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:
 
   
Six Months
Ended
June 30,
    
Year Ended December 31
  
   
2015
    
2014
    
2013
    
2012
    
2011
    
2010
  
Fixed charges
  
$
43,557
    
$
73,643
    
$
75,104
    
$
77,848
    
$
66,080
    
$
56,251
  
Fixed charges
  
$
43,557
    
$
73,643
    
$
75,104
    
$
77,848
    
$
66,080
    
$
56,251
  
Net income
    
58,901
      
140,820
      
126,487
      
163,626
      
160,204
      
126,896
  
   
$
102,458
    
$
214,463
    
$
201,591
    
$
241,474
    
$
226,284
    
$
183,147
  
Ratio of net income to fixed charges
  
2.35:1
    
2.91:1
    
2.68:1
    
3.10:1
    
3.42:1
    
3.26:1
  
 
Computation of ratio of net income to combined fixed charges and preferred stock items:
 
   
Six Months
Ended
June 30,
    
Year Ended December 31
  
   
2015
    
2014
    
2013
    
2012
    
2011
    
2010
  
Fixed charges
  
$
43,557
    
$
73,643
    
$
75,104
    
$
77,848
    
$
66,080
    
$
56,251
  
Preferred stock items:
                                                
Redemption preference premiums*
    
–
      
–
      
19,924
      
–
      
–
      
–
  
  Dividends
    
7,530
      
13,781
      
17,536
      
21,021
      
20,369
      
20,233
  
Combined fixed charges and preferred stock items
  
$
51,087
    
$
87,424
    
$
112,564
    
$
98,869
    
$
86,449
    
$
76,484
  
                                                 
Fixed charges
  
$
43,557
    
$
73,643
    
$
75,104
    
$
77,848
    
$
66,080
    
$
56,251
  
Net income
    
58,901
      
140,820
      
126,487
      
163,626
      
160,204
      
126,896
  
   
$
102,458
    
$
214,463
    
$
201,591
    
$
241,474
    
$
226,284
    
$
183,147
  
Ratio of net income to combined fixed charges and preferred stock items
  
2.01:1
    
2.45:1
    
1.79:1
    
2.44:1
    
2.62:1
    
2.39:1
  

* Capstead’s Series A and B preferred shares were redeemed in June 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.