EXHIBIT 12.1

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

		Six Months to June 30,			Year Ended December 31,
		2003			2002			2001			2000			1999			1998
Earnings		$	154,488		$	299,250		$	283,562		$	228,919		$	181,602		$	118,989
Fixed Charges		$	26,524		$	25,631		$	26,116		$	27,729		$	24,223		$	48,378
Earnings to Fixed Charges			5.82			11.68			10.86			8.26			7.50			2.46
Ratio Before Reclassification of Costs Associated with the Early Extinguishment of Debt (1)						11.68			10.86			8.26			7.50			5.07
Earnings:
Pretax Earnings from Continuing Operations			130,771			274,044			255,387			203,201			148,453			58,952
Add:
Fixed Charges			26,524			25,631			26,116			27,729			24,223			48,378
	Less capitalized interest		(14,415	)		(21,116	)		(22,498	)		(24,367	)		(21,261	)		(22,525	)
	Add amortization of previously capitalized interest		11,608			20,691			24,557			22,356			30,187			34,184
Total Earnings			154,488			299,250			283,562			228,919			181,602			118,989
Fixed Charges:
Homebuilding and corporate interest expense			0			0			0			0			0			0
Interest component of rent expense			1,728			2,812			2,253			2,177			1,615			0
Amortization and expensing of debt expenses (1)			10,381			1,703			1,365			1,185			1,347			25,853
Capitalized interest			14,415			21,116			22,498			24,367			21,261			22,525
Total Fixed Charges			26,524			25,631			26,116			27,729			24,223			48,378

(1) The Company adopted the provisions of SFAS No. 145, with respect to the rescission of SFAS No. 4, in the first quarter of 2003. As a result, $24.9 million of costs in 1998 associated with the early extinguishment of debt, previously classified as an extraordinary item are currently classified as expenses related to debt redemption and are deducted in calculating pre-tax income. In the second quarter of 2003, the Company incurred $9.3 million in expenses related to debt redemption. The effect of the new classification has been reflected in the computation of the 1998 and 2003 ratios.