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:

 
Three Months
Ended
    
Year Ended December 31
  
 
  
March 31,
2014
    
2013
    
2012
    
2011
    
2010
    
2009
  
Fixed charges
  
$
17,529
    
$
75,104
    
$
77,848
    
$
66,080
    
$
56,251
    
$
128,830
  
Fixed charges
  
$
17,529
    
$
75,104
    
$
77,848
    
$
66,080
    
$
56,251
    
$
128,830
  
Net income
    
38,391
      
126,487
      
163,626
      
160,204
      
126,896
      
129,263
  
 
  
$
55,920
    
$
201,591
    
$
241,474
    
$
226,284
    
$
183,147
    
$
258,093
  
Ratio of net income to fixed charges
  
3.19:1
    
2.68:1
    
3.10:1
    
3.42:1
    
3.26:1
    
2.00:1
  

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

 
Three Months
Ended
    
Year Ended December 31
  
 
  
March 31,
2014
    
2013
    
2012
    
2011
    
2010
    
2009
  
Fixed charges
  
$
17,529
    
$
75,104
    
$
77,848
    
$
66,080
    
$
56,251
    
$
128,830
  
Preferred stock items:
                                                
Redemption preference premiums*
    
–
      
19,924
      
–
      
–
      
–
      
–
  
Dividends
    
3,238
      
17,536
      
21,021
      
20,369
      
20,233
      
20,239
  
Combined fixed charges and preferred stock items
  
$
20,767
    
$
112,564
    
$
98,869
    
$
86,449
    
$
76,484
    
$
149,069
  
 
                                                
Fixed charges
  
$
17,529
    
$
75,104
    
$
77,848
    
$
66,080
    
$
56,251
    
$
128,830
  
Net income
    
38,391
      
126,487
      
163,626
      
160,204
      
126,896
      
129,263
  
 
  
$
55,920
    
$
201,591
    
$
241,474
    
$
226,284
    
$
183,147
    
$
258,093
  
Ratio of net income to combined fixed charges and preferred stock items
  
2.69:1
    
1.79:1
    
2.44:1
    
2.62:1
    
2.39:1
    
1.73:1
  

* Capstead’s Series A and B preferred shares were redeemed on June 13, 2013.  The ratio of net income to combined fixed charges and preferred stock dividends excluding the redemption preference premiums was 2.18:1 for the year ended December 31, 2013.