Exhibit 12

M.D.C. HOLDINGS, INC.

RATIO OF (LOSS) EARNINGS TO FIXED CHARGES

	Nine Months Ended September 30,						Three Months Ended September 30,						Year Ended December 31,
(dollars in 000’s)	2008			2007			2008			2007			2007			2006			2005			2004			2003
Earnings	($	235,620	)	($	515,782	)	($	94,004	)	($	233,616	)	($	688,767	)	$	405,396		$	858,443		$	675,748		$	389,940
Fixed Charges	$	50,367		$	53,590		$	17,030		$	17,714		$	70,529		$	80,915		$	67,459		$	43,011		$	43,977
(Loss) Earnings to Fixed Charges		(4.68	)		(9.62	)		(5.52	)		(13.19	)		(9.77	)		5.01			12.73			15.71			8.87
(Loss) Earnings:
Pretax (Loss) Earnings from Continuing Operations		(295,740	)		(566,023	)		(116,974	)		(251,314	)		(756,464	)		333,137			808,763			636,914			348,223
Add: Fixed Charges		50,367			53,590			17,030			17,714			70,529			80,915			67,459			43,011			43,977
Less: Capitalized Interest		(32,666	)		(43,320	)		(3,749	)		(14,444	)		(57,791	)		(58,141	)		(51,872	)		(32,879	)		(26,779	)
Add: Amortization of Previously Capitalized Interest		42,419			39,971			9,689			14,428			54,959			49,485			34,093			28,702			24,519
Total (Loss) Earnings		(235,620	)		(515,782	)		(94,004	)		(233,616	)		(688,767	)		405,396			858,443			675,748			389,940
Fixed Charges:
Homebuilding and corporate interest expense		10,726			-			10,726			-			-			-			-			-			-
Mortgage lending interest expense		49			1,353			259			343			1,581			8,816			3,850			1,946			1,967
Interest component of rent expense		3,375			5,923			1,114			1,875			7,109			9,852			7,369			5,462			3,897
Amortization and expensing of debt expenses (1)		3,551			2,994			1,182			1,052			4,048			4,106			4,368			2,724			11,334
Capitalized interest		32,666			43,320			3,749			14,444			57,791			58,141			51,872			32,879			26,779
Total Fixed Charges		50,367			53,590			17,030			17,714			70,529			80,915			67,459			43,011			43,977

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