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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1996 1995 1994 1993 1992
-------- -------- -------- -------- --------
Fixed charges $598,312 $584,137 $474,844 $491,076 $415,433
Preferred stock dividends 36,356 39,334 38,876 38,592 4,707
-------- -------- -------- -------- --------
Combined fixed charges and
preferred stock dividends 634,668 623,471 513,720 529,668 420,140
Net income 127,228 77,359 85,579 94,256 53,191
-------- -------- -------- -------- --------
Total $761,896 $700,830 $599,299 $623,924 $473,331
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Ratio of earnings to combined
fixed charges and preferred
stock dividends 1.20:1 1.12:1 1.17:1 1.18:1 1.13:1
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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
------------------------------------------------
1996 1995 1994 1993 1992
-------- -------- -------- -------- --------
Fixed charges $283,974 $223,751 $139,188 $ 80,923 $ 62,077
Preferred stock dividends 36,356 39,334 38,876 38,592 4,707
-------- -------- -------- -------- --------
Combined fixed charges and
preferred stock dividends 320,330 263,085 178,064 119,515 66,784
Net income 127,228 77,359 85,579 94,256 53,191
-------- -------- -------- -------- --------
Total $447,558 $340,444 $263,643 $213,771 $119,975
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Ratio of earnings to combined
fixed charges and preferred
stock dividends 1.40:1 1.29:1 1.48:1 1.79:1 1.80:1
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