EX-12 3 d05529exv12.txt COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED 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 MONTHS YEAR ENDED DECEMBER 31 ENDED ------------------------------------------------------------------ MARCH 31, 2003 2002 2001 2000 1999 1998 -------------- --------- --------- --------- --------- --------- Fixed charges $ 23,650 $ 169,148 $ 362,327 $ 540,605 $ 502,933 $ 673,233 Preferred stock dividends 5,070 20,362 20,446 24,260 22,556 22,342 --------- --------- --------- --------- --------- --------- Combined fixed charges and preferred stock dividends $ 28,720 $ 189,510 $ 382,773 $ 564,865 $ 525,489 $ 695,575 ========= ========= ========= ========= ========= ========= Fixed charges $ 23,650 $ 169,148 $ 362,327 $ 540,605 $ 502,933 $ 673,233 Net income (loss) 17,543 96,123 106,276 (51,486) 57,909 (234,764) --------- --------- --------- --------- --------- --------- $ 41,193 $ 265,271 $ 468,603 $ 489,119 $ 560,842 $ 438,469 ========= ========= ========= ========= ========= ========= Ratio of earnings to combined fixed charges and preferred stock dividends 1.43:1 1.40:1 1.22:1 0.87:1 1.07:1 0.63:1 ========= ========= ========= ========= ========= =========
(b) Computation of ratio of earnings to combined fixed charges and preferred stock dividends (excluding CMO debt):
THREE MONTHS YEAR ENDED DECEMBER 31 ENDED ------------------------------------------------------------------ MARCH 31, 2003 2002 2001 2000 1999 1998 -------------- --------- --------- --------- --------- --------- Fixed charges $ 8,311 $ 53,079 $ 164,422 $ 303,126 $ 232,852 $ 332,985 Preferred stock dividends 5,070 20,362 20,446 24,260 22,556 22,342 --------- --------- --------- --------- --------- --------- Combined fixed charges and preferred stock dividends $ 13,381 $ 73,441 $ 184,868 $ 327,386 $ 255,408 $ 355,327 ========= ========= ========= ========= ========= ========= Fixed charges $ 8,311 $ 53,079 $ 164,422 $ 303,126 $ 232,852 $ 332,985 Net income (loss) 17,543 96,123 106,276 (51,486) 57,909 (234,764) --------- --------- --------- --------- --------- --------- $ 25,854 $ 149,202 $ 270,698 $ 251,640 $ 290,761 $ 98,221 ========= ========= ========= ========= ========= ========= Ratio of earnings to combined fixed charges and preferred stock dividends 1.93:1 2.03:1 1.46:1 0.77:1 1.14:1 0.28:1 ========= ========= ========= ========= ========= =========