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EXHIBIT 12
CAPSTEAD MORTGAGE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(IN THOUSANDS, EXCEPT RATIOS)
(UNAUDITED)
(a) Computation of ratio of earnings to combined fixed charges and
preferred stock dividends (including CMO debt):
<TABLE>
<CAPTION>
SIX MONTHS YEAR ENDED DECEMBER 31
ENDED ------------------------------------------------------------------
JUNE 30, 2000 1999 1998 1997 1996 1995
------------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Fixed charges $ 266,165 $ 502,933 $ 673,233 $ 633,845 $ 598,312 $ 584,137
Preferred stock dividends 11,995 22,556 22,342 25,457 36,356 39,334
--------- --------- --------- --------- --------- ---------
Combined fixed charges and
preferred stock dividends 278,160 525,489 695,575 659,302 634,668 623,471
Net income (loss) (72,582) 57,909 (234,764) 159,926 127,228 77,359
--------- --------- --------- --------- --------- ---------
Total $ 205,578 $ 583,398 $ 460,811 $ 819,228 $ 761,896 $ 700,830
========= ========= ========= ========= ========= =========
Ratio of earnings to combined
fixed charges and preferred
stock dividends 0.74:1 1.11:1 0.66:1 1.24:1 1.20:1 1.12:1
========= ========= ========= ========= ========= =========
</TABLE>
(b) Computation of ratio of earnings to combined fixed charges and
preferred stock dividends (excluding CMO debt):
<TABLE>
<CAPTION>
SIX MONTHS YEAR ENDED DECEMBER 31
ENDED ------------------------------------------------------------------
JUNE 30, 2000 1999 1998 1997 1996 1995
------------- --------- --------- --------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
Fixed charges $ 146,208 $ 232,852 $ 332,985 $ 352,348 $ 283,974 $ 223,751
Preferred stock dividends 11,995 22,556 22,342 25,457 36,356 39,334
--------- --------- --------- --------- --------- ---------
Combined fixed charges and
preferred stock dividends 158,203 255,408 355,327 377,805 320,330 263,085
Net income (loss) (72,582) 57,909 (234,764) 159,926 127,228 77,359
--------- --------- --------- --------- --------- ---------
Total $ 85,621 $ 313,317 $ 120,563 $ 537,731 $ 447,558 $ 340,444
========= ========= ========= ========= ========= =========
Ratio of earnings to combined
fixed charges and preferred
stock dividends 0.54:1 1.23:1 0.34:1 1.42:1 1.40:1 1.29:1
========= ========= ========= ========= ========= =========
</TABLE>
