EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

M.D.C. HOLDINGS, INC.
RATIO OF EARNINGS TO FIXED CHARGES

		Nine Months Ended
		September 30,						Year Ended December 31,
		2002			2001			2001			2000
Earnings		$	196,982		$	198,509		$	283,562		$	228,919
Fixed Charges		$	18,161		$	20,320		$	26,116		$	27,729
Earnings to Fixed Charges			10.85			9.77			10.86			8.26
Earnings:
Pretax Earnings from Continuing Operations			180,406			178,233			255,387			203,201
Add:
Fixed Charges			18,161			20,320			26,116			27,729
	Less capitalized interest		(14,863	)		(17,638	)		(22,498	)		(24,367	)
	Add amortization of previously capitalized interest		13,278			17,594			24,557			22,356
Total Earnings			196,982			198,509			283,562			228,919
Fixed Charges:
Homebuilding and corporate interest expense			0			0			0			0
Interest component of rent expense			2,060			1,646			2,253			2,177
Amortization and expensing of debt expenses			1,238			1,036			1,365			1,185
Capitalized interest			14,863			17,638			22,498			24,367
Total Fixed Charges			18,161			20,320			26,116			27,729

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Year Ended December 31,
		1999			1998			1997
Earnings		$	181,602		$	118,989		$	69,246
Fixed Charges		$	24,223		$	23,478		$	27,165
Earnings to Fixed Charges			7.50			5.07			2.55
Earnings:
Pretax Earnings from Continuing Operations			148,453			83,852			39,327
Add:
Fixed Charges			24,223			23,478			27,165
	Less capitalized interest		(21,261	)		(22,525	)		(25,607	)
	Add amortization of previously capitalized interest		30,187			34,184			28,361
Total Earnings			181,602			118,989			69,246
Fixed Charges:
Homebuilding and corporate interest expense			0			0			761
Interest component of rent expense			1,615			0			0
Amortization and expensing of debt expenses			1,347			953			797
Capitalized interest			21,261			22,525			25,607
Total Fixed Charges			24,223			23,478			27,165