Exhibit 12

M.D.C. HOLDINGS, INC.

RATIO OF (LOSS) EARNINGS TO FIXED CHARGES

	Three Months Ended March 31,						Year Ended December 31,
	2009			2008			2008			2007			2006			2005			2004
	(dollars in 000’s)
Earnings	$	(16,325	)	$	(59,098	)	$	(299,317	)	$	(688,767	)	$	405,396		$	858,443		$	675,748
Fixed Charges	$	11,871		$	16,808		$	68,570		$	70,529		$	80,915		$	67,459		$	43,011
(Loss) Earnings to Fixed Charges		(1.38	)		(3.52	)		(4.37	)		(9.77	)		5.01			12.73			15.71
(Loss) Earnings:
Pretax (Loss) Earnings from Continuing Operations		(41,073	)		(77,226	)		(382,135	)		(756,464	)		333,137			808,763			636,914
Add: Fixed Charges		11,871			16,808			68,570			70,529			80,915			67,459			43,011
Less: Capitalized Interest		4,844			(14,453	)		(39,852	)		(57,791	)		(58,141	)		(51,872	)		(32,879	)
Add: Amortization of Previously Capitalized Interest		8,033			15,773			54,100			54,959			49,485			34,093			28,702
Total (Loss) Earnings		(16,325	)		(59,098	)		(299,317	)		(688,767	)		405,396			858,443			675,748
Fixed Charges:
Homebuilding and corporate interest expense		-			-			17,989			-			-			-			-
Mortgage lending interest expense		91			130			329			1,581			8,816			3,850			1,946
Interest component of rent expense		879			1,135			4,362			7,109			9,852			7,369			5,462
Amortization and expensing of debt expenses		1,252			1,090			6,038			4,048			4,106			4,368			2,724
Capitalized interest		9,649			14,453			39,852			57,791			58,141			51,872			32,879
Total Fixed Charges		11,871			16,808			68,570			70,529			80,915			67,459			43,011