EXHIBIT 12

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

	Nine Months Ended						Three Months Ended
	September 30,						September 30,						Year Ended December 31,
(dollars in thousands)	2006			2005			2006			2005			2005			2004			2003			2002			2001
Earnings	$	403,833		$	526,731		$	94,307		$	204,386		$	858,443		$	675,748		$	389,940		$	301,072		$	286,228
Fixed Charges	$	60,843		$	47,157		$	19,462		$	18,645		$	67,459		$	43,011		$	43,977		$	27,453		$	28,782
Earnings to Fixed Charges		6.64			11.17			4.85			10.96			12.73			15.71			8.87			10.97			9.94
Earnings:
Pretax Earnings from Continuing Operations		351,136			493,232			76,421			193,326			808,763			636,914			348,223			274,044			255,387
Add Fixed Charges		60,843			47,157			19,462			18,645			67,459			43,011			43,977			27,453			28,782
Less capitalized interest		(43,993	)		(36,540	)		(14,150	)		(14,615	)		(51,872	)		(32,879	)		(26,779	)		(21,116	)		(22,498	)
Add amortization of previously capitalized interest		35,847			22,882			12,574			7,030			34,093			28,702			24,519			20,691			24,557
Total Earnings		403,833			526,731			94,307			204,386			858,443			675,748			389,940			301,072			286,228
Fixed Charges:
Homebuilding and corporate interest expense		0			0			0			0			0			0			0			0			0
Mortgage lending interest expense		6,572			2,152			2,291			1,014			3,850			1,946			1,967			1,822			2,666
Interest component of rent expense		7,148			5,175			2,304			1,824			7,369			5,462			3,897			2,812			2,253
Amortization and expensing of debt expenses (1)		3,130			3,290			717			1,192			4,368			2,724			11,334			1,703			1,365
Capitalized interest		43,993			36,540			14,150			14,615			51,872			32,879			26,779			21,116			22,498
Total Fixed Charges		60,843			47,157			19,462			18,645			67,459			43,011			43,977			27,453			28,782

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