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
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1995 1994 1993 1992 1991
-------- -------- -------- -------- --------
Fixed charges $577,036 $474,748 $491,076 $415,433 $189,840
Preferred stock dividends 39,334 38,876 38,592 4,707 7,499
-------- -------- -------- -------- --------
Combined fixed charges and
preferred stock dividends 616,370 513,624 529,668 420,140 197,339
Net income 77,359 85,579 94,256 53,191 33,717
-------- -------- -------- -------- --------
Total $693,729 $599,203 $623,924 $473,331 $231,056
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Ratio of earnings to combined
fixed charges and preferred
stock dividends 1.13:1 1.17:1 1.18:1 1.13:1 1.17:1
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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
------------------------------------------------
1995 1994 1993 1992 1991
-------- -------- -------- -------- --------
Fixed charges $216,650 $139,092 $ 80,923 $ 62,077 $31,474
Preferred stock dividends 39,334 38,876 38,592 4,707 7,499
-------- -------- -------- -------- -------
Combined fixed charges and
preferred stock dividends 255,984 177,968 119,515 66,784 38,973
Net income 77,359 85,579 94,256 53,191 33,717
-------- -------- -------- -------- -------
Total $333,343 $263,547 $213,771 $119,975 $72,690
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Ratio of earnings to combined
fixed charges and preferred
stock dividends 1.30:1 1.48:1 1.79:1 1.80:1 1.87:1
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