Exhibit 12

M.D.C. HOLDINGS, INC.

RATIO OF (LOSS) EARNINGS TO FIXED CHARGES

	Six Months Ended June 30,						Three Months Ended June 30,						Year Ended December 31,
	2009			2008			2009			2008			2008			2007			2006			2005			2004
	(dollars in 000’s)
(Loss) Earnings	$	(19,830	)	$	(141,196	)	$	1,339		$	(82,098	)	$	(299,317	)	$	(688,767	)	$	405,396		$	858,443		$	675,748
Fixed Charges	$	30,156		$	33,757		$	16,441		$	16,949		$	68,570		$	70,529		$	80,915		$	67,459		$	43,011
(Loss) Earnings to Fixed Charges	$	(0.66	)	$	(4.18	)	$	0.08		$	(4.84	)	$	(4.37	)	$	(9.77	)	$	5.01		$	12.73		$	15.71
(Loss) Earnings:
(Loss) Income before income taxes	$	(60,136	)	$	(178,766	)	$	(19,063	)	$	(101,540	)	$	(382,135	)	$	(756,464	)	$	333,137		$	808,763		$	636,914
Add: Fixed Charges		30,156			33,757			16,441			16,949			68,570			70,529			80,915			67,459			43,011
Less: Capitalized Interest		(6,544	)		(28,917	)		(4,700	)		(14,464	)		(39,852	)		(57,791	)		(58,141	)		(51,872	)		(32,879	)
Add: Amortization of Previously Capitalized Interest		16,694			32,730			8,661			16,957			54,100			54,959			49,485			34,093			28,702
Total (Loss) Earnings	$	(19,830	)	$	(141,196	)	$	1,339		$	(82,098	)	$	(299,317	)	$	(688,767	)	$	405,396		$	858,443		$	675,748
Fixed Charges:
Homebuilding and corporate interest expense	$	19,404		$	-		$	9,755		$	-		$	17,989		$	-		$	-		$	-		$	-
Mortgage lending interest expense		174			210			83			80			329			1,581			8,816			3,850			1,946
Interest component of rent expense		1,695			2,261			816			1,126			4,362			7,109			9,852			7,369			5,462
Amortization and expensing of debt expenses		2,339			2,369			1,087			1,279			6,038			4,048			4,106			4,368			2,724
Capitalized interest		6,544			28,917			4,700			14,464			39,852			57,791			58,141			51,872			32,879
Total Fixed Charges	$	30,156		$	33,757		$	16,441		$	16,949		$	68,570		$	70,529		$	80,915		$	67,459		$	43,011