Exhibit 12

M.D.C. HOLDINGS, INC.

RATIO OF (LOSS) EARNINGS TO FIXED CHARGES

	Three Months Ended September 30,						Nine Months Ended September 30,						Year Ended December 31,
(dollars in 000's)	2011			2010			2011			2010			2010			2009			2008			2007			2006
Earnings (loss)	$	(5,833	)	$	5,099		$	(31,882	)	$	13,562		$	(3,916	)	$	(28,481	)	$	(299,317	)	$	(688,767	)	$	405,396
Fixed charges	$	34,049		$	19,294		$	72,119		$	56,967		$	76,792		$	67,954		$	68,570		$	12,738		$	22,774
Earnings loss to fixed charges	$	(0.17	)	$	0.26		$	(0.44	)	$	0.24		$	(0.05	)	$	(0.42	)	$	(4.37	)	$	(54.07	)	$	17.80
(Loss) Earnings:
Pretax (loss) earnings from continuing operations	$	(34,189	)	$	(10,594	)	$	(87,696	)	$	(35,535	)	$	(70,601	)	$	(107,335	)	$	(382,135	)	$	(756,464	)	$	333,137
Add: fixed charges		34,049			19,482			72,119			56,967			76,792			67,954			68,570			12,738			22,774
Less: capitalized interest		(10,833	)		(9,370	)		(31,102	)		(24,855	)		(33,919	)		(19,810	)		(39,852	)		0			0
Add: amortization of previously capitalized interest		5,140			5,581			14,797			16,985			23,812			30,710			54,100			54,959			49,485
Total earnings (loss)	$	(5,833	)	$	5,099		$	(31,882	)	$	13,562		$	(3,916	)	$	(28,481	)	$	(299,317	)	$	(688,767	)	$	405,396
Fixed Charges:
Capitalized interest	$	10,833		$	9,370		$	31,102		$	24,855		$	33,919		$	19,810		$	39,852		$	—		$	—
Interest expense		3,695			9,000			19,819			28,810			38,623			38,582			18,318			1,581			8,816
Loss on extinguishment of debt		18,559			0			18,559			—			—			—			—			—			—
Interest component of rent expense		760			688			2,024			2,187			2,898			3,257			4,362			7,109			9,852
Amortization and expensing of debt expenses		202			424			615			1,115			1,352			6,305			6,038			4,048			4,106
Total fixed charges	$	34,049		$	19,482		$	72,119		$	56,967		$	76,792		$	67,954		$	68,570		$	12,738		$	22,774

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 and nine months ended September 30, 2011, the Company generated losses which exceeded fixed charges of $34.0 million and $72.1 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.