In Millions of U.S. Dollars (except for per share items)		Quarter Ending Sep 30, 2008	Quarter Ending Jun 30, 2008	Quarter Ending Mar 31, 2008
	Operating Activity
	Net Income	( 291.5)	( 173.5)	( 72.8)
	Depreciation/Depletion	6.9	4.8	2.4
	Deferred Taxes	147.1	30.7	25.2
	Non-Cash Items	278.1	223.0	78.1
	Changes in Working Capital	287.8	237.3	197.9
	TotalTotal Operating Activity	428.3	322.3	230.7
	Investing Activity
	Capital Expenditures	( 0.4)	( 0.1)	( 0.0)
	Other Investing Cash Flow Items, Total	( 209.9)	–	–
	TotalTotal Investing Activity	( 210.3)	( 0.1)	( 0.0)
	Financing Activity
	Financing Cash Flow Items	1.8	0.4	0.4
	Dividends Paid	( 34.7)	( 23.1)	( 11.5)
	Issuance/Retirement of Stock, Net	10.6	7.3	7.3
	Issuance/Retirement of Debt, Net	( 39.6)	( 14.7)	( 37.7)
	TotalTotal Financing Activity	( 61.9)	( 30.1)	( 41.6)
	Foreign Exchange Effects	–	–	–
	Total Cash Flow (Net Change in Cash)	156.1	292.1	189.1
	Cash Interest Paid (Indirect Format)	–	–	–
	Cash Taxes Paid (Indirect Format)	–	–	–

Historical financial information is provided by Reuters. M.D.C. Holdings, Inc. makes no representations or warranties with respect to the information contained herein and takes no responsibility for supplementing, updating, or correcting any such information.