MDC HOLDINGS INC
8-K, 1999-12-03
OPERATIVE BUILDERS
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                                UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                              ---------------------

                                    FORM 8-K

                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                             SECURITIES ACT OF 1934


      Date of Report (Date of Earliest Event Reported): December 3, 1999

                              M.D.C. Holdings, Inc.
- --------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)




       Delaware                     1-8951                    84-0622967
 ---------------------       ----------------------    ------------------------
   (State or other          (Commission file number)        (I.R.S. employer
   jurisdiction of                                         identification no.)
   incorporation)

       3600 South Yosemite Street, Suite 900, Denver, Colorado 80237
     ---------------------------------------------------------------------
             (Address of principal executive offices) (Zip code)


      Registrant's telephone number, including area code: (303) 773-1100
    -----------------------------------------------------------------------


                                 Not Applicable
    ------------------------------------------------------------------------
         (Former name or former address, if changed since last report)


<PAGE>


ITEM 5.  OTHER EVENTS

         On December 3, 1999, the registrant provided the information  contained
in Exhibit 99.1 to this Current Report on Form 8-K. This information  previously
was filed  with the  Commissions  on Forms 4 filed on behalf of the  appropriate
person.



<PAGE>


                                   SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                -------------------

                                                    M.D.C. HOLDINGS, INC.



                                                    By: /s/ Daniel S. Japha
                                                        -----------------------
                                                        Vice President of Law -
                                                        Corporate and Secretary

Dated: December 3, 1999


                                    EXHIBIT 99.1

         The following  Directors and Executive  Officers of M.D.C.  Holdings,
Inc. have  exercised  stock options during 1998 and 1999 through September 30,
1999:

          Name                           Date               Shares

          Herbert T. Buchwald            1/23/98            25,000
          Gilbert Goldstein              1/23/98            75,000
          William B. Kemper              1/28/98            25,000
          Steven J. Borick               2/12/98            50,000
          David D. Mandarich             6/1/98             75,000
          Herbert T. Buchwald            7/23/98            25,000
          Steven J. Borick               7/23/98            75,000
          William B. Kemper              7/23/98            25,000
          Herbert T. Buchwald            7/28/98            25,000
          David D. Mandarich             10/22/98          100,000
          Gilbert Goldstein              11/16/98           10,000
          Gilbert Goldstein              11/16/98            5,000
          Gilbert Goldstein              11/16/98           10,000
          Paris G. Reece III             3/24/99            50,000
          David D. Mandarich             3/24/99            50,000
          Michael Touff                  3/24/99            30,000
          Michael Touff                  9/23/99            20,000
                                                          --------

          Total                                           $675,000
                                                          ========



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