EX-12 3 d08187exv12.txt COMPUTATION OF RATIO TO 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):
SIX MONTHS YEAR ENDED DECEMBER 31 ENDED ---------------------------------------------------------- JUNE 30, 2003 2002 2001 2000 1999 1998 ------------- --------- --------- --------- --------- --------- Fixed charges $ 41,247 $ 169,148 $ 362,327 $ 540,605 $ 502,933 $ 673,233 Preferred stock dividends 10,138 20,362 20,446 24,260 22,556 22,342 --------- --------- --------- --------- --------- --------- Combined fixed charges and preferred stock dividends $ 51,385 $ 189,510 $ 382,773 $ 564,865 $ 525,489 $ 695,575 ========= ========= ========= ========= ========= ========= Fixed charges $ 41,247 $ 169,148 $ 362,327 $ 540,605 $ 502,933 $ 673,233 Net income (loss) 32,784 96,123 106,276 (51,486) 57,909 (234,764) --------- --------- --------- --------- --------- --------- $ 74,031 $ 265,271 $ 468,603 $ 489,119 $ 560,842 $ 438,469 ========= ========= ========= ========= ========= ========= Ratio of earnings to combined fixed charges and preferred stock dividends 1.44:1 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):
SIX MONTHS YEAR ENDED DECEMBER 31 ENDED ---------------------------------------------------------- JUNE 30, 2003 2002 2001 2000 1999 1998 ------------- --------- --------- --------- --------- --------- Fixed charges $ 15,898 $ 53,079 $ 164,422 $ 303,126 $ 232,852 $ 332,985 Preferred stock dividends 10,138 20,362 20,446 24,260 22,556 22,342 --------- --------- --------- --------- --------- --------- Combined fixed charges and preferred stock dividends $ 26,036 $ 73,441 $ 184,868 $ 327,386 $ 255,408 $ 355,327 ========= ========= ========= ========= ========= ========= Fixed charges $ 15,898 $ 53,079 $ 164,422 $ 303,126 $ 232,852 $ 332,985 Net income (loss) 32,784 96,123 106,276 (51,486) 57,909 (234,764) --------- --------- --------- --------- --------- --------- $ 48,682 $ 149,202 $ 270,698 $ 251,640 $ 290,761 $ 98,221 ========= ========= ========= ========= ========= ========= Ratio of earnings to combined fixed charges and preferred stock dividends 1.87:1 2.03:1 1.46:1 0.77:1 1.14:1 0.28:1 ========= ========= ========= ========= ========= =========