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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):
 Six MonthsEnded
    
    Year Ended December 31June 30, 2005
    
    2004
    
    2003
    
    2002
    
    2001
    
    2000Fixed charges
    
    $
    46,509
    
    
    $
    49,179
    
    
    $
    62,859
    
    
    $
    169,148
    
    
    $
    362,327
    
    
    $
    540,605Preferred stock dividends
    
    
    10,128
    
    
    
    20,259
    
    
    
    20,273
    
    
    
    20,362
    
    
    
    20,446
    
    
    
    24,260Combined fixed charges
and preferred stock
dividends
    
    $
    56,637
    
    
    $
    69,438
    
    
    $
    83,132
    
    
    $
    189,510
    
    
    $
    382,773
    
    
    $
    564,865Fixed charges
    
    $
    46,509
    
    
    $
    49,179
    
    
    $
    62,859
    
    
    $
    169,148
    
    
    $
    362,327
    
    
    $
    540,605Net income (loss)
    
    
    13,592
    
    
    
    41,805
    
    
    
    60,659
    
    
    
    96,123
    
    
    
    106,276
    
    
    
    (51,486
    )$
    60,101
    
    
    $
    90,984
    
    
    $
    123,518
    
    
    $
    265,271
    
    
    $
    468,603
    
    
    $
    489,119Ratio of earnings to
combined fixed charges
and preferred stock
dividends
    
    
    1.06:1
    
    
    
    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):
 Six MonthsEnded
    
    Year Ended December 31June 30, 2005
    
    2004
    
    2003
    
    2002
    
    2001
    
    2000Fixed charges
    
    $
    45,963
    
    
    $
    43,167
    
    
    $
    28,933
    
    
    $
    53,079
    
    
    $
    164,422
    
    
    $
    303,126Preferred stock dividends
    
    
    10,128
    
    
    
    20,259
    
    
    
    20,273
    
    
    
    20,362
    
    
    
    20,446
    
    
    
    24,260Combined fixed charges
and preferred stock
dividends
    
    $
    56,091
    
    
    $
    63,426
    
    
    $
    49,206
    
    
    $
    73,441
    
    
    $
    184,868
    
    
    $
    327,386Fixed charges
    
    $
    45,963
    
    
    $
    43,167
    
    
    $
    28,933
    
    
    $
    53,079
    
    
    $
    164,422
    
    
    $
    303,126Net income (loss)
    
    
    13,592
    
    
    
    41,805
    
    
    
    60,659
    
    
    
    96,123
    
    
    
    106,276
    
    
    
    (51,486
    )$
    59,555
    
    
    $
    84,972
    
    
    $
    89,592
    
    
    $
    149,202
    
    
    $
    270,698
    
    
    $
    251,640Ratio of earnings to
combined fixed charges
and preferred stock
dividends
    
    
    1.06:1
    
    
    
    1.34:1
    
    
    
    1.82:1
    
    
    
    2.03:1
    
    
    
    1.46:1
    
    
    
    0.77:1