-------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION
| FORM 4 | Washington, D.C. 20549
--------
| | Check this box if no longer subject
to Section 16. Form 4 or Form 5
obligations may continue. See
Instruction 1(b). STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
(Print or Type Responses) Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(h) of the Investment Company Act of 1940.
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| 1. Name and Address of | 2. Issuer Name and Ticker or Trading Symbol | 6. Relationship of Reporting Person(s) |
| Reporting Person* | | to Issuer (Check all applicable) |
| | M.D.C. Holdings, Inc. / MDC | |
| Mandarich, David D. | | _X_ Director ___ 10% Owner |
|------------------------------|-------------------------------|-----------------------| |
| (Last) (First) (Middle) | 3. I.R.S. Identification | 4. Statement for | _X_ Officer ___ Other |
| | Number of Reporting Person | Month/Day/Year | (give title below) (specify below) |
| | if an entity (voluntary) | | |
| | | January 9, 2003 | President, COO and Director |
| 3600 S. Yosemite St, #900 | | | ___________________________________ |
|------------------------------| |-----------------------|------------------------------------------|
| (Street) | | 5. If Amendment, | 7. Individual or Joint/Group Filing |
| | | Date of Original | (Check Applicable Line) |
| | | (Month/Day/Year) | |
| | | | _X_ Form filed by One Reporting Person |
| | | | |
| | | | ___ Form filed by More than One |
| | | | Reporting Person |
| Denver, Colorado 80237 | | | |
|------------------------------|--------------------------------------------------------------------------------------------------|
| (City) (State) (Zip) | Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
|---------------------------------------------------------------------------------------------------------------------------------|
| 1. Title of Security |2.Trans-|2A.Deemed|3.Trans- |4. Securities |5.Amount of |6.Ownership |7. Nature of |
| (Instr.3) | action| Execu-| action | Acquired (A) or | Securities | Form: | Indirect |
| | Date | tion | Code | Disposed of (D) | Beneficially | Direct (D) | Bene- |
| | | Date, |(Instr.8)| (Instr.3, 4 and 5) | Owned | or | ficial |
| |(Month/ | if any|---------|------------------------| Following | Indirect (I)| Ownership |
| | Day/ | (Month/ | | | | (A) | | Reported | (Instr. 4) | (Instr. 4) |
| | Year) | Day/ | | | | or | | Transaction(s)| | |
| | | Year) |Code | V | Amount | (D) | Price | (Instr.3 and 4)| | |
|-----------------------------|--------|---------|-----|---|----------|-----|-------|----------------|--------------|-------------|
|Common Stock $.01 Par Value |01/09/03| | J | |46,494 (x)| A | | 1,773,850 | D | |
|-----------------------------|--------|---------|-----|---|----------|-----|-------|----------------|--------------|-------------|
| | | | | | | | | 1,200 | I |Minor Childrn|
|-----------------------------|--------|---------|-----|---|----------|-----|-------|----------------|--------------|-------------|
| | | | | | | | | 1,530 (y) | I |401(K) Plan |
|-----------------------------|--------|---------|-----|---|----------|-----|-------|----------------|--------------|-------------|
| | | | | | | | | | | |
|-----------------------------|--------|---------|-----|---|----------|-----|-------|----------------|--------------|-------------|
| | | | | | | | | | | |
|-----------------------------|--------|---------|-----|---|----------|-----|-------|----------------|--------------|-------------|
| | | | | | | | | | | |
|---------------------------------------------------------------------------------------------------------------------------------|
|---------------------------------------------------------------------------------------------------------------------------------|
| Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned |
| (e.g., puts, calls, warrants, options, convertible securities) |
|---------------------------------------------------------------------------------------------------------------------------------|
|1. Title of |2. Con- |3.Trans-|3A.Deemed |4.Trans- |5. Number of |6. Date Exercisable|7. Title and |8. Price |
| Derivative| ver- | action | Execu- | action| Derivative | and Expiration | Amount of | of |
| Security | sion | Date | tion | Code | Securities | Date | Underlying | Deriv- |
| (Instr. 3) | or | | Date, |(Instr.8)| Acquired (A) | (Month/Day/Year) | Securities | ative |
| | Exer- |(Month/ | if any | | or Disposed | | (Instr. 3 | Security |
| | cise | Day/ | | | of (D) | | and 4) | (Instr. 5) |
| | Price | Year) | (Month/ | | (Instr.3,4 and 5) | | | |
| | of | | Day/ |-----|---|---------|---------|---------|---------|----------|---------| |
| | Deriv-| | Year) | | | | | | | | Amount | |
| | ative | | | | | | | Date | Expira- | | or | |
| | Secur-| | | | | | | Exer- | tion | | Number | |
| | ity | | | | | | | cisable | Date | | of | |
| | | | | Code| V | (A) | (D) | | | Title | Shares | |
|-------------|---------|--------|----------|-----|---|---------|---------|---------|---------|----------|---------|--------------|
|Non-Statutory| | | | | | | | | |Common | | |
|Stock Opt (1)| $12.86 | | | | | | | 11/19/00| 11/19/04|Stock $.01| 181,500 | -0- |
| | | | | | | | | | |Par Value | | |
|-------------|---------|--------|----------|-----|---|---------|---------|---------|---------|----------|---------|--------------|
|Non-Statutory| | | | | | | | | | | | |
|Stock Opt (2)| $14.93 | | | | | | | 11/20/99| 11/20/03| " " | 121,000 | -0- |
|-------------|---------|--------|----------|-----|---|---------|---------|---------|---------|----------|---------|--------------|
|Incentive | | | | | | | | | | | | |
|Stock Opt (3)| $ 9.41 | | | | | | | 12/01/98| 12/01/03| " " | 35,196 | -0- |
|-------------|---------|--------|----------|-----|---|---------|---------|---------|---------|----------|---------|--------------|
|Non-Statutory| | | | | | | | | | | | |
|Stock Opt (4)| $24.17 | | | | | | | 12/01/01| 12/01/05| " " | 181,500 | -0- |
|-------------|---------|--------|----------|-----|---|---------|---------|---------|---------|----------|---------|--------------|
|Non-Statutory| | | | | | | | | | | | |
|Stock Opt (5)| $29.05 | | | | | | | 11/19/02| 11/19/11| " " | 275,000 | -0- |
|-------------|---------|--------|----------|-----|---|---------|---------|---------|---------|----------|---------|--------------|
|Non-Statutory| | | | | | | | | | | | |
|Stock Opt (6)| $33.65 | | | | | | | 11/18/04| 11/18/07| " " | 125,000 | -0- |
|-------------|---------|--------|----------|-----|---|---------|---------|---------|---------|----------|---------|--------------|
|Non-Statutory| | | | | | | | | | | | |
|Stock Opt (7)| $33.65 | | | | | | | 11/18/05| 11/18/12| " " | 125,000 | -0- |
|-------------|---------|--------|----------|-----|---|---------|---------|---------|---------|----------|---------|--------------|
| |
| |
|---------------------------------------------------------------------------------------------------------------------------------|
| (CONTINUED) Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned |
| (e.g., puts, calls, warrants, options, convertible securities) |
|---------------------------------------------------------------------------------------------------------------------------------|
|9. Number of Derivative Securities | 10. Ownership Form of Derivative | 11. Nature of Indirect Beneficial Ownership |
| Beneficially Owned Following | Security: Direct (D) or | (Instr. 4) |
| Reported Transaction(s) (Instr. 4) | Indirect (I) (Instr. 4) | |
|--------------------------------------|-----------------------------------------|------------------------------------------------|
| 181,500 | D | |
|--------------------------------------|-----------------------------------------|------------------------------------------------|
| 121,000 | D | |
|--------------------------------------|-----------------------------------------|------------------------------------------------|
| 35,196 | D | |
|--------------------------------------|-----------------------------------------|------------------------------------------------|
| 181,500 | D | |
|--------------------------------------|-----------------------------------------|------------------------------------------------|
| 275,000 | D | |
|--------------------------------------|-----------------------------------------|------------------------------------------------|
| 125,000 | D | |
|--------------------------------------|-----------------------------------------|------------------------------------------------|
| 125,000 | D | |
|--------------------------------------|-----------------------------------------|------------------------------------------------|
Explanation of Responses: SEE FOOTNOTES ON PAGE 3
/S/ David D. Mandarich 01/10/03
------------------------------- -----------------
Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the form is filed by more than one reporting person, see
Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually
signed. If space is insufficient, see Instruction 6 for procedure.
David D. Mandarich M.D.C. Holdings, Inc. / MDC
3600 S. Yosemite St, #900 Statement for January 9, 2003
Denver, CO 80237 Page 3 of 3
(x) Issued pursuant to the M.D.C. Holdings, Inc. Executive Performance-Based Compensation Plan.
(y) Shares are held in Reporting Person's 401(k) Savings Plan account which changes on a monthly basis.
(1) Granted on November 19, 1999 under the Company's Employee Equity Incentive Plan. This option vests as to
25% of the shares covered thereby on November 19, 2000 and cumulatively as to an additional 25% on each of
November 19, 2001, 2002 and 2003.
(2) Granted on November 20, 1998 under the Company's Employee Equity Incentive Plan. This option vests as to
25% of the shares covered thereby on November 20, 1999 and cumulatively as to an additional 25% on each of
November 20, 2000, 2001 and 2002.
(3) Granted on December 1, 1997 under the Company's Employee Equity Incentive Plan. This option vests as to
25% of the shares covered thereby on December 1, 1998 and cumulatively as to an additional 25% on each of
December 1, 1999, 2000 and 2001.
(4) Granted on December 1, 2000 under the Company's Employee Equity Incentive Plan. This option vests as to
25% of the shares covered thereby on December 1, 2001 and cumulatively as to an additional 25% on each of
December 1, 2002, 2003 and 2004.
(5) Granted on December 10, 2001 (effective November 19, 2001) under the Company's 2001 Equity Incentive
Plan. This option vests 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.
(6) Granted on November 18, 2002 under the Company's Employee Equity Incentive Plan. This option vests as to
25% of the shares covered thereby on November 18, 2004; 25% of the shares covered thereby on November 18, 2005;
and 50% of the shares covered thereby on November 18, 2006.
(7) Granted on November 18, 2002 under the Company's 2001 Equity Incentive Plan. This option vests as to 25% of
the shares covered thereby on November 18, 2005; and 75% of the shares covered thereby on November 18, 2006.