Exhibit 12

M.D.C. HOLDINGS, INC.

RATIO OF EARNINGS (LOSS) TO FIXED CHARGES

	Year Ended December 31,
	2016			2015			2014			2013			2012
	(Dollars in thousands)
Earnings	$	216,687		$	158,372		$	163,686		$	187,953		$	95,914
Fixed charges	$	55,450		$	55,258		$	68,287		$	63,775		$	45,200
Earnings to fixed charges	$	3.91		$	2.87		$	2.40		$	2.95		$	2.12
Earnings (Loss):
Income before income taxes	$	151,781		$	101,424		$	100,475		$	129,825		$	61,115
Add: fixed charges		55,450			55,258			68,287			63,775			45,200
Less: capitalized interest		(52,681	)		(53,061	)		(65,584	)		(59,908	)		(41,507	)
Add: amortization of previously capitalized interest		62,137			54,751			60,508			54,261			31,106
Total earnings	$	216,687		$	158,372		$	163,686		$	187,953		$	95,914
Fixed Charges:
Homebuilding and corporate interest expense (1)	$	-		$	-		$	685		$	1,726		$	808
Mortgage lending interest expense		714			342			200			282			607
Interest component of rent expense		2,055			1,855			1,818			1,859			2,278
Capitalized interest		52,681			53,061			65,584			59,908			41,507
Total fixed charges	$	55,450		$	55,258		$	68,287		$	63,775		$	45,200

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(1) Includes the amortization and expensing of debt expenses that were not capitalized during period

In computing the ratio of earnings to fixed charges, fixed charges consist of homebuilding and corporate interest expense which includes the amortization and expensing of debt expenses that were not capitalized during period, mortgage lending interest expense, interest component of rent expense, 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.