EXHIBIT 12

M.D.C. HOLDINGS, INC.

RATIO OF (LOSS) EARNINGS TO FIXED CHARGES

	Year Ended December 31,
(dollars in 000's)	2009			2009			2008			2007			2006
(Loss) Earnings	$	(3,916	)	$	(28,481	)	$	(299,317	)	$	(688,767	)	$	405,396
Fixed Charges	$	76,792		$	67,954		$	68,570		$	70,529		$	80,915
(Loss) Earnings to Fixed Charges	$	(0.05	)	$	(0.42	)	$	(4.37	)	$	(9.77	)	$	5.01
(Loss) Earnings:
(Loss) Income before income taxes	$	(70,601	)	$	(107,335	)	$	(382,135	)	$	(756,464	)	$	333,137
Add: Fixed Charges		76,792			67,954			68,570			70,529			80,915
Less: Capitalized Interest		(33,919	)		(19,810	)		(39,852	)		(57,791	)		(58,141	)
Add: Amortization of Previously Capitalized Interest		23,812			30,710			54,100			54,959			49,485
Total (Loss) Earnings	$	(3,916	)	$	(28,481	)	$	(299,317	)	$	(688,767	)	$	405,396
Fixed Charges:
Homebuilding and corporate interest expense	$	38,157		$	38,131		$	17,989		$	—		$	—
Mortgage lending interest expense		466			451			329			1,581			8,816
Interest component of rent expense		2,898			3,257			4,362			7,109			9,852
Amortization and expensing of debt expenses		1,352			6,305			6,038			4,048			4,106
Capitalized interest		33,919			19,810			39,852			57,791			58,141
Total Fixed Charges	$	76,792		$	67,954		$	68,570		$	70,529		$	80,915

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, 2010, 2009, 2008 and 2007, the Company generated losses which exceeded fixed charges of $76.8 million, $68.0 million, $68.6 million and $70.3 million, respectively.