EX-12 3 d01230exv12.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 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):
NINE MONTHS YEAR ENDED DECEMBER 31 ENDED -------------------------------------------------------------------------- SEPTEMBER 30, 2002 2001 2000 1999 1998 1997 ------------------ ------------ ------------ ------------ ------------ ------------ Fixed charges $ 137,670 $ 362,327 $ 540,605 $ 502,933 $ 673,233 $ 633,845 Preferred stock dividends 15,296 20,446 24,260 22,556 22,342 25,457 ------------ ------------ ------------ ------------ ------------ ------------ Combined fixed charges and preferred stock dividends $ 152,966 $ 382,773 $ 564,865 $ 525,489 $ 695,575 $ 659,302 ============ ============ ============ ============ ============ ============ Fixed charges $ 137,670 $ 362,327 $ 540,605 $ 502,933 $ 673,233 $ 633,845 Net income (loss) 75,712 106,276 (51,486) 57,909 (234,764) 159,926 ------------ ------------ ------------ ------------ ------------ ------------ $ 213,382 $ 468,603 $ 489,119 $ 560,842 $ 438,469 $ 793,771 ============ ============ ============ ============ ============ ============ Ratio of earnings to combined fixed charges and preferred stock dividends 1.39:1 1.22:1 0.87:1 1.07:1 0.63:1 1.20:1 ============ ============ ============ ============ ============ ============
(b) Computation of ratio of earnings to combined fixed charges and preferred stock dividends (excluding CMO debt):
NINE MONTHS YEAR ENDED DECEMBER 31 ENDED -------------------------------------------------------------------------- SEPTEMBER 30, 2002 2001 2000 1999 1998 1997 ------------------ ------------ ------------ ------------ ------------ ------------ Fixed charges $ 42,111 $ 164,422 $ 303,126 $ 232,852 $ 332,985 $ 352,348 Preferred stock dividends 15,296 20,446 24,260 22,556 22,342 25,457 ------------ ------------ ------------ ------------ ------------ ------------ Combined fixed charges and preferred stock dividends $ 57,407 $ 184,868 $ 327,386 $ 255,408 $ 355,327 $ 377,805 ============ ============ ============ ============ ============ ============ Fixed charges $ 42,111 $ 164,422 $ 303,126 $ 232,852 $ 332,985 $ 352,348 Net income (loss) 75,712 106,276 (51,486) 57,909 (234,764) 159,926 ------------ ------------ ------------ ------------ ------------ ------------ $ 117,823 $ 270,698 $ 251,640 $ 290,761 $ 98,221 $ 512,274 ============ ============ ============ ============ ============ ============ Ratio of earnings to combined fixed charges and preferred stock dividends 2.05:1 1.46:1 0.77:1 1.14:1 0.28:1 1.36:1 ============ ============ ============ ============ ============ ============