Capstead Mortgage (CMO) 10-Q 2012 Q2 Quarterly report

EXHIBIT 12

CAPSTEAD MORTGAGE CORPORATION

COMPUTATION OF RATIO OF NET INCOME TO FIXED CHARGES AND RATIO OF NET

INCOME TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(In thousands, except ratios)

(Unaudited)

Computation of ratio of net income to fixed charges:

	Six  Months Ended June 30, 2012
			Year Ended December 31,
			2011		2010		2009		2008		2007
Fixed charges	$	34,928	$	66,080	$	56,251	$	128,830	$	258,453	$	275,648
Fixed charges	$	34,928	$	66,080	$	56,251	$	128,830	$	258,453	$	275,648
Net income		88,505		160,204		126,896		129,263		125,923		24,713
	$	123,433	$	226,284	$	183,147	$	258,093	$	384,376	$	300,361
Ratio of net income to fixed charges		3.53:1		3.42:1		3.26:1		2.00:1		1.49:1		1.09:1

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

	Six  Months Ended June 30, 2012
			Year Ended December 31,
			2011		2010		2009		2008		2007
Fixed charges	$	34,928	$	66,080	$	56,251	$	128,830	$	258,453	$	275,648
Preferred stock dividends		10,481		20,369		20,233		20,239		20,251		20,256
Combined fixed charges and preferred stock dividends	$	45,409	$	86,449	$	76,484	$	149,069	$	278,704	$	295,904
Fixed charges	$	34,928	$	66,080	$	56,251	$	128,830	$	258,453	$	275,648
Net income		88,505		160,204		126,896		129,263		125,923		24,713
	$	123,433	$	226,284	$	183,147	$	258,093	$	384,376	$	300,361
Ratio of net income to combined fixed charges and preferred stock dividends		2.72:1		2.62:1		2.39:1		1.73:1		1.38:1		1.02:1