8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): April 23, 2010

M.D.C. Holdings, Inc.

(Exact name of registrant as specified in its charter)

Delaware	1-8951	84-0622967
(State or other jurisdiction of incorporation)	(Commission file number)	(I.R.S. employer identification no.)

4350 South Monaco Street, Suite 500, Denver, Colorado 80237
(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code: (303) 773-1100

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
	ITEM 7.01. REGULATION FD DISCLOSURE
	ITEM 9.01. EXHIBITS
SIGNATURES
INDEX TO EXHIBITS
EX-99.1
EX-99.2

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

     On April 23, 2010, M.D.C. Holdings, Inc. issued a press release reporting its 2010 first quarter results. A copy of this press release is attached hereto as Exhibit 99.1

ITEM 7.01. REGULATION FD DISCLOSURE

     Also attached hereto as Exhibit  99.2 is the slide presentation that will be used at the 2010 first quarter earnings release conference call scheduled for today at 12:30 pm ET. The live teleconference will be available by calling 866-816-5116 and entering Conference ID # 56754267.

     Limitation on Incorporation by Reference. The information being furnished shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (“Exchange Act”) or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01. EXHIBITS

Exhibit Number	Description
Exhibit 99.1	Press Release dated April 23, 2010
Exhibit 99.2	Slide Presentation

2

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	M.D.C. HOLDINGS, INC.
Dated: April 23, 2010	By:	/s/ Joseph H. Fretz
		Joseph H. Fretz
		Secretary and Corporate Counsel

3

INDEX TO EXHIBITS

Exhibit Number	Description
Exhibit 99.1	Press Release dated April 23, 2010
Exhibit 99.2	Slide Presentation

4

EX-99.1

Exhibit 99.1

M.D.C. HOLDINGS, INC.

NEWS BULLETIN

M.D.C. HOLDINGS, INC.

FOR IMMEDIATE RELEASE
FRIDAY, APRIL 23, 2010

Contact: Robert N. Martin
Investor Relations
(720) 977-3431
bob.martin@mdch.com

M.D.C. HOLDINGS ANNOUNCES FIRST QUARTER 2010 RESULTS

• Net orders increased 38% to 931 homes

• Loss per share improved to $0.45 vs. loss of $0.88 in Q1 2009

• Secured control of 2,246 lots in 39 new communities

• Closings decreased 10% to 523 homes

• Home gross margin increased 700 basis points to 22.4%

• Backlog increased 96% to 1,234 homes at 3/31/10

DENVER, Friday, April 23, 2010 — M.D.C. Holdings, Inc. (NYSE: MDC) today reported a net loss for the 2010 first quarter of $20.9 million, or $0.45 per diluted share, compared with a net loss for the 2009 first quarter of $40.9 million, or $0.88 per diluted share. The improvement in operating results was driven primarily by an increase in home gross margin and a decrease in impairments, partially offset by declines in home closings and average selling price.

Management Comments

Larry A. Mizel, MDC’s chairman and chief executive officer, stated, “During the first quarter of 2010, our home orders increased year-over-year for the fourth consecutive quarter. While this trend is encouraging, we remain cautious due to the impending expiration of the federal homebuyer tax credit and depressed overall economic conditions.”

Mizel continued, “We ended the quarter with 1,234 homes in backlog, nearly double that of a year ago. In addition, we positioned our inventory to take advantage of a potential increase in demand resulting from the expiration of the tax credit. Because we have held units at drywall, our buyers now have both the opportunity to personalize their homes and to capitalize on the tax credit, which is currently set to expire at the end of the second quarter.”

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M.D.C. HOLDINGS, INC.

Mizel concluded, “We ended the quarter with $1.78 billion in cash and investments, up 14% since the end of 2009, primarily due to our issuance of $250 million of 10-year senior notes at a 5.625% interest rate and our receipt of a $142 million tax refund. We also made further investments in land assets during the first quarter as we approved the purchase of more than 2,200 lots in 39 new communities and invested a total of $100 million in land acquisition or development activities across our markets. These land investments allowed us to increase our lot supply year-over-year for the first time since the first quarter of 2006.”

Highlights

Net orders for the first quarter ended March 31, 2010 improved to 931 homes with an estimated sales value of $257.7 million, compared with net orders for 676 homes with an estimated sales value of $191.0 million during the same period in 2009. The improvement in net orders is attributable to a 90% increase in the average rate of sales per active community, partially offset by a 27% decline in the average number of active communities. During the first quarter of 2010, the Company’s cancellation rate decreased to 22% compared with 23% during the same period in 2009. We ended the 2010 first quarter with 1,234 homes under contract with an estimated sales value of $381.0 million, compared with a backlog of 629 homes with an estimated sales value of $196.0 million at March 31, 2009.

Total revenue for the first quarter of 2010 was $147.1 million, compared with revenue of $175.9 million for the same period in 2009. The decrease in revenue was primarily driven by a 10% decline in home closings, combined with a 6% year-over-year decrease in average selling price.

Home gross margin during the first quarter of 2010 increased to 22.4% from 15.4% in the first quarter of 2009, primarily due to a reduction in construction costs and interest in cost of sales relative to home sales revenue, partially offset by an increase in land costs relative to home sales revenue.

SG&A decreased to $52.4 million for the quarter ended March 31, 2010, compared with $53.6 million for the same period in the prior year, as an increase in general and administrative expense was more than offset by a decline in selling costs. No asset impairments were incurred during the quarter, compared with $14.6 million incurred in the first quarter of 2009.

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M.D.C. HOLDINGS, INC.

About MDC

Since 1972, MDC’s subsidiary companies have built and financed the American dream for more than 160,000 families. MDC’s commitment to customer satisfaction, quality and value is reflected in each home its subsidiaries build. MDC is one of the largest homebuilders in the United States. Its subsidiaries have homebuilding divisions across the country, including Denver, Colorado Springs, Salt Lake City, Las Vegas, Phoenix, Tucson, California, Northern Virginia, Maryland, Philadelphia/Delaware Valley and Jacksonville. The Company’s subsidiaries also provide mortgage financing, insurance and title services, primarily for Richmond American homebuyers, through HomeAmerican Mortgage Corporation, American Home Insurance Agency, Inc. and American Home Title and Escrow Company, respectively. M.D.C. Holdings, Inc. is traded on the New York Stock Exchange under the symbol “MDC.” For more information, visit www.mdcholdings.com.

Forward-Looking Statements

Certain statements in this release, including statements regarding our business, financial condition, results of operation, cash flows, strategies and prospects, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among other things, (1) general economic conditions, including changes in consumer confidence, inflation or deflation and employment levels; (2) changes in business conditions experienced by the Company, including cancellation rates, net home orders, home gross margins, and land and home values; (3) changes in interest rates, mortgage lending programs and the availability of credit; (4) the relative stability of debt and equity markets; (5) competition; (6) the availability and cost of land and other raw materials used by the Company in its homebuilding operations; (7) the availability and cost of performance bonds and insurance covering risks associated with our business; (8) shortages and the cost of labor; (9) weather related slowdowns; (10) slow growth initiatives; (11) building moratoria; (12) governmental regulation, including the interpretation of tax, labor and environmental laws; (13) changes in consumer confidence and preferences; (14) terrorist acts and other acts of war; and (15) other factors over which the Company has little or no control. Additional information about the risks and uncertainties applicable to the Company’s business is contained in the Company’s Form 10-Q for the quarter ended March 31, 2010, which is scheduled to be filed with the Securities and Exchange Commission today. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this press release will increase with the passage of time. The Company undertakes no duty to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.

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M.D.C. HOLDINGS, INC.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)

	Three Months
	Ended March 31,
	2010			2009
Revenue
Home sales revenue	$	140,943		$	166,982
Land sales revenue		15			2,618
Other revenue		6,120			6,332
Total Revenue		147,078			175,932
Costs and Expenses
Home cost of sales		109,390			141,325
Land cost of sales		191			1,341
Asset impairments		—			14,569
Marketing expenses		7,060			8,832
Commission expenses		5,129			6,358
General and administrative expenses		40,203			38,381
Other operating expenses		491			265
Related party expenses		9			5
Total Operating Costs and Expenses		162,473			211,076
Loss from Operations		(15,395	)		(35,144	)
Other income (expense)
Interest income		4,428			4,071
Interest expense		(10,374	)		(9,740	)
Gain (loss) on sale of other assets		99			(260	)
Loss before Income Taxes		(21,242	)		(41,073	)
Benefit from income taxes, net		369			220
Net Loss	$	(20,873	)	$	(40,853	)
Loss Per Share
Basic	$	(0.45	)	$	(0.88	)
Diluted	$	(0.45	)	$	(0.88	)
Dividends Declared Per Share	$	0.25		$	0.25

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M.D.C. HOLDINGS, INC.
Consolidated Balance Sheets
(Dollars in thousands, except per share amounts)
(Unaudited)

	March 31,			December 31,
	2010			2009
Assets
Cash and cash equivalents	$	950,139		$	1,234,252
Marketable securities		830,438			327,944
Restricted cash		594			476
Receivables
Home sales receivables		13,013			10,056
Income taxes receivable		3,153			145,144
Other receivables		8,839			5,844
Mortgage loans held-for-sale, net		36,704			62,315
Inventories, net
Housing completed or under construction		399,606			260,324
Land and land under development		277,276			262,860
Property and equipment, net		39,451			38,421
Deferred tax asset, net of valuation allowance		—			—
Related party assets		7,856			7,856
Prepaid expenses and other assets, net		77,656			73,816
Total Assets	$	2,644,725		$	2,429,308
Liabilities
Accounts payable	$	63,855		$	36,087
Accrued liabilities		288,224			291,969
Related party liabilities		103			1,000
Mortgage repurchase facility		4,714			29,115
Senior notes, net		1,242,095			997,991
Total Liabilities		1,598,991			1,356,162
Commitments and Contingencies		—			—
Stockholders’ Equity
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding		—			—
Common stock, $0.01 par value; 250,000,000 shares authorized; 47,193,000 and 47,140,000 issued and outstanding, respectively, at March 31, 2010 and 47,070,000 and 47,017,000 issued and outstanding, respectively, at December 31, 2009		472			471
Additional paid-in-capital		806,765			802,675
Retained earnings		238,002			270,659
Accumulated other comprehensive income		1,154			—
Treasury stock, at cost; 53,000 shares at March 31, 2010 and December 31, 2009		(659	)		(659	)
Total Stockholders’ Equity		1,045,734			1,073,146
Total Liabilities and Stockholders’ Equity	$	2,644,725		$	2,429,308

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M.D.C. HOLDINGS, INC.
Information on Segments
(Dollars in thousands)
(Unaudited)

	Three Months
	Ended March 31,
	2010			2009
REVENUE
Homebuilding
West	$	57,137		$	74,682
Mountain		46,682			44,117
East		31,505			40,492
Other Homebuilding		9,036			13,683
Total Homebuilding		144,360			172,974
Financial Services and Other		5,621			5,563
Corporate		—			50
Intercompany adjustments		(2,903	)		(2,655	)
Consolidated	$	147,078		$	175,932
(LOSS) INCOME BEFORE INCOME TAXES
Homebuilding
West	$	2,354		$	(10,303	)
Mountain		1,170			(4,811	)
East		(1,519	)		(2,371	)
Other Homebuilding		(519	)		(831	)
Total Homebuilding		1,486			(18,316	)
Financial Services and Other		1,846			1,621
Corporate		(24,574	)		(24,378	)
Consolidated	$	(21,242	)	$	(41,073	)
ASSET IMPAIRMENTS
West	$	—		$	13,067
Mountain		—			254
East		—			750
Other Homebuilding		—			284
Consolidated	$	—		$	14,355

	March 31,			December 31,
	2010			2009
TOTAL ASSETS
Homebuilding
West	$	265,978		$	190,204
Mountain		284,695			237,702
East		147,050			112,964
Other Homebuilding		31,879			26,778
Total Homebuilding		729,602			567,648
Financial Services and Other		107,425			133,957
Corporate		1,810,355			1,773,660
Intercompany adjustments		(2,657	)		(45,957	)
Consolidated	$	2,644,725		$	2,429,308

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M.D.C. HOLDINGS, INC.
Selected Financial Data
(Dollars in thousands)
(Unaudited)

	Three Months
	Ended March 31,						Change
	2010			2009			Amount			%
SELECTED FINANCIAL DATA
General and Administrative Expenses
Homebuilding	$	17,726		$	15,779		$	1,947			12	%
Financial Services and Other		4,088			4,498			(410	)		-9	%
Corporate (1)		18,398			18,109			289			2	%
Total	$	40,212		$	38,386		$	1,826			5	%
SG&A as a % of Home Sales Revenue
Homebuilding Segments		21.2	%		18.5	%		2.7	%
Corporate Segment(1)		13.1	%		10.8	%		2.3	%
Depreciation and Amortization (2)	$	2,932		$	3,893		$	(961	)		-25	%
Home Gross Margins(3)		22.4	%		15.4	%		7.0	%
Interest in Home Cost of Sales as a % of Home Sales Revenue		2.3	%		4.8	%		-2.5	%
Cash Provided by (Used in)
Operating Activities	$	11,516		$	239,493		$	(227,977	)
Investing Activities	$	(501,767	)	$	82,690		$	(584,457	)
Financing Activities	$	206,138		$	(42,280	)	$	248,418
Corporate and Homebuilding Interest
Interest capitalized, beginning of period	$	28,339		$	39,239		$	(10,900	)		-28	%
Interest capitalized, net of interest expense		6,636			4,844			1,792			37	%
Previously capitalized interest included in home cost of sales		(3,202	)		(8,033	)		4,831			-60	%
Interest capitalized, end of period	$	31,773		$	36,050		$	(4,277	)		-12	%

(1)	Includes related party expenses.
(2)	Includes depreciation and amortization of long-lived assets and amortization of deferred marketing costs.
(3)	Home sales revenue less home cost of sales (excluding commissions, amortization of deferred marketing, project cost write offs and asset impairments) as a percent of home sales revenue. During the three months ended March 31, 2010 and March 31, 2009, we closed homes on lots for which we had previously recorded $31.0 million and $43.2 million, respectively, of asset impairments.

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M.D.C. HOLDINGS, INC.
Selected Financial Data
(Dollars in thousands)
(Unaudited)

	Three Months
	Ended March 31,						Change
	2010			2009			Amount			%
HOMEAMERICAN OPERATING ACTIVITIES
Principal amount of mortgage loans originated	$	108,090		$	126,507		$	(18,417	)		-15	%
Principal amount of mortgage loans brokered	$	2,856		$	12,965		$	(10,109	)		-78	%
Capture Rate		84	%		82	%		2	%
Including brokered loans		86	%		90	%		-4	%
Mortgage products (% of mortgage loans originated)
Fixed rate		95	%		100	%		-5	%
Adjustable rate — other		5	%		0	%		5	%
Prime loans (4)		26	%		42	%		-16	%
Government loans (5)		74	%		58	%		16	%

(4)	Prime loans generally are defined as loans with Fair, Isaac and Company (“FICO”) scores greater than 620 and that comply with the documentation standards of the government sponsored enterprise guidelines.
(5)	Government loans are loans either insured by the Federal Housing Administration or guaranteed by the Department of Veteran Affairs.

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M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(Unaudited)

	March 31,		December 31,		March 31,
	2010		2009		2009
HOMES COMPLETED OR UNDER CONSTRUCTION
Unsold Home Under Construction — Final		48		41		293
Unsold Home Under Construction — Frame		675		389		255
Unsold Home Under Construction — Foundation		376		109		100
Total Unsold Homes Under Construction		1,099		539		648
Sold Homes Under Construction		1,002		570		471
Model Homes		210		212		274
Homes Completed or Under Construction		2,311		1,321		1,393
LOTS OWNED (excluding homes completed or under construction)
Arizona		1,040		1,075		1,365
California		756		581		695
Nevada		894		966		1,045
West		2,690		2,622		3,105
Colorado		2,549		2,514		2,523
Utah		366		545		621
Mountain		2,915		3,059		3,144
Delaware Valley		64		82		110
Maryland		94		100		180
Virginia		318		241		227
East		476		423		517
Florida		127		138		242
Illinois		141		141		141
Other Homebuilding		268		279		383
Total		6,349		6,383		7,149

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M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(Unaudited)

	March 31,		December 31,		March 31,
	2010		2009		2009
LOTS CONTROLLED UNDER OPTION
Arizona		482		328		460
California		232		113		149
Nevada		429		222		95
West		1,143		663		704
Colorado		507		537		158
Utah		145		117		—
Mountain		652		654		158
Delaware Valley		—		—		14
Maryland		602		575		350
Virginia		271		192		620
East		873		767		984
Florida		713		500		438
Illinois		—		—		—
Other Homebuilding		713		500		438
Total		3,381		2,584		2,284
NON-REFUNDABLE OPTION DEPOSITS
Cash	$	9,467	$	7,654	$	5,526
Letters of Credit		2,084		2,134		3,257
Total Non-Refundable Option Deposits	$	11,551	$	9,788	$	8,783

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M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(Unaudited)

	Three Months
	Ended March 31,				Change
	2010		2009		Amount			%
HOMES CLOSED (UNITS)
Arizona		108		172		(64	)		-37	%
California		46		59		(13	)		-22	%
Nevada		98		74		24			32	%
West		252		305		(53	)		-17	%
Colorado		108		91		17			19	%
Utah		52		40		12			30	%
Mountain		160		131		29			22	%
Delaware Valley		4		19		(15	)		-79	%
Maryland		26		26		—			0	%
Virginia		40		41		(1	)		-2	%
East		70		86		(16	)		-19	%
Florida		41		49		(8	)		-16	%
Illinois		—		9		(9	)		-100	%
Other Homebuilding		41		58		(17	)		-29	%
Total		523		580		(57	)		-10	%
AVERAGE SELLING PRICES PER HOME CLOSED
Arizona	$	203.7	$	192.6	$	11.1			6	%
California		351.9		398.1		(46.2	)		-12	%
Colorado		299.8		352.3		(52.5	)		-15	%
Delaware Valley		334.1		424.9		(90.8	)		-21	%
Florida		220.3		219.2		1.1			1	%
Illinois		N/A		320.4		N/A			N/A
Maryland		424.5		440.6		(16.1	)		-4	%
Nevada		189.3		203.0		(13.7	)		-7	%
Utah		273.5		298.6		(25.1	)		-8	%
Virginia		477.8		508.5		(30.7	)		-6	%
Company Average	$	269.5	$	287.9	$	(18.4	)		-6	%

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M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(Unaudited)

	Three Months
	Ended March 31,						Change
	2010			2009			Amount			%
ORDERS FOR HOMES, NET (UNITS)
Arizona		168			158			10			6	%
California		26			75			(49	)		-65	%
Nevada		170			95			75			79	%
West		364			328			36			11	%
Colorado		270			134			136			101	%
Utah		125			41			84			205	%
Mountain		395			175			220			126	%
Delaware Valley		14			14			—			0	%
Maryland		33			37			(4	)		-11	%
Virginia		66			56			10			18	%
East		113			107			6			6	%
Florida		59			58			1			2	%
Illinois		—			8			(8	)		-100	%
Other Homebuilding		59			66			(7	)		-11	%
Total		931			676			255			38	%
Estimated Value of Orders for Homes, net	$	257,655		$	191,000		$	66,655			35	%
Estimated Average Selling Price of Orders for Homes, net	$	276.8		$	282.5		$	(5.7	)		-2	%
Cancellation Rate(6)		22	%		23	%		-1	%

⁽⁶⁾  We define “Cancellation Rate” as the approximate number of cancelled home order contracts during a reporting period as a percent of total home orders received during such reporting period.  

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M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(Unaudited)

	March 31,		December 31,		March 31,
	2010		2009		2009
BACKLOG (UNITS)
Arizona		163		103		144
California		56		76		65
Nevada		160		88		74
West		379		267		283
Colorado		369		207		115
Utah		167		94		43
Mountain		536		301		158
Delaware Valley		33		23		22
Maryland		110		103		69
Virginia		99		73		51
East		242		199		142
Florida		77		59		44
Illinois		—		—		2
Other Homebuilding		77		59		46
Total		1,234		826		629
Backlog Estimated Sales Value	$	381,000	$	265,000	$	196,000
Estimated Average Selling Price of Homes in Backlog	$	308.8	$	320.8	$	311.6
ACTIVE SUBDIVISIONS
Arizona		28		28		37
California		3		3		16
Nevada		17		18		23
West		48		49		76
Colorado		41		42		45
Utah		17		16		22
Mountain		58		58		67
Delaware Valley		1		1		2
Maryland		8		8		12
Virginia		7		7		10
East		16		16		24
Florida		10		10		7
Illinois		—		—		1
Other Homebuilding		10		10		8
Total		132		133		175
Average for quarter ended		132		134		182

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EX-99.2

Exhibit 99.2

M.D.C. Holdings, Inc. 1st Quarter Webcast April 23, 2010

Forward Looking Statements Certain statements in this Conference Call and Webcast, including statements regarding our business, financial condition, results of operation, cash flows, strategies and prospects and responses to questions, may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among other things, (1) general economic conditions, including changes in consumer confidence, inflation and employment levels; (2) changes in business conditions experienced by the Company, including cancellation rates, net home orders, home gross margins, and land and home values; (3) changes in interest rates, mortgage lending programs and the availability of credit; (4) the relative stability of debt and equity markets; (5) competition; (6) the availability and cost of land and other raw materials used by the Company in its homebuilding operations; (7) the availability and cost of performance bonds and insurance covering risks associated with our business; (8) shortages and the cost of labor; (9) weather related slowdowns; (10) slow growth initiatives; (11) building moratoria; (12) governmental regulation, including the interpretation of tax, labor and environmental laws; (13) changes in consumer confidence and preferences; (14) terrorist acts and other acts of war; and (15) other factors over which the Company has little or no control. Additional information about the risks and uncertainties applicable to the Company's business is contained in the Company's Form 10-Q for the quarter ended March 31, 2010, which was filed with the SEC today. All forward-looking statements made in this Conference Call and Webcast are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this call and webcast will increase with the passage of time. The Company undertakes no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted. It should also be noted that SEC Regulation G requires that certain information accompany the use of non-GAAP financial measures. Any information required by Regulation G will be posted on our web site, www.mdcholdings.com. M.D.C. HOLDINGS, INC.

First Quarter Overview M.D.C. HOLDINGS, INC. Home orders increased 38% over prior year Q1 Fourth consecutive quarter of increased home orders year-over-year Almost 40% of home orders from new product Quarter-end backlog increased 96% to 1,234 homes Ample supply of homes available to close by the expiration of the tax credit Made strategic land transactions to refill pipeline Secured control of 2,246 lots (39 new communities) More than $100 million total land acquisition and development spend First year-over-year increase in lot supply since March 2006 Cash and investments balance of $1.78 billion at 3/31/2010 Increased 14% since beginning of year Opportunistic issuance of $250 million of 10-year senior notes in January 2010 $142 million tax refund in February 2010

Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 1098 959 667 350 676 977 1016 637 931 Net Home Orders M.D.C. HOLDINGS, INC. Year-over-year increase of 38% Cancellation rate of 22%; down from 23% in Q1 2009 Almost 40% of gross orders from new plans Average price decreased 2% year-over-year to $277K 182 160 140 134 132 1.24 2.04 2.42 1.58 2.35 Average Active Communities Monthly Orders Per Active Community

Backlog M.D.C. HOLDINGS, INC. 1576 1127 533 629 941 1298 826 1234 Increase of 96% year-over-year Average price decreased 1% year-over-year to $309K 3/31/10 6/30/09 3/31/09 9/30/09 12/31/09

Income Statement Review M.D.C. HOLDINGS, INC. $20 million improvement in Q1 loss from operations due to increased gross margin percentage and reduced asset impairments, partially offset by reduced revenues "Other expense" due to net interest expense - preserving the option value of our balance sheet NOTE: Certain columns will not foot and some percentage variances will not calculate due to rounding.

Home Closings M.D.C. HOLDINGS, INC. Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 1136 1292 1116 944 580 665 659 1109 523 Year-over-year decrease of 10% Smaller mix of finished homes in inventory at beginning of quarter Average price decreased 6% year-over-year to $270K

Home Gross Margin M.D.C. HOLDINGS, INC. Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 26.4 13.4 14.7 12.3 9.9 80.2 76.6 0.117 0.115 0.117 0.153 0.129 0.154 0.18 0.189 0.188 0.224 0.021 0.044 0.044 0.028 0.033 0.026 0.059 0.058 0.002 0.033 0.036 0.012 0.02 0.015 Year-over-year and sequential margin improvement mainly due to: Reduced hard costs Reduced interest expense Average lot cost of ~$49K in Q1 2010 & Q4 2009 vs. ~$38K in Q1 2009 Homes sold as finished speculative inventory: 58% of Q1 09 closings 11% of Q4 09 closings 13% of Q1 10 closings As reported Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 26.4 13.4 14.7 12.3 9.9 80.2 76.6 0.117 0.115 0.117 0.153 0.162 0.18 0.168 0.169 0.203 0.219 0.021 0.044 0.044 0.028 0.033 0.026 0.059 0.058 0.002 0.033 0.036 0.012 0.02 0.015 Excluding warranty adjustment and interest in cost of sales

Selling Expenses M.D.C. HOLDINGS, INC. Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 26.4 13.4 14.7 12.3 9.9 80.2 76.6 26.4 13.4 14.7 12.3 9.9 6.4 7 6.8 10.9 5.129 29.9 19.2 20.3 18.8 13.5 8.8 7.9 9.6 10 7.06 (in millions) 19% decline in marketing 23% decrease in model homes year-over-year 25% decline in average active subdivisions year- over-year 19% decrease in commissions Inline with decrease in home sales revenue 16.4 20.9 12.2 15.2 Commissions Marketing 14.9

General and Administrative Expenses M.D.C. HOLDINGS, INC. (in millions) Headcount has stabilized Key focus is to leverage G&A expense through top- line growth NOTE: Graph includes related party expenses Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 26.4 13.4 14.7 12.3 9.9 80.2 76.6 60.6 51.2 43.9 50 46.5 38.4 37.8 45.8 41.5 40.203 29.9 19.2 20.3 18.8 13.5

Inventory Impairments by Segment M.D.C. HOLDINGS, INC. Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 West 15.2 75.6 121.9 132.7 190.5 136.4 48.3 40 49.7 16.9 13.1 0 0.3 2.2 0.1 Mountain 0.6 1.3 0.7 9.1 6.9 13.4 4 32.2 27.1 25.6 0.3 0 0.2 10.1 0 East 3.3 7.4 2.6 5.9 22 17.7 1.5 9 13.7 13.3 1 1.8 0 0 0 Other 0.7 7 16.3 13.3 29.5 7.7 1 7.1 4.9 3.8 0 0 0.6 0.2 0 (in millions) West Mountain East Other 141.4 161.1 249.0 53.7 174.7 91.3 19.9 No impairments in Q1 2010 85.2 90.8 57.0 14.3 1.2 1.1 12.5 NOTE: Includes only inventory impairments, not impairments on other assets. 0.0

Unsold Home Inventory M.D.C. HOLDINGS, INC. 48 finished speculative homes Down 84% year-over-year 1,051 homes available for personalization (foundation/frame) Up 196% year-over-year Strategy to maintain supply of unsold homes under construction Improves inventory turnover Maintains margin by halting construction until customer personalizes home Ample supply of homes available to take advantage of tax credit expiring in Q2 2010 3/31/10 3/31/09 9/30/09 Frame Foundation 6/30/09 12/31/09 Finished 539 648 452 543 1,099

Land Acquisitions M.D.C. HOLDINGS, INC. 1,449 lots acquired 1,133 under new purchase contracts 316 under existing option contracts $88 million in total land acquisition 1,113 lots added to supply via new option contracts Q1 10 Q2 09 Lots Purchased Under New Contracts Q1 09 Q3 09 2,246 54 524 1,270 Lots Controlled Under New Option Contracts 2,745 Q4 09 30 New Communities 52 New Communities 39 New Communities

Richmond American Homes Home Gallery by Richmond American HomeAmerican Mortgage American Home Title and Escrow Company American Home Insurance Agency Questions? M.D.C. HOLDINGS, INC.

Reconciliation of Non-GAAP Financial Measure M.D.C. HOLDINGS, INC.