Capstead Mortgage (CMO) 10-Q2011 Q1 Quarterly report

Filed: 6 May 11, 12:00am

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Readability	H.S. senior V bad

New words: accretive, accrual, approach, assigned, averageUnsecured, call, closed, Consumer, cover, default, disciplined, diverge, Dodd, enacted, Equivalent, expensetotaling, expose, foreclosed, forfeited, forfeiture, Frank, illustrated, imposing, includingCash, inclusion, inCommon, multiple, muted, notably, paydown, picked, point, prone, Protection, publishing, registered, released, repaid, restrict, resumed, retention, securitization, smaller, Street, surrender, systemically, today, trending, unclear, undertook, Wall, worth

Removed: announced, annum, bear, borrower, callable, capped, closure, consolidation, correction, declined, detail, earlier, expanding, FASB, generating, grew, hotel, improved, involuntary, involvement, June, lien, lowered, matured, overnight, par, partially, petition, placement, planning, present, prevalent, pronouncement, property, replaced, surge, sustained, toUnsecured, Transactional, transparency, turbulent, unusually, week

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EXHIBIT 12

CAPSTEAD MORTGAGE CORPORATION

COMPUTATION OF RATIO OF NET INCOME TO COMBINED FIXED CHARGES AND

PREFERRED STOCK DIVIDENDS

(In thousands, except ratios)

(Unaudited)

Computation of ratio of net income to combined fixed charges and preferred stock dividends:


	Three Months Ended *March 31, 2011*		*Year Ended December 31,*
	Three Months Ended *March 31, 2011*		*2010*		*2009*		*2008*		*2007*		*2006*
Fixed charges	$	14,513	$	56,251	$	128,830	$	258,453	$	275,648	$	235,521
Preferred stock dividends		5,058		20,233		20,239		20,251		20,256		20,256

Combined fixed charges and preferred stock dividends	$	19,571	$	76,484	$	149,069	$	278,704	$	295,904	$	255,777

Fixed charges	$	14,513	$	56,251	$	128,830	$	258,453	$	275,648	$	235,521
Net income		34,692		126,896		129,263		125,923		24,713		3,843

	$	49,205	$	183,147	$	258,093	$	384,376	$	300,361	$	239,364

Ratio of net income to combined fixed charges and preferred stock dividends		2.51:1		2.39:1		1.73:1		1.38:1		1.02:1

Deficiency of net income (before fixed charges) to combined fixed charges and preferred stock dividends											$	16,413

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