EXHIBIT 12

CAPSTEAD MORTGAGE CORPORATION

COMPUTATION OF RATIO OF INCOME FROM CONTINUING OPERATIONS (BEFORE

FIXED CHARGES) TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(In thousands, except ratios)

(Unaudited)

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



|                                                                                                                               |  |                                   |        |                         |      |         |      |   |         |  |      |         |  |   |         |  |   |        
|------------------------------------------------------------------------------------------------------------------------------ |  | --------------------------------- | ------ | ----------------------- | ---- | ------- | ---- | - | ------- |  | ---- | ------- |  | - | ------- |  | - | -------
|                                                                                                                               |  | Three Months
Ended
March 31, 2010 |        | Year Ended December 31,
|                                                                                                                               |  |                                   | 2009   |                         | 2008 |         | 2007 |   | 2006    |  | 2005
|Fixed charges                                                                                                                  |  | $                                 | 15,555 |                         | $    | 128,830 |      | $ | 258,453 |  | $    | 275,648 |  | $ | 235,521 |  | $ | 106,909
|Preferred stock dividends                                                                                                      |  |                                   | 5,058  |                         |      | 20,239  |      |   | 20,251  |  |      | 20,256  |  |   | 20,256  |  |   | 20,256 
|                                                                                                                               |  |                                   |        |                         |      |         |      |   |         |  |      |         |  |   |         |  |   |        
|Combined fixed charges and preferred stock dividends                                                                           |  | $                                 | 20,613 |                         | $    | 149,069 |      | $ | 278,704 |  | $    | 295,904 |  | $ | 255,777 |  | $ | 127,165
|                                                                                                                               |  |                                   |        |                         |      |         |      |   |         |  |      |         |  |   |         |  |   |        
|Fixed charges                                                                                                                  |  | $                                 | 15,555 |                         | $    | 128,830 |      | $ | 258,453 |  | $    | 275,648 |  | $ | 235,521 |  | $ | 106,909
|Income from continuing operations                                                                                              |  |                                   | 40,437 |                         |      | 129,263 |      |   | 125,923 |  |      | 24,713  |  |   | 3,843   |  |   | 17,195 
|                                                                                                                               |  |                                   |        |                         |      |         |      |   |         |  |      |         |  |   |         |  |   |        
|                                                                                                                               |  | $                                 | 55,992 |                         | $    | 258,093 |      | $ | 384,376 |  | $    | 300,361 |  | $ | 239,364 |  | $ | 124,104
|                                                                                                                               |  |                                   |        |                         |      |         |      |   |         |  |      |         |  |   |         |  |   |        
|Ratio of income from continuing operations (before fixed charges) to combined fixed charges and preferred stock
dividends      |  |                                   | 2.72:1 |                         |      | 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  
|                                                                                                                               |  |                                   |        |                         |      |         |      |   |         |  |      |         |  |   |         |  |   |