EX-12 2 ex12.htm EXHIBIT 12
EXHIBIT 12

CAPSTEAD MORTGAGE CORPORATION
COMPUTATION OF RATIO OF NET INCOME TO FIXED CHARGES AND RATIO OF NET
INCOME TO COMBINED FIXED CHARGES AND PREFERRED STOCK ITEMS
(In thousands, except ratios)
(Unaudited)

Computation of ratio of net income to fixed charges:

 
  
Nine Months
Ended
September 30,
    
Year Ended December 31
  
 
  
2013
    
2012
    
2011
    
2010
    
2009
    
2008
  
Fixed charges
  
$
57,536
    
$
77,848
    
$
66,080
    
$
56,251
    
$
128,830
    
$
258,453
  
Fixed charges
  
$
57,536
    
$
77,848
    
$
66,080
    
$
56,251
    
$
128,830
    
$
258,453
  
Net income
    
89,514
      
163,626
      
160,204
      
126,896
      
129,263
      
125,923
  
 
  
$
147,050
    
$
241,474
    
$
226,284
    
$
183,147
    
$
258,093
    
$
384,376
  
Ratio of net income to fixed charges
  
2.56:1
    
3.10:1
    
3.42:1
    
3.26:1
    
2.00:1
    
1.49:1
  

Computation of ratio of net income to combined fixed charges and preferred stock items:

 
  
Nine Months
Ended
September 30,
    
Year Ended December 31
  
 
  
2013
    
2012
    
2011
    
2010
    
2009
    
2008
  
Fixed charges
  
$
57,536
    
$
77,848
    
$
66,080
    
$
56,251
    
$
128,830
    
$
258,453
  
Preferred stock items:
                                                
Redemption preference premiums*
    
19,924
      
–
      
–
      
–
      
–
      
–
  
Dividends
    
14,325
      
21,021
      
20,369
      
20,233
      
20,239
      
20,251
  
Combined fixed charges and  preferred stock items
  
$
91,785
    
$
98,869
    
$
86,449
    
$
76,484
    
$
149,069
    
$
278,704
  
 
                                                
Fixed charges
  
$
57,536
    
$
77,848
    
$
66,080
    
$
56,251
    
$
128,830
    
$
258,453
  
Net income
    
89,514
      
163,626
      
160,204
      
126,896
      
129,263
      
125,923
  
 
  
$
147,050
    
$
241,474
    
$
226,284
    
$
183,147
    
$
258,093
    
$
384,376
  
Ratio of net income to combined  fixed charges and preferred  stock items
  
1.60:1
    
2.44:1
    
2.62:1
    
2.39:1
    
1.73:1
    
1.38:1
  

* Capstead’s Series A and B preferred shares were redeemed on June 13, 2013.  See NOTE 9 to the consolidated financial statements (included under Item 1 of this report).  The ratio of net income to combined fixed charges and preferred stock dividends excluding the redemption preference premiums was 2.05:1 for the nine months ended September 30, 2013.