exv12

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*
	*Ended*		*Year Ended December 31*
	*June 30, 2005*		*2004*		*2003*		*2002*		*2001*		*2000*
Fixed charges	$	46,509	$	49,179	$	62,859	$	169,148	$	362,327	$	540,605
Preferred stock dividends		10,128		20,259		20,273		20,362		20,446		24,260

Combined fixed charges and preferred stock dividends	$	56,637	$	69,438	$	83,132	$	189,510	$	382,773	$	564,865


Fixed charges	$	46,509	$	49,179	$	62,859	$	169,148	$	362,327	$	540,605
Net income (loss)		13,592		41,805		60,659		96,123		106,276		(51,486	)


	$	60,101	$	90,984	$	123,518	$	265,271	$	468,603	$	489,119

Ratio of earnings to combined fixed charges and preferred stock dividends		1.06:1		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):


	*Six Months*
	*Ended*		*Year Ended December 31*
	*June 30, 2005*		*2004*		*2003*		*2002*		*2001*		*2000*
Fixed charges	$	45,963	$	43,167	$	28,933	$	53,079	$	164,422	$	303,126
Preferred stock dividends		10,128		20,259		20,273		20,362		20,446		24,260

Combined fixed charges and preferred stock dividends	$	56,091	$	63,426	$	49,206	$	73,441	$	184,868	$	327,386


Fixed charges	$	45,963	$	43,167	$	28,933	$	53,079	$	164,422	$	303,126
Net income (loss)		13,592		41,805		60,659		96,123		106,276		(51,486	)


	$	59,555	$	84,972	$	89,592	$	149,202	$	270,698	$	251,640

Ratio of earnings to combined fixed charges and preferred stock dividends		1.06:1		1.34:1		1.82:1		2.03:1		1.46:1		0.77:1