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 Ended		Year Ended December 31
	March 31, 2004		2003		2002		2001		2000			1999
Fixed charges	$	9,208	$	62,859	$	169,148	$	362,327	$	540,605		$	502,933
Preferred stock dividends		5,067		20,273		20,362		20,446		24,260			22,556
Combined fixed charges and preferred stock dividends	$	14,275	$	83,132	$	189,510	$	382,773	$	564,865		$	525,489
Fixed charges	$	9,208	$	62,859	$	169,148	$	362,327	$	540,605		$	502,933
Net income (loss)		12,354		60,659		96,123		106,276		(51,486	)		57,909
	$	21,562	$	123,518	$	265,271	$	468,603	$	489,119		$	560,842
Ratio of earnings to combined fixed charges and preferred stock dividends		1.51:1		1.49:1		1.40:1		1.22:1		0.87:1			1.07:1

(b) Computation of ratio of earnings to combined fixed charges and preferred stock dividends (excluding CMO debt):

	Three Months Ended		Year Ended December 31
	March 31, 2004		2003		2002		2001		2000			1999
Fixed charges	$	6,915	$	28,933	$	53,079	$	164,422	$	303,126		$	232,852
Preferred stock dividends		5,067		20,273		20,362		20,446		24,260			22,556
Combined fixed charges and preferred stock dividends	$	11,982	$	49,206	$	73,441	$	184,868	$	327,386		$	255,408
Fixed charges	$	6,915	$	28,933	$	53,079	$	164,422	$	303,126		$	232,852
Net income (loss)		12,354		60,659		96,123		106,276		(51,486	)		57,909
	$	19,269	$	89,592	$	149,202	$	270,698	$	251,640		$	290,761
Ratio of earnings to combined fixed charges and preferred stock dividends		1.61:1		1.82:1		2.03:1		1.46:1		0.77:1			1.14:1