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EXHIBIT 12
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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2000 1999 1998 1997 1996
-------- -------- --------- -------- --------
Fixed charges $540,605 $502,933 $ 673,233 $633,845 $598,312
Preferred stock dividends 24,260 22,556 22,342 25,457 36,356
-------- -------- --------- -------- --------
Combined fixed charges and
preferred stock dividends $564,865 $525,489 $ 695,575 $659,302 $634,668
======== ======== ========= ======== ========
Fixed charges $540,605 $502,933 $ 673,233 $633,845 $598,312
Net income (loss) (51,486) 57,909 (234,764) 159,926 127,228
-------- -------- --------- -------- --------
$489,119 $560,842 $ 438,469 $793,771 $725,540
======== ======== ========= ======== ========
Ratio of earnings to combined
fixed charges and preferred
stock dividends 0.87:1 1.07:1 0.63:1 1.20:1 1.14:1
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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
-----------------------------------------------------
2000 1999 1998 1997 1996
-------- -------- --------- -------- --------
Fixed charges $303,126 $232,852 $ 332,985 $352,348 $283,974
Preferred stock dividends 24,260 22,556 22,342 25,457 36,356
-------- -------- --------- -------- --------
Combined fixed charges and
preferred stock dividends $327,386 $255,408 $ 355,327 $377,805 $320,330
======== ======== ========= ======== ========
Fixed charges $303,126 $232,852 $ 332,985 $352,348 $283,974
Net income (loss) (51,486) 57,909 (234,764) 159,926 127,228
-------- -------- --------- -------- --------
$251,640 $290,761 $ 98,221 $512,274 $411,202
======== ======== ========= ======== ========
Ratio of earnings to combined
fixed charges and preferred
stock dividends 0.77:1 1.14:1 0.28:1 1.36:1 1.28:1
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