X0306 4 2017-03-09 0000773141 MDC HOLDINGS INC MDC 0001360596 Berman Michael A 4350 S. MONACO STREET SUITE 500 DENVER CO 80237 1 0 0 0 Common Stock $.01 Par Value 2017-03-09 4 M 0 26250 25.48 A 42000 D Common Stock $.01 Par Value 2017-03-09 4 S 0 26250 30.35 D 15750 D Non-Statutory Stock Option (right to buy) 25.48 2017-03-09 4 M 0 26250 0 D 2015-02-01 2024-08-01 Common Stock $.01 Par Value 26250 0 D All share amounts and exercise prices have been adjusted to reflect the distribution of a five percent (5%) stock dividend on December 20, 2016. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $30.30 to $30.39, inclusive. The reporting person undertakes to provide 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 in this footnote. Represents a stock option under the Company's 2011 Stock Option Plan for Non-Employee Directors, which meets all of the requirements under Rule 16b-3. Michael A. Berman 2017-03-09