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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): Three MonthsEnded
    
    
    Year Ended December 31March 31, 2005
    
    
    2004
    
    
    2003
    
    
    2002
    
    
    2001
    
    
    2000Fixed charges
    
    $
    21,260
    
    
    $
    49,179
    
    
    $
    62,859
    
    
    $
    169,148
    
    
    $
    362,327
    
    
    $
    540,605Preferred stock dividends
    
    
    5,064
    
    
    
    20,259
    
    
    
    20,273
    
    
    
    20,362
    
    
    
    20,446
    
    
    
    24,260Combined fixed charges and
preferred stock dividends
    
    $
    26,324
    
    
    $
    69,438
    
    
    $
    83,132
    
    
    $
    189,510
    
    
    $
    382,773
    
    
    $
    564,865Fixed charges
    
    $
    21,260
    
    
    $
    49,179
    
    
    $
    62,859
    
    
    $
    169,148
    
    
    $
    362,327
    
    
    $
    540,605Net income (loss)
    
    
    7,602
    
    
    
    41,805
    
    
    
    60,659
    
    
    
    96,123
    
    
    
    106,276
    
    
    
    (51,486
    )$
    28,862
    
    
    $
    90,984
    
    
    $
    123,518
    
    
    $
    265,271
    
    
    $
    468,603
    
    
    $
    489,119Ratio of earnings to combined
fixed charges and preferred
stock dividends
    
    
    1.10:1
    
    
    
    1.31:1
    
    
    
    1.49:1
    
    
    
    1.40:1
    
    
    
    1.22:1
    
    
    
    0.87:1
  (b)
    Computation of ratio of earnings to combined fixed charges and preferred stock dividends
(excluding CMO debt): Three MonthsEnded
    
    
    Year Ended December 31March 31, 2005
    
    
    2004
    
    
    2003
    
    
    2002
    
    
    2001
    
    
    2000Fixed charges
    
    $
    21,016
    
    
    $
    43,167
    
    
    $
    28,933
    
    
    $
    53,079
    
    
    $
    164,422
    
    
    $
    303,126Preferred stock dividends
    
    
    5,064
    
    
    
    20,259
    
    
    
    20,273
    
    
    
    20,362
    
    
    
    20,446
    
    
    
    24,260Combined fixed charges and
preferred stock dividends
    
    $
    26,080
    
    
    $
    63,426
    
    
    $
    49,206
    
    
    $
    73,441
    
    
    $
    184,868
    
    
    $
    327,386Fixed charges
    
    $
    21,016
    
    
    $
    43,167
    
    
    $
    28,933
    
    
    $
    53,079
    
    
    $
    164,422
    
    
    $
    303,126Net income (loss)
    
    
    7,602
    
    
    
    41,805
    
    
    
    60,659
    
    
    
    96,123
    
    
    
    106,276
    
    
    
    (51,486
    )$
    28,618
    
    
    $
    84,972
    
    
    $
    89,592
    
    
    $
    149,202
    
    
    $
    270,698
    
    
    $
    251,640Ratio of earnings to combined
fixed charges and preferred
stock dividends
    
    
    1.10:1
    
    
    
    1.34:1
    
    
    
    1.82:1
    
    
    
    2.03:1
    
    
    
    1.46:1
    
    
    
    0.77:1