EXHIBIT 12

CAPSTEAD MORTGAGE CORPORATION

COMPUTATION OF RATIO
OF INCOME FROM CONTINUING OPERATIONS TO

COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(In thousands, except ratios)

(Unaudited)

Computation of ratio of income from continuing operations to
combined fixed charges and preferred stock dividends:



|                                                                                                                               |  |                        |         |      |   |         |  |      |         |      |   |         |  |   |        
|------------------------------------------------------------------------------------------------------------------------------ |  | ---------------------- | ------- | ---- | - | ------- |  | ---- | ------- | ---- | - | ------- |  | - | -------
|                                                                                                                               |  | Year Ended December 31
|                                                                                                                               |  | 2009                   |         | 2008 |   | 2007    |  | 2006 |         | 2005
|Fixed charges                                                                                                                  |  | $                      | 128,830 |      | $ | 258,453 |  | $    | 275,648 |      | $ | 235,521 |  | $ | 106,909
|Preferred stock dividends                                                                                                      |  |                        | 20,239  |      |   | 20,251  |  |      | 20,256  |      |   | 20,256  |  |   | 20,256 
|                                                                                                                               |  |                        |         |      |   |         |  |      |         |      |   |         |  |   |        
|Combined fixed charges and preferred stock dividends                                                                           |  | $                      | 149,069 |      | $ | 278,704 |  | $    | 295,904 |      | $ | 255,777 |  | $ | 127,165
|                                                                                                                               |  |                        |         |      |   |         |  |      |         |      |   |         |  |   |        
|Fixed charges                                                                                                                  |  | $                      | 128,830 |      | $ | 258,453 |  | $    | 275,648 |      | $ | 235,521 |  | $ | 106,909
|Income from continuing operations                                                                                              |  |                        | 129,263 |      |   | 125,923 |  |      | 24,713  |      |   | 3,843   |  |   | 17,195 
|                                                                                                                               |  |                        |         |      |   |         |  |      |         |      |   |         |  |   |        
|                                                                                                                               |  | $                      | 258,093 |      | $ | 384,376 |  | $    | 300,361 |      | $ | 239,364 |  | $ | 124,104
|                                                                                                                               |  |                        |         |      |   |         |  |      |         |      |   |         |  |   |        
|Ratio of income from continuing operations to combined fixed charges and preferred stock dividends                             |  |                        | 1.73:1  |      |   | 1.38:1  |  |      | 1.02:1  |      |   |         |  |   |        
|                                                                                                                               |  |                        |         |      |   |         |  |      |         |      |   |         |  |   |        
|Deficiency of income from continuing operations (before fixed charges) to combined fixed charges and preferred stock dividends |  |                        |         |      |   |         |  |      |         |      | $ | 16,413  |  | $ | 3,061  
|                                                                                                                               |  |                        |         |      |   |         |  |      |         |      |   |         |  |   |