EXHIBIT 12

CAPSTEAD MORTGAGE CORPORATION

COMPUTATION OF RATIO OF INCOME FROM CONTINUING OPERATIONS TO

COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(In thousands, except ratios)

(Unaudited)

Computation of ratio of income from continuing operations to combined fixed charges and preferred stock dividends:

	Year Ended December 31
	2009		2008		2007		2006		2005
Fixed charges	$	128,830	$	258,453	$	275,648	$	235,521	$	106,909
Preferred stock dividends		20,239		20,251		20,256		20,256		20,256
Combined fixed charges and preferred stock dividends	$	149,069	$	278,704	$	295,904	$	255,777	$	127,165
Fixed charges	$	128,830	$	258,453	$	275,648	$	235,521	$	106,909
Income from continuing operations		129,263		125,923		24,713		3,843		17,195
	$	258,093	$	384,376	$	300,361	$	239,364	$	124,104
Ratio of income from continuing operations to combined fixed charges and preferred stock dividends		1.73:1		1.38:1		1.02:1
Deficiency of income from continuing operations (before fixed charges) to combined fixed charges and preferred stock dividends							$	16,413	$	3,061