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,
	2010			2009			2010			2009			2009			2008			2007			2006			2005
	(dollars in 000's)
Earnings (Loss)	$	8,463		$	(19,830	)	$	14,948		$	1,339		$	(28,481	)	$	(299,317	)	$	(688,767	)	$	405,396		$	858,443
Fixed Charges	$	37,485		$	33,156		$	19,294		$	16,441		$	67,954		$	68,570		$	70,529		$	80,915		$	67,459
Earnings (Loss) to Fixed Charges	$	0.23		$	(0.60	)	$	0.77		$	0.08		$	(0.42	)	$	(4.37	)	$	(9.77	)	$	5.01		$	12.73
(Loss) Earnings:
(Loss) Income before income taxes	$	(24,941	)	$	(60,136	)	$	(3,699	)	$	(19,063	)	$	(107,335	)	$	(382,135	)	$	(756,464	)	$	333,137		$	808,763
Add: Fixed Charges		37,485			33,156			19,294			16,441			67,954			68,570			70,529			80,915			67,459
Less: Capitalized Interest		(15,485	)		(9,544	)		(8,849	)		(4,700	)		(19,810	)		(39,852	)		(57,791	)		(58,141	)		(51,872	)
Add: Amortization of Previously Capitalized Interest		11,404			16,694			8,202			8,661			30,710			54,100			54,959			49,485			34,093
Total Earnings (Loss)	$	8,463		$	(19,830	)	$	14,948		$	1,339		$	(28,481	)	$	(299,317	)	$	(688,767	)	$	405,396		$	858,443
Fixed Charges:
Homebuilding and corporate interest expense	$	19,604		$	19,404		$	9,309		$	9,755		$	38,131		$	17,989		$	—		$	—		$	—
Mortgage lending interest expense		206			174			127			83			451			329			1,581			8,816			3,850
Interest component of rent expense		1,499			1,695			722			816			3,257			4,362			7,109			9,852			7,369
Amortization and expensing of debt expenses		691			2,339			287			1,087			6,305			6,038			4,048			4,106			4,368
Capitalized interest		15,485			9,544			8,849			4,700			19,810			39,852			57,791			58,141			51,872
Total Fixed Charges	$	37,485		$	33,156		$	19,294		$	16,441		$	67,954		$	68,570		$	70,529		$	80,915		$	67,459

In computing the ratio of earnings to fixed charges, fixed charges consist of homebuilding and corporate interest expense, mortgage lending interest expense, interest component of rent expense, amortization and expensing of debt expenses and capitalized interest. Earnings are computed by adding fixed charges (except capitalized interest) and amortization of previously capitalized interest during the period to (loss) earnings before income taxes. For the six months ended June 30, 2009, the Company generated losses which exceeded fixed charges of $30.2 million. For the years ended December 31, 2009, 2008 and 2007, the Company generated losses which exceeded fixed charges of $68.0 million, $68.6 million and $70.3 million, respectively.