EX-12 2 d35865exv12.htm COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS exv12
 

EXHIBIT 12
CAPSTEAD MORTGAGE CORPORATION
COMPUTATION OF RATIO OF INCOME FROM CONTINUING OPERATIONS (BEFORE
FIXED CHARGES) TO COMBINED FIXED CHARGES AND PREFERRED STOCK
DIVIDENDS
(In thousands, except ratios)
(Unaudited)
Computation of ratio of income from continuing operations (before fixed charges) to combined fixed charges and preferred stock dividends:
                                                 
    Three Months        
    Ended     Year Ended December 31  
    March 31, 2006     2005     2004     2003     2002     2001  
   
Income from continuing operations
   $ 2,711     $ 17,195     $ 39,869     $ 58,666     $ 95,246     $ 106,276  
Fixed charges
     49,130       106,909       44,939       58,924       164,994       363,317  
 
                                    
Income from continuing operations before fixed charges
   $ 51,841     $ 124,104     $ 84,808     $ 117,590     $ 260,240     $ 469,593  
 
                                    
 
                                                
Fixed charges
   $ 49,130     $ 106,909     $ 44,939     $ 58,924     $ 164,994     $ 363,317  
Preferred stock dividends
     5,064       20,256       20,259       20,273       20,362       20,446  
 
                                    
Combined fixed charges and preferred stock dividends
   $ 54,194     $ 127,165     $ 65,198     $ 79,197     $ 185,356     $ 383,763  
 
                                    
 
                                                
Ratio of income from continuing operations before fixed charges to combined fixed charges and preferred stock dividends
     0.96:1       0.98:1       1.30:1       1.48:1       1.40:1       1.22:1