EX-12 12 d02930exv12.txt EX-12 RATIO OF EARNINGS TO FIXED CHARGES SCHEDULE EXHIBIT 12 M.D.C. HOLDINGS, INC. RATIO OF EARNINGS TO FIXED CHARGES
YEAR ENDED DECEMBER 31, --------------------------------------------------------------------- 2002 2001 2000 1999 1998 --------- --------- --------- --------- --------- Earnings $ 299,250 $ 283,562 $ 228,919 $ 181,602 $ 118,989 --------- --------- --------- --------- --------- 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 ========= ========= ========= ========= ========= 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 --------- --------- --------- --------- --------- Total Earnings 299,250 283,562 228,919 181,602 118,989 ========= ========= ========= ========= ========= 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 --------- --------- --------- --------- --------- Total Fixed Charges 25,631 26,116 27,729 24,223 23,478 ========= ========= ========= ========= =========