X0304 4 2011-11-17 0000773141 MDC HOLDINGS INC MDC 0001009874 MANDARICH DAVID D 4350 S. MONACO STREET SUITE 500 DENVER CO 80237 1 1 0 0 President, COO and Director Common Stock $.01 Par Value 2011-11-17 4 M 0 25000 18.47 A 3058260 D Common Stock $.01 Par Value 2011-11-17 4 S 0 25000 18.82 D 3033260 D Common Stock $.01 Par Value 3419 I By 401(k) Savings Plan Non-Statutory Stock Option (right to buy) 18.47 2011-11-17 4 M 0 25000 0 D 2002-11-19 2011-11-19 Common Stock $.01 Par Value 25000 182575 D Shares sold at an average sale price of $18.82. These shares were sold in multiple transactions at prices ranging from $18.76 to $18.94 inclusive. The reporting person undertakes to provide to M.D.C. Holdings, Inc., any security holder of M.D.C. Holdings, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein. Shares are held in Reporting Person's 401(k) Savings Plan account which changes on a daily basis. This option, under the Company's 2001 Equity Incentive Plan, became exercisable as to 25% of the shares covered thereby on November 19, 2002 and cumulatively as to an additional 25% on each of November 19, 2003, 2004 and 2005. David D. Mandarich 2011-11-17