Exhibit 12

Ratio of Earnings to Fixed Charges

	Quarter Ended March 31, 2004		2003	2002	2001	2000	1999
Earnings
NVR, Inc. consolidated
Pre-tax income from continuing operations	167,695		696,172	536,023	394,658	266,854	185,212
Minority interest (inc) expense	(4	)	21	258	835	593	351
Equity income from subs	169		1,025	658	916	593	656
Total Earnings	167,522		695,168	535,623	394,577	266,854	184,907
Fixed Charges:
Interest expense
NVR, Inc. consolidated	3,018		13,377	12,744	12,579	15,764	20,952
Amortization of debt issuance costs
NVR, Inc. consolidated	144		5,373	2,120	1,325	382	388
Interest component of rental expense
NVR, Inc. (estimated 90% of total rental expense is interest)	5,666		20,700	17,730	14,850	10,800	9,720
Total Fixed Charges:
NVR, Inc. consolidated	8,828		39,450	32,594	28,754	26,946	31,060
RATIO: (earnings plus total fixed charges divided by fixed charges)
NVR, Inc. consolidated	20.0		18.6	17.4	14.7	10.9	7.0