EXHIBIT 11
CAPSTEAD MORTGAGE CORPORATION AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS
1995 1994 1993
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PRIMARY:*
Average number of common shares
outstanding 23,087,000 22,877,000 22,580,000
Incremental shares calculated
using the Treasury Stock method 32,000 40,000 139,000
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23,119,000 22,917,000 22,719,000
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Net income $ 77,359,000 $ 85,579,000 $ 94,256,000
Less cash dividends paid on
convertible preferred stock:
Series A ($1.60 paid per share) (939,000) (1,042,000) (1,274,000)
Series B ($1.26 paid per share) (38,395,000) (37,834,000) (37,318,000)
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Net income available to common
stockholders $ 38,025,000 $ 46,703,000 $ 55,664,000
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Primary net income per share $1.64 $2.04 $2.45
FULLY DILUTED:*
Average number of common shares
outstanding 23,087,000 22,877,000 22,580,000
Assumed conversion of convertible
preferred stock:
Series A 803,000 896,000 1,111,000
Series B ** ** **
Incremental shares calculated
using the Treasury Stock method 263,000 40,000 204,000
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24,153,000 23,813,000 23,895,000
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Net income $ 77,359,000 $ 85,579,000 $ 94,256,000
Less cash dividends paid on
Series B Preferred Stock (38,395,000) (37,834,000) (37,318,000)
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Net income $ 38,964,000 $ 47,745,000 $ 56,938,000
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Fully diluted net income per share $1.61 $2.01 $2.38
* Adjusted for the 3-for-2 common stock split effective October 30, 1995.
** The Series B Preferred Stock is not considered convertible for purposes of
calculating fully diluted net income per share as it is currently
antidilutive.