EXHIBIT 12.1
COMPUTATION OF RATIOS OF EARNINGS
TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
EXHIBIT 12.1
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):
YEAR ENDED DECEMBER 31
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1993 1992 1991 1990 1989
-------- -------- -------- -------- --------
Fixed charges $491,076 $415,433 $189,840 $144,478 $109,801
Preferred stock dividends 38,592 4,707 7,499 8,746 1,312
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Combined fixed charges and
preferred stock dividends 529,668 420,140 197,339 153,224 111,113
Net income 94,256 53,191 33,717 29,082 16,375
-------- -------- -------- -------- --------
Total $623,924 $473,331 $231,056 $182,306 $127,488
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Ratio of earnings to combined
fixed charges and preferred
stock dividends 1.18:1 1.13:1 1.17:1 1.19:1 1.15:1
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(b) Computation of ratio of earnings to combined fixed charges and preferred
stock dividends (excluding CMO debt):
YEAR ENDED DECEMBER 31
----------------------------------------------------
1993 1992 1991 1990 1989
-------- -------- -------- -------- --------
Fixed charges $ 80,923 $ 62,077 $31,474 $ 8,519 $13,645
Preferred stock dividends 38,592 4,707 7,499 8,746 1,312
-------- -------- ------- ------- -------
Combined fixed charges and
preferred stock dividends 119,515 66,784 38,973 17,265 14,957
Net income 94,256 53,191 33,717 29,082 16,375
-------- -------- ------- ------- -------
Total $213,771 $119,975 $72,690 $46,347 $31,332
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Ratio of earnings to combined
fixed charges and preferred
stock dividends 1.79:1 1.80:1 1.87:1 2.68:1 2.09:1
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