Exhibit 12

M.D.C. HOLDINGS, INC.

RATIO OF (LOSS) EARNINGS TO FIXED CHARGES

	Year Ended December 31,
(dollars in 000’s)	2011			2010			2009			2008			2007
(Loss) Earnings	$	(14,541	)	$	(3,916	)	$	(28,481	)	$	(299,317	)	$	(688,767	)
Fixed Charges	$	66,167		$	76,792		$	67,954		$	68,570		$	70,529
(Loss) Earnings to Fixed Charges	$	(0.22	)	$	(0.05	)	$	(0.42	)	$	(4.37	)	$	(9.77	)
(Loss) Earnings:
(Loss) Income before income taxes	$	(107,472	)	$	(70,601	)	$	(107,335	)	$	(382,135	)	$	(756,464	)
Add: Fixed Charges		66,167			76,792			67,954			68,570			70,529
Less: Capitalized Interest		(41,448	)		(33,919	)		(19,810	)		(39,852	)		(57,791	)
Add: Amortization of Previously Capitalized Interest		21,152			23,812			30,710			54,100			54,959
Total (Loss) Earnings	$	(14,541	)	$	(3,916	)	$	(28,481	)	$	(299,317	)	$	(688,767	)
Fixed Charges:
Homebuilding and corporate interest expense	$	20,688		$	38,157		$	38,131		$	17,989		$	—
Mortgage lending interest expense		442			466			451			329			1,581
Interest component of rent expense		2,707			2,898			3,257			4,362			7,109
Amortization and expensing of debt expenses		882			1,352			6,305			6,038			4,048
Capitalized interest		41,448			33,919			19,810			39,852			57,791
Total Fixed Charges	$	66,167		$	76,792		$	67,954		$	68,570		$	70,529

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 years ended December 31, 2011, 2010, 2009, 2008 and 2007, the Company generated losses which exceeded fixed charges of $66.2 million, $76.8 million, $68.0 million, $68.6 million and $70.5 million, respectively.