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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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1997 1996 1995 1994 1993
-------- -------- -------- -------- --------
Fixed charges $633,845 $598,312 $584,137 $474,844 $491,076
Preferred stock dividends 25,457 36,356 39,334 38,876 38,592
-------- -------- -------- -------- --------
Combined fixed charges and
preferred stock dividends 659,302 634,668 623,471 513,720 529,668
Net income 159,926 127,228 77,359 85,579 94,256
-------- -------- -------- -------- --------
Total $819,228 $761,896 $700,830 $599,299 $623,924
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Ratio of earnings to combined
fixed charges and preferred
stock dividends 1.24:1 1.20:1 1.12:1 1.17:1 1.18:1
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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
------------------------------------------------------------
1997 1996 1995 1994 1993
-------- -------- -------- -------- --------
Fixed charges $352,348 $283,974 $223,751 $139,188 $ 80,923
Preferred stock dividends 25,457 36,356 39,334 38,876 38,592
-------- -------- -------- -------- --------
Combined fixed charges and
preferred stock dividends 377,805 320,330 263,085 178,064 119,515
Net income 159,926 127,228 77,359 85,579 94,256
-------- -------- -------- -------- --------
Total $537,731 $447,558 $340,444 $263,643 $213,771
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Ratio of earnings to combined
fixed charges and preferred
stock dividends 1.42:1 1.40:1 1.29:1 1.48:1 1.79:1
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