EX-12 4 d33548exv12.txt RATIO OF EARNINGS TO FIXED CHARGES SCHEDULE . . . EXHIBIT 12 M.D.C. HOLDINGS, INC. RATIO OF EARNINGS TO FIXED CHARGES YEAR ENDED DECEMBER 31, --------------------------------------------------------------------- (dollars in 000's) 2005 2004 2003 2002 2001 --------- --------- --------- --------- --------- Earnings $ 858,443 $ 675,748 $ 389,940 $ 301,072 $ 286,228 --------- --------- --------- --------- --------- Fixed Charges $ 67,459 $ 43,011 $ 43,977 $ 27,453 $ 28,782 Earnings to Fixed Charges 12.73 15.71 8.87 10.97 9.94 ========= ========= ========= ========= ========= EARNINGS: Pretax Earnings from Continuing Operations 808,763 636,914 348,223 274,044 255,387 Add: Fixed Charges 67,459 43,011 43,977 27,453 28,782 Less capitalized interest (51,872) (32,879) (26,779) (21,116) (22,498) Add amortization of previously capitalized interest 34,093 28,702 24,519 20,691 24,557 --------- --------- --------- --------- --------- Total Earnings 858,443 675,748 389,940 301,072 286,228 ========= ========= ========= ========= ========= FIXED CHARGES: Homebuilding and corporate interest expense 0 0 0 0 0 Mortgage lending interest expense 3,850 1,946 1,967 1,822 2,666 Interest component of rent expense 7,369 5,462 3,897 2,812 2,253 Amortization and expensing of debt expenses (1) 4,368 2,724 11,334 1,703 1,365 Capitalized interest 51,872 32,879 26,779 21,116 22,498 --------- --------- --------- --------- --------- Total Fixed Charges 67,459 43,011 43,977 27,453 28,782 ========= ========= ========= ========= =========
(1) 2003 includes $9,315 of expenses related to debt redemption.