and expensing of debt expenses 653 365 1,703 1,365 1,185 1,347 953 Capitalized intreest 7,052 4,041 21,116 22,498 24,367 21,261 22,525 ------ ------ ------- ------- ------- ------- ------- Total Fixed Charges 8,501 5,004 25,631 26,116 27,729 24,223 23,478 ====== ====== ======= ======= ======= ======= =======