In terms of dividend growth, the company's current annualized dividend of $2.20 is up 4.8% from last year. In the past five-year period, M.D.C. Holdings, Inc. has increased its dividend 4 times on a year-over-year basis for an average annual increase of 19.13%. Future dividend growth will depend on earnings growth as well as payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. M.D.C. Holdings, Inc.'s current payout ratio is 46%. This means it paid out 46% of its trailing 12-month EPS as dividend.