Exhibit 12

M.D.C. HOLDINGS, INC.

RATIO OF (LOSS) EARNINGS TO FIXED CHARGES

	Three Months Ended June 30,						Six Months Ended June 30,						Year Ended December 31,
(dollars in 000's)	2011			2010			2011			2010			2010			2009			2008			2007			2006
(Loss) Earnings	$	(16,022	)	$	14,182		$	(26,856	)	$	8,463		$	(3,916	)	$	(28,481	)	$	(299,317	)	$	(688,767	)	$	405,396
Fixed Charges	$	19,077		$	18,528		$	37,263		$	37,485		$	76,792		$	67,954		$	68,570		$	70,529		$	80,915
(Loss) Earnings to Fixed Charges	$	(0.84	)	$	0.77		$	(0.72	)	$	0.23		$	(0.05	)	$	(0.42	)	$	(4.37	)	$	(9.77	)	$	5.01
(Loss) Earnings:
Pretax (Loss) Earnings from Continuing Operations	$	(29,803	)	$	(3,699	)	$	(53,507	)	$	(24,941	)	$	(70,601	)	$	(107,335	)	$	(382,135	)	$	(756,464	)	$	333,137
Add: Fixed Charges		19,077			18,528			37,263			37,485			76,792			67,954			68,570			70,529			80,915
Less: Capitalized Interest		(10,750	)		(8,849	)		(20,269	)		(15,485	)		(33,919	)		(19,810	)		(39,852	)		(57,791	)		(58,141	)
Add: Amortization of Previously Capitalized Interest		5,454			8,202			9,657			11,404			23,812			30,710			54,100			54,959			49,485
Total (Loss) Earnings	$	(16,022	)	$	14,182		$	(26,856	)	$	8,463		$	(3,916	)	$	(28,481	)	$	(299,317	)	$	(688,767	)	$	405,396
Fixed Charges:
Corporate interest expense	$	7,334		$	9,309		$	16,001		$	19,604		$	38,157		$	38,131		$	17,989		$	-		$	-
Mortgage lending interest expense		63			127			63			206			466			451			329			1,581			8,816
Interest component of rent expense		695			722			695			1,499			2,898			3,257			4,362			7,109			9,852
Amortization and expensing of debt expenses		235			(479	)		235			691			1,352			6,305			6,038			4,048			4,106
Capitalized interest		10,750			8,849			20,269			15,485			33,919			19,810			39,852			57,791			58,141
Total Fixed Charges	$	19,077		$	18,528		$	37,263		$	37,485		$	76,792		$	67,954		$	68,570		$	70,529		$	80,915

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 three months ended March 31, 2011 and 2010, the Company generated losses which exceeded fixed charges of $19.2 million and $18.2 million, respectively. For the years ended December 31, 2010, 2009, 2008 and 2007, the Company generated losses which exceeded fixed charges of $76.8 million, $68.0 million, $68.6 million and $70.3 million, respectively.