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): |
Three Months | ||||||||||||||||||||||||
Ended | Year Ended December 31 | |||||||||||||||||||||||
March 31, 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||||||
Fixed charges | $ | 21,260 | $ | 49,179 | $ | 62,859 | $ | 169,148 | $ | 362,327 | $ | 540,605 | ||||||||||||
Preferred stock dividends | 5,064 | 20,259 | 20,273 | 20,362 | 20,446 | 24,260 | ||||||||||||||||||
Combined fixed charges and preferred stock dividends | $ | 26,324 | $ | 69,438 | $ | 83,132 | $ | 189,510 | $ | 382,773 | $ | 564,865 | ||||||||||||
Fixed charges | $ | 21,260 | $ | 49,179 | $ | 62,859 | $ | 169,148 | $ | 362,327 | $ | 540,605 | ||||||||||||
Net income (loss) | 7,602 | 41,805 | 60,659 | 96,123 | 106,276 | (51,486 | ) | |||||||||||||||||
$ | 28,862 | $ | 90,984 | $ | 123,518 | $ | 265,271 | $ | 468,603 | $ | 489,119 | |||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 1.10:1 | 1.31:1 | 1.49:1 | 1.40:1 | 1.22:1 | 0.87:1 | ||||||||||||||||||
(b) | Computation of ratio of earnings to combined fixed charges and preferred stock dividends (excluding CMO debt): |
Three Months | ||||||||||||||||||||||||
Ended | Year Ended December 31 | |||||||||||||||||||||||
March 31, 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||||||
Fixed charges | $ | 21,016 | $ | 43,167 | $ | 28,933 | $ | 53,079 | $ | 164,422 | $ | 303,126 | ||||||||||||
Preferred stock dividends | 5,064 | 20,259 | 20,273 | 20,362 | 20,446 | 24,260 | ||||||||||||||||||
Combined fixed charges and preferred stock dividends | $ | 26,080 | $ | 63,426 | $ | 49,206 | $ | 73,441 | $ | 184,868 | $ | 327,386 | ||||||||||||
Fixed charges | $ | 21,016 | $ | 43,167 | $ | 28,933 | $ | 53,079 | $ | 164,422 | $ | 303,126 | ||||||||||||
Net income (loss) | 7,602 | 41,805 | 60,659 | 96,123 | 106,276 | (51,486 | ) | |||||||||||||||||
$ | 28,618 | $ | 84,972 | $ | 89,592 | $ | 149,202 | $ | 270,698 | $ | 251,640 | |||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 1.10:1 | 1.34:1 | 1.82:1 | 2.03:1 | 1.46:1 | 0.77:1 | ||||||||||||||||||