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): |
Six Months | Year Ended December 31 | |||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||||||
Fixed charges | $ | 18,895 | $ | 62,859 | $ | 169,148 | $ | 362,327 | $ | 540,605 | $ | 502,933 | ||||||||||||
Preferred stock dividends | 10,131 | 20,273 | 20,362 | 20,446 | 24,260 | 22,556 | ||||||||||||||||||
Combined fixed charges and preferred stock dividends | $ | 29,026 | $ | 83,132 | $ | 189,510 | $ | 382,773 | $ | 564,865 | $ | 525,489 | ||||||||||||
Fixed charges | $ | 18,895 | $ | 62,859 | $ | 169,148 | $ | 362,327 | $ | 540,605 | $ | 502,933 | ||||||||||||
Net income (loss) | 24,169 | 60,659 | 96,123 | 106,276 | (51,486 | ) | 57,909 | |||||||||||||||||
$ | 43,064 | $ | 123,518 | $ | 265,271 | $ | 468,603 | $ | 489,119 | $ | 560,842 | |||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 1.48:1 | 1.49:1 | 1.40:1 | 1.22:1 | 0.87:1 | 1.07:1 | ||||||||||||||||||
(b) | Computation of ratio of earnings to combined fixed charges and preferred stock dividends (excluding CMO debt): |
Six Months | Year Ended December 31 | |||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||||||
Fixed charges | $ | 14,943 | $ | 28,933 | $ | 53,079 | $ | 164,422 | $ | 303,126 | $ | 232,852 | ||||||||||||
Preferred stock dividends | 10,131 | 20,273 | 20,362 | 20,446 | 24,260 | 22,556 | ||||||||||||||||||
Combined fixed charges and preferred stock dividends | $ | 25,074 | $ | 49,206 | $ | 73,441 | $ | 184,868 | $ | 327,386 | $ | 255,408 | ||||||||||||
Fixed charges | $ | 14,943 | $ | 28,933 | $ | 53,079 | $ | 164,422 | $ | 303,126 | $ | 232,852 | ||||||||||||
Net income (loss) | 24,169 | 60,659 | 96,123 | 106,276 | (51,486 | ) | 57,909 | |||||||||||||||||
$ | 39,112 | $ | 89,592 | $ | 149,202 | $ | 270,698 | $ | 251,640 | $ | 290,761 | |||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 1.56:1 | 1.82:1 | 2.03:1 | 1.46:1 | 0.77:1 | 1.14:1 | ||||||||||||||||||