Exhibit 12

M.D.C. HOLDINGS, INC.

RATIO OF EARNINGS TO FIXED CHARGES

	Three Months Ended March 31,						Year Ended December 31,
	2007			2006			2006			2005			2004			2003			2002
	(dollars in thousands)
(Losses) Earnings	$	(126,390	)	$	167,582		$	405,396		$	858,443		$	675,748		$	389,940		$	301,072
Fixed Charges	$	18,447		$	20,324		$	80,915		$	67,459		$	43,011		$	43,977		$	27,453
(Losses) Earnings to Fixed Charges		(6.85	)		8.25			5.01			12.73			15.71			8.87			10.97
Earnings:
Pretax (Losses) Earnings from Continuing Operations		(143,681	)		152,481			333,137			808,763			636,914			348,223			274,044
Add Fixed Charges		18,447			20,324			80,915			67,459			43,011			43,977			27,453
Less capitalized interest		(14,441	)		(14,841	)		(58,141	)		(51,872	)		(32,879	)		(26,779	)		(21,116	)
Add amortization of previously capitalized interest		13,285			9,618			49,485			34,093			28,702			24,519			20,691
Total (Losses) Earnings		(126,390	)		167,582			405,396			858,443			675,748			389,940			301,072
Fixed Charges:
Homebuilding and corporate interest expense		0			0			0			0			0			0			0
Mortgage lending interest expense		651			1,964			8,816			3,850			1,946			1,967			1,822
Interest component of rent expense		2,385			2,401			9,852			7,369			5,462			3,897			2,812
Amortization and expensing of debt expenses (1)		970			1,118			4,106			4,368			2,724			11,334			1,703
Capitalized interest		14,441			14,841			58,141			51,872			32,879			26,779			21,116
Total Fixed Charges		18,447			20,324			80,915			67,459			43,011			43,977			27,453

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