EXHIBIT 11
CAPSTEAD MORTGAGE CORPORATION
COMPUTATION OF NET INCOME PER SHARE
EXHIBIT 11
COMPUTATION OF NET INCOME PER SHARE
CAPSTEAD MORTGAGE CORPORATION
1993 1992 1991
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Primary:
Average number of common shares
outstanding 15,053,000 14,333,000 8,964,000
Incremental shares calculated
using the Treasury Stock method 93,000 61,000 -
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15,146,000 14,394,000 8,964,000
============ =========== ===========
Net income $ 94,256,000 $53,191,000 $33,717,000
Less cash dividends
paid on convertible preferred
stock:
Series A ($1.60 paid per share) (1,274,000) (1,823,000) (7,499,000)
Series B ($0.10 paid per share) (37,318,000) (2,884,000) -
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Net income available to common
stockholders $ 55,664,000 $48,484,000 $26,218,000
============ =========== ===========
Primary net income per share* $3.68 $3.37 $2.92
Fully diluted:
Average number of common shares
outstanding 15,053,000 14,333,000 8,964,000
Assumed conversion of convertible
preferred stock:
Series A 741,000 1,157,000 4,670,000
Series B ** ** -
Incremental shares calculated
using the Treasury Stock method 136,000 101,000 49,000
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15,930,000 15,591,000 13,683,000
============ =========== ===========
Net income $ 94,256,000 $53,191,000 $33,717,000
Less cash dividends paid on
Series B Preferred Stock (37,318,000) (2,884,000) -
------------ ----------- -----------
Net income $ 56,938,000 $50,307,000 $33,717,000
============ =========== ===========
Fully diluted net income per share $ 3.57 $ 3.23 $ 2.46
* During the years ended December 31, 1992 and 1991, 1,382,551 and 3,140,304
shares of the Series A Preferred Stock had been converted into 1,244,261 and
2,826,256 shares of common stock, respectively. If these conversions had
occurred at the beginning of the respective years, primary net income per
share would have been $3.32 and $2.60 per share for the year ended December
31, 1992 and 1991, respectively.
** The Series B Preferred Stock is not considered convertible for purposes of
calculating fully diluted net income per share as it is currently
antidilutive.