EXHIBIT 12
CAPSTEAD MORTGAGE CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
EXHIBIT 12
CAPSTEAD MORTGAGE CORPORATION AND SUBSIDIARIES
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
------------------------------------------------
1994 1993 1992 1991 1990
-------- -------- -------- -------- --------
Fixed charges $474,748 $491,076 $415,433 $189,840 $144,478
Preferred stock dividends 38,876 38,592 4,707 7,499 8,746
-------- -------- -------- -------- --------
Combined fixed charges and
preferred stock dividends 513,624 529,668 420,140 197,339 153,224
Net income 85,579 94,256 53,191 33,717 29,082
-------- -------- -------- -------- --------
Total $599,203 $623,924 $473,331 $231,056 $182,306
======== ======== ======== ======== ========
Ratio of earnings to combined
fixed charges and preferred
stock dividends 1.17:1 1.18:1 1.13:1 1.17:1 1.19:1
======== ======== ======== ======== ========
(b) Computation of ratio of earnings to combined fixed charges and preferred
stock dividends (excluding CMO debt):
YEAR ENDED DECEMBER 31
------------------------------------------------
1994 1993 1992 1991 1990
-------- -------- -------- -------- --------
Fixed charges $139,092 $ 80,923 $ 62,077 $31,474 $ 8,519
Preferred stock dividends 38,876 38,592 4,707 7,499 8,746
-------- -------- -------- ------- -------
Combined fixed charges and
preferred stock dividends 177,968 119,515 66,784 38,973 17,265
Net income 85,579 94,256 53,191 33,717 29,082
-------- -------- -------- ------- -------
Total $263,547 $213,771 $119,975 $72,690 $46,347
======== ======== ======== ======= =======
Ratio of earnings to combined
fixed charges and preferred
stock dividends 1.48:1 1.79:1 1.80:1 1.87:1 2.68:1
======== ======== ======== ======= =======