Exhibit 12

M.D.C. HOLDINGS, INC.

RATIO OF EARNINGS TO FIXED CHARGES

	Six Months Ended June 30,						Three Months to June 30,						Year Ended December 31,
(dollars in 000's)	2005			2004			2005			2004			2004			2003			2002			2001			2000
Earnings	$	322,345		$	251,749		$	176,230		$	143,379		$	675,748		$	389,940		$	301,072		$	286,228		$	232,034
Fixed Charges	$	28,512		$	19,624		$	14,805		$	10,068		$	43,011		$	43,977		$	27,453		$	28,782		$	30,844
Earnings to Fixed Charges		11.31			12.83			11.90			14.24			15.71			8.87			10.97			9.94			7.52
Earnings:
Pretax Earnings from Continuing Operations		299,906			234,105			163,977			134,287			636,914			348,223			274,044			255,387			203,201
Add:
Fixed Charges		28,512			19,624			14,805			10,068			43,011			43,977			27,453			28,782			30,844
Less capitalized interest		(21,925	)		(15,075	)		(11,110	)		(7,709	)		(32,879	)		(26,779	)		(21,116	)		(22,498	)		(24,367	)
Add amortization of previously capitalized interest		15,852			13,095			8,558			6,733			28,702			24,519			20,691			24,557			22,356
Total Earnings		322,345			251,749			176,230			143,379			675,748			389,940			301,072			286,228			232,034
Fixed Charges:
Homebuilding and corporate interest expense		0			0			0			0			0			0			0			0			0
Mortgage lending interest expense		1,138			768			654			385			1,946			1,967			1,822			2,666			3,115
Interest component of rent expense		3,351			2,322			1,835			1,247			5,462			3,897			2,812			2,253			2,177
Amortization and expensing of debt expenses (1)		2,098			1,459			1,206			727			2,724			11,334			1,703			1,365			1,185
Capitalized interest		21,925			15,075			11,110			7,709			32,879			26,779			21,116			22,498			24,367
Total Fixed Charges		28,512			19,624			14,805			10,068			43,011			43,977			27,453			28,782			30,844

(1) Year Ended December 31, 2003 includes $9,315 of expenses related to debt redemption.