EX-12 4 d89931ex12.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 1 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 MONTHS YEAR ENDED DECEMBER 31 ENDED --------------------------------------------------------------------------- JUNE 30, 2001 2000 1999 1998 1997 1996 ------------- --------- --------- --------- --------- --------- Fixed charges $ 218,804 $ 540,605 $ 502,933 $ 673,233 $ 633,845 $ 598,312 Preferred stock dividends 10,280 24,260 22,556 22,342 25,457 36,356 --------- --------- --------- --------- --------- --------- Combined fixed charges and preferred stock dividends $ 229,084 $ 564,865 $ 525,489 $ 695,575 $ 659,302 $ 634,668 ========= ========= ========= ========= ========= ========= Fixed charges $ 218,804 $ 540,605 $ 502,933 $ 673,233 $ 633,845 $ 598,312 Net income (loss) 52,417 (51,486) 57,909 (234,764) 159,926 127,228 --------- --------- --------- --------- --------- --------- $ 271,221 $ 489,119 $ 560,842 $ 438,469 $ 793,771 $ 725,540 ========= ========= ========= ========= ========= ========= Ratio of earnings to combined fixed charges and preferred stock dividends 1.18:1 0.87:1 1.07:1 0.63:1 1.20:1 1.14:1 ========= ========= ========= ========= ========= =========
(b) Computation of ratio of earnings to combined fixed charges and preferred stock dividends (excluding CMO debt):
SIX MONTHS YEAR ENDED DECEMBER 31 ENDED --------------------------------------------------------------------------- JUNE 30, 2001 2000 1999 1998 1997 1996 ------------- --------- --------- --------- --------- --------- Fixed charges $ 110,831 $ 303,126 $ 232,852 $ 332,985 $ 352,348 $ 283,974 Preferred stock dividends 10,280 24,260 22,556 22,342 25,457 36,356 --------- --------- --------- --------- --------- --------- Combined fixed charges and preferred stock dividends $ 121,111 $ 327,386 $ 255,408 $ 355,327 $ 377,805 $ 320,330 ========= ========= ========= ========= ========= ========= Fixed charges $ 110,831 $ 303,126 $ 232,852 $ 332,985 $ 352,348 $ 283,974 Net income (loss) 52,417 (51,486) 57,909 (234,764) 159,926 127,228 --------- --------- --------- --------- --------- --------- $ 163,248 $ 251,640 $ 290,761 $ 98,221 $ 512,274 $ 411,202 ========= ========= ========= ========= ========= ========= Ratio of earnings to combined fixed charges and preferred stock dividends 1.35:1 0.77:1 1.14:1 0.28:1 1.36:1 1.28:1 ========= ========= ========= ========= ========= =========