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, 2008		2007		2006		2005		2004		2003
Fixed charges	$	128,699	$	275,648	$	235,521	$	106,909	$	44,939	$	58,924
Preferred stock dividends		5,063		20,256		20,256		20,256		20,259		20,273
Combined fixed charges and preferred stock dividends	$	133,762	$	295,904	$	255,777	$	127,165	$	65,198	$	79,197
Fixed charges	$	128,699	$	275,648	$	235,521	$	106,909	$	44,939	$	58,924
Income from continuing operations		66,875		24,713		3,843		17,195		39,869		58,666
	$	195,574	$	300,361	$	239,364	$	124,104	$	84,808	$	117,590
Ratio of income from continuing operations (before fixed charges) to combined fixed charges and preferred stock dividends		1.46:1		1.02:1						1.30:1		1.48:1
Deficiency of income from continuing operations (before fixed charges) to combined fixed charges and preferred stock dividends					$	16,413	$	3,061