Exhibit 12

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

	Three Months to March 31,						Year Ended December 31,
(dollars in thousands)	2005			2004			2004			2003			2002			2001			2000
Earnings	$	146,114		$	108,372		$	675,748		$	389,940		$	301,072		$	286,228		$	232,034
Fixed Charges	$	13,706		$	9,558		$	43,011		$	43,977		$	27,453		$	28,782		$	30,844
Earnings to Fixed Charges		10.66			11.34			15.71			8.87			10.97			9.94			7.52
Earnings:
Pretax Earnings from Continuing Operations		135,929			99,818			636,914			348,223			274,044			255,387			203,201
Add Fixed Charges		13,706			9,558			43,011			43,977			27,453			28,782			30,844
Less capitalized interest		(10,815	)		(7,366	)		(32,879	)		(26,779	)		(21,116	)		(22,498	)		(24,367	)
Add amortization of previously capitalized interest		7,294			6,362			28,702			24,519			20,691			24,557			22,356
Total Earnings		146,114			108,372			675,748			389,940			301,072			286,228			232,034
Fixed Charges:
Homebuilding and corporate interest expense		0			0			0			0			0			0			0
Mortgage lending interest expense		484			383			1,946			1,967			1,822			2,666			3,115
Interest component of rent expense		1,516			1,075			5,462			3,897			2,812			2,253			2,177
Amortization and expensing of debt expenses (1)		891			734			2,724			11,334			1,703			1,365			1,185
Capitalized interest		10,815			7,366			32,879			26,779			21,116			22,498			24,367
Total Fixed Charges		13,706			9,558			43,011			43,977			27,453			28,782			30,844

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