EXHIBIT 12

CAPSTEAD MORTGAGE CORPORATION

COMPUTATION OF RATIO OF NET INCOME TO COMBINED FIXED CHARGES AND

PREFERRED STOCK DIVIDENDS

(In thousands, except ratios)

(Unaudited)

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

	Year Ended December 31
	2010		2009		2008		2007		2006
Fixed charges	$	56,251	$	128,830	$	258,453	$	275,648	$	235,521
Preferred stock dividends		20,233		20,239		20,251		20,256		20,256
Combined fixed charges and preferred stock dividends	$	76,484	$	149,069	$	278,704	$	295,904	$	255,777
Fixed charges	$	56,251	$	128,830	$	258,453	$	275,648	$	235,521
Net income		126,896		129,263		125,923		24,713		3,843
	$	183,147	$	258,093	$	384,376	$	300,361	$	239,364
Ratio of net income to combined fixed charges and preferred stock dividends		2.39:1		1.73:1		1.38:1		1.02:1
Deficiency of net income (before fixed charges) to combined fixed charges and preferred stock dividends									$	16,413