<DOCUMENT>
<TYPE>EX-12.(A)
<SEQUENCE>3
<FILENAME>dex12a.txt
<DESCRIPTION>COMPUTATION OF EARNINGS
<TEXT>
<PAGE>

                                                                   EXHIBIT 12(a)


                             D&N CAPITAL CORPORATION
                Computation of ratio of earnings to fixed charges


                  For the Nine Months Ended September 30, 2001
                          (In thousands, except ratio)


       Net income                                             $2,906

       Fixed charges:
                  Advisory fees                                  105

       Total fixed charges                                       105

       Earnings before fixed charges                          $3,011

       Fixed charges, as above                                $  105

       Ratio of earnings to fixed charges                       28.7


                                       12

</TEXT>
</DOCUMENT>