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):
<Table>
<Caption>
YEAR ENDED DECEMBER 31
-------------------------------------------------------------------------------
2001 2000 1999 1998 1997
--------- --------- --------- --------- ---------
Fixed charges $ 362,327 $ 540,605 $ 502,933 $ 673,233 $ 633,845
Preferred stock dividends 20,446 24,260 22,556 22,342 25,457
--------- --------- --------- --------- ---------
Combined fixed charges and
preferred stock dividends $ 382,773 $ 564,865 $ 525,489 $ 695,575 $ 659,302
========= ========= ========= ========= =========
Fixed charges $ 362,327 $ 540,605 $ 502,933 $ 673,233 $ 633,845
Net income (loss) 106,276 (51,486) 57,909 (234,764) 159,926
--------- --------- --------- --------- ---------
$ 468,603 $ 489,119 $ 560,842 $ 438,469 $ 793,771
========= ========= ========= ========= =========
Ratio of earnings to combined
fixed charges and preferred
stock dividends 1.22:1 0.87:1 1.07:1 0.63:1 1.20:1
========= ========= ========= ========= =========
</Table>
(b) Computation of ratio of earnings to combined fixed charges and
preferred stock dividends (excluding CMO debt):
<Table>
<Caption>
YEAR ENDED DECEMBER 31
-------------------------------------------------------------------------------
2001 2000 1999 1998 1997
--------- --------- --------- --------- ---------
Fixed charges $ 164,422 $ 303,126 $ 232,852 $ 332,985 $ 352,348
Preferred stock dividends 20,446 24,260 22,556 22,342 25,457
--------- --------- --------- --------- ---------
Combined fixed charges and
preferred stock dividends $ 184,868 $ 327,386 $ 255,408 $ 355,327 $ 377,805
========= ========= ========= ========= =========
Fixed charges $ 164,422 $ 303,126 $ 232,852 $ 332,985 $ 352,348
Net income (loss) 106,276 (51,486) 57,909 (234,764) 159,926
--------- --------- --------- --------- ---------
$ 270,698 $ 251,640 $ 290,761 $ 98,221 $ 512,274
========= ========= ========= ========= =========
Ratio of earnings to combined
fixed charges and preferred
stock dividends 1.46:1 0.77:1 1.14:1 0.28:1 1.36:1
========= ========= ========= ========= =========
</Table>