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):

	Year Ended December 31
	2004		2003		2002		2001		2000
Fixed charges	$	49,179	$	62,859	$	169,148	$	362,327	$	540,605
Preferred stock dividends		20,259		20,273		20,362		20,446		24,260
Combined fixed charges and preferred stock dividends	$	69,438	$	83,132	$	189,510	$	382,773	$	564,865
Fixed charges	$	49,179	$	62,859	$	169,148	$	362,327	$	540,605
Net income (loss)		41,805		60,659		96,123		106,276		(51,486	)
	$	90,984	$	123,518	$	265,271	$	468,603	$	489,119
Ratio of earnings to combined fixed charges and preferred stock dividends		1:31:1		1.49:1		1.40:1		1.22:1		0.87:1

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

	Year Ended December 31
	2004		2003		2002		2001		2000
Fixed charges	$	43,167	$	28,933	$	53,079	$	164,422	$	303,126
Preferred stock dividends		20,259		20,273		20,362		20,446		24,260
Combined fixed charges and preferred stock dividends	$	63,426	$	49,206	$	73,441	$	184,868	$	327,386
Fixed charges	$	43,167	$	28,933	$	53,079	$	164,422	$	303,126
Net income (loss)		41,805		60,659		96,123		106,276		(51,486	)
	$	84,972	$	89,592	$	149,202	$	270,698	$	251,640
Ratio of earnings to combined fixed charges and preferred stock dividends		1:34:1		1.82:1		2.03:1		1.46:1		0.77:1