EXHIBIT 12
CAPSTEAD MORTGAGE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(In thousands, except ratios)
(Unaudited)
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 | ||||||||||||||||||||||||
Ended | Year Ended December 31 | |||||||||||||||||||||||
June 30, 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||||||
Fixed charges | $ | 46,509 | $ | 49,179 | $ | 62,859 | $ | 169,148 | $ | 362,327 | $ | 540,605 | ||||||||||||
Preferred stock dividends | 10,128 | 20,259 | 20,273 | 20,362 | 20,446 | 24,260 | ||||||||||||||||||
Combined fixed charges and preferred stock dividends | $ | 56,637 | $ | 69,438 | $ | 83,132 | $ | 189,510 | $ | 382,773 | $ | 564,865 | ||||||||||||
Fixed charges | $ | 46,509 | $ | 49,179 | $ | 62,859 | $ | 169,148 | $ | 362,327 | $ | 540,605 | ||||||||||||
Net income (loss) | 13,592 | 41,805 | 60,659 | 96,123 | 106,276 | (51,486 | ) | |||||||||||||||||
$ | 60,101 | $ | 90,984 | $ | 123,518 | $ | 265,271 | $ | 468,603 | $ | 489,119 | |||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 1.06:1 | 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): |
Six Months | ||||||||||||||||||||||||
Ended | Year Ended December 31 | |||||||||||||||||||||||
June 30, 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||||||
Fixed charges | $ | 45,963 | $ | 43,167 | $ | 28,933 | $ | 53,079 | $ | 164,422 | $ | 303,126 | ||||||||||||
Preferred stock dividends | 10,128 | 20,259 | 20,273 | 20,362 | 20,446 | 24,260 | ||||||||||||||||||
Combined fixed charges and preferred stock dividends | $ | 56,091 | $ | 63,426 | $ | 49,206 | $ | 73,441 | $ | 184,868 | $ | 327,386 | ||||||||||||
Fixed charges | $ | 45,963 | $ | 43,167 | $ | 28,933 | $ | 53,079 | $ | 164,422 | $ | 303,126 | ||||||||||||
Net income (loss) | 13,592 | 41,805 | 60,659 | 96,123 | 106,276 | (51,486 | ) | |||||||||||||||||
$ | 59,555 | $ | 84,972 | $ | 89,592 | $ | 149,202 | $ | 270,698 | $ | 251,640 | |||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 1.06:1 | 1.34:1 | 1.82:1 | 2.03:1 | 1.46:1 | 0.77:1 | ||||||||||||||||||