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:

	Six Months
	Ended		Year Ended December 31,
	June 30, 2007		2006		2005		2004		2003		2002
Fixed charges	$	135,070	$	235,521	$	106,909	$	44,939	$	58,924	$	164,994
Preferred stock dividends		10,128		20,256		20,256		20,259		20,273		20,362
Combined fixed charges and preferred stock dividends	$	145,198	$	255,777	$	127,165	$	65,198	$	79,197	$	185,356
Fixed charges	$	135,070	$	235,521	$	106,909	$	44,939	$	58,924	$	164,994
Income from continuing operations		12,001		3,843		17,195		39,869		58,666		95,246
	$	147,071	$	239,364	$	124,104	$	84,808	$	117,590	$	260,240
Ratio of income from continuing operations (before fixed charges) to combined fixed charges and preferred stock dividends		1.01:1						1.30:1		1.48:1		1.40:1
Deficiency of income from continuing operations (before fixed charges) to combined fixed charges and preferred stock dividends			$	16,413	$	3,061