Exhibit 12

M.D.C. HOLDINGS, INC.

RATIO OF (LOSS) EARNINGS TO FIXED CHARGES

	Year Ended December 31,
(dollars in 000’s)	2008			2007			2006			2005			2004
Earnings		($299,317	)		($688,767	)	$	405,396		$	858,443		$	675,748
Fixed Charges	$	68,570		$	70,529		$	80,915		$	67,459		$	43,011
(Loss) Earnings to Fixed Charges		(4.37	)		(9.77	)		5.01			12.73			15.71
(Loss) Earnings:
Pretax (Loss) Earnings from Continuing Operations		(382,135	)		(756,464	)		333,137			808,763			636,914
Add: Fixed Charges		68,570			70,529			80,915			67,459			43,011
Less: Capitalized Interest		(39,852	)		(57,791	)		(58,141	)		(51,872	)		(32,879	)
Add: Amortization of Previously Capitalized Interest		54,100			54,959			49,485			34,093			28,702
Total (Loss) Earnings		(299,317	)		(688,767	)		405,396			858,443			675,748
Fixed Charges:
Homebuilding and corporate interest expense		17,989			0			0			0			0
Mortgage lending interest expense		329			1,581			8,816			3,850			1,946
Interest component of rent expense		4,362			7,109			9,852			7,369			5,462
Amortization and expensing of debt expenses		6,038			4,048			4,106			4,368			2,724
Capitalized interest		39,852			57,791			58,141			51,872			32,879
Total Fixed Charges		68,570			70,529			80,915			67,459			43,011