10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

Amendment No. 1

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: June 30, 2011

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File Number: 001-08896

CAPSTEAD MORTGAGE CORPORATION

(Exact name of Registrant as specified in its Charter)

Maryland	75-2027937
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
8401 North Central Expressway, Suite 800, Dallas, TX	75225
(Address of principal executive offices)	(Zip Code)

(214) 874-2323

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    YES  x    NO  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    YES  x    NO  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES  ¨    NO  x

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock ($0.01 par value) 84,395,970 as of August 1, 2011

EXPLANATORY NOTE – Exhibit 101

This Form 10-Q/A amends the Quarterly Report on Form 10-Q of Capstead Mortgage Corporation for the quarter ended June 30, 2011 filed on August 1, 2011 for the sole purpose of furnishing Exhibit 101. Exhibit 101 to this report provides financial information formatted in Extensible Business Reporting Language (XBRL) in accordance with Rule 405 of Regulation S-T.

This Amendment No. 1 does not reflect any events occurring subsequent to the August 1, 2011 filing date of the original Form 10-Q for the quarter ended June 30, 2011 or in any way modify or update disclosures made in the original Form 10-Q filing for the quarter ended June 30, 2011.

Users of this data are advised that pursuant to Rule 406T of Regulation S-T, Exhibit 101 to this report is deemed not filed or part of a registration statement or prospectus for purposes of sections 11 and 12 of the Securities Act of 1933 and is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934 and is otherwise not subject to liability under these sections.

-2-

ITEM 6.    EXHIBITS

(a) Exhibits:

3.1	Charter, including Articles of Incorporation, Articles Supplementary for each series of preferred shares and all other amendments to such Articles of Incorporation.*
3.2	Amended and Restated Bylaws.*
3.3	Articles of Amendment of Articles of Incorporation of the Registrant dated as of May 29, 2008.*
10.01	Amended Restated Deferred Compensation Plan.*
10.02	Amended and Restated 2004 Flexible Long-Term Incentive Plan.*
10.03	Second Amended and Restated Incentive Bonus Plan.*
10.04	Forms of nonqualified stock option and restricted stock agreements for non-employee directors.*
10.05	Forms of nonqualified stock option and stock award agreements for employees with service conditions.*
10.06	Nonqualified stock option and stock award agreements for non-employee directors and named executives.*
10.07	Form of stock award agreements for employees with performance conditions granted in 2008 and 2009.*
10.08	Form of stock award agreements for employees with performance conditions and deferral of dividends.*
10.09	Purchase Agreement dated September 23, 2005, by and among the Registrant, the Trust, Merrill Lynch International and Bear, Stearns & Co., Inc. pertaining to the issuance of Capstead Mortgage Trust I preferred securities.*
10.10	Junior Subordinated Indenture dated September 26, 2005, between the Registrant and Wells Fargo Bank pertaining to the issuance of Capstead Mortgage Trust I preferred securities.*
10.11	Amended and Restated Trust Agreement dated September 26, 2005, by and among the Registrant, Wells Fargo Bank, National Association, Wells Fargo Delaware Trust Company, the Administrators and the several Holders, as defined therein, pertaining to the issuance of Capstead Mortgage Trust I preferred securities.*
10.12	Placement Agreement dated December 6, 2005, by and among the Registrant, the Trust, FTN Financial Capital Markets and Keefe, Bruyette & Woods, Inc. pertaining to the issuance of Capstead Mortgage Trust II preferred securities.*
10.13	Indenture dated December 15, 2005, between the Registrant and Wilmington Trust Company regarding junior subordinated debentures due 2035, including a form of debenture pertaining to the issuance of Capstead Mortgage Trust II preferred securities.*
10.14	Amended and Restated Declaration of Trust dated December 15, 2005, by and among the Registrant, Wilmington Trust Company and the Administrators defined therein, including forms of capital security certificates pertaining to the issuance of Capstead Mortgage Trust II preferred securities.*
10.15	Placement Agreement dated September 8, 2006, by and among the Registrant, the Capstead Mortgage Trust III, FTN Financial Capital Markets and Keefe, Bruyette & Woods, Inc. pertaining to the issuance of Capstead Mortgage Trust III preferred securities.*
10.16	Indenture dated September 11, 2006, between the Registrant and Wilmington Trust Company regarding junior subordinated debentures due 2036, including a form of debenture pertaining to the issuance of Capstead Mortgage Trust III preferred securities.*

-3-

10.17	Amended and Restated Declaration of Trust dated September 11, 2006, by and among the Registrant, Wilmington Trust Company and the Administrators defined therein, including forms of capital security certificates pertaining to the issuance of Capstead Mortgage Trust III preferred securities.*
12	Computation of ratio of income from continuing operations to combined fixed charges and preferred stock dividends.*
31.1	Certification pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002*
31.2	Certification pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002*
32	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*

Exhibit 101.INS – XBRL Instance Document**

Exhibit 101.SCH – XBRL Taxonomy Extension Schema**

Exhibit 101.CAL – XBRL Taxonomy Extension Calculation Linkbase**

Exhibit 101.DEF – XBRL Additional Taxonomy Extension Definition Linkbase**

Exhibit 101.LAB – XBRL Taxonomy Extension Label Linkbase**

Exhibit 101.PRE – XBRL Taxonomy Extension Presentation Linkbase**

* Previously included or incorporated by reference in Capstead Mortgage Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011 filed on August 1, 2011

** Furnished electronically herewith

-4-

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	CAPSTEAD MORTGAGE CORPORATION
	Registrant
Date: August 25, 2011	By:	/s/ ANDREW F. JACOBS
		Andrew F. Jacobs
		President and Chief Executive Officer
Date: August 25, 2011	By:	/s/ PHILLIP A. REINSCH
		Phillip A. Reinsch
		Executive Vice President and
		Chief Financial Officer

-5-

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Consolidated Balance Sheets (Parenthetical) (USD $) Share data in Thousands, except Per Share data	Jun. 30, 2011	Dec. 31, 2010
Mortgage securities and similar investments, pledged under repurchase arrangements	$ 10,960,000,000	$ 8,220,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	250,000	250,000
Common stock, shares issued	81,311	70,259
Common stock, shares outstanding	81,311	70,259
$1.60 Cumulative Preferred Stock, Series A
Preferred stock, shares issued	187	187
Preferred stock, shares outstanding	187	187
Preferred stock, aggregate liquidation preference	3,072,000	3,072,000
Preferred Stock [Member]
Preferred stock, par value	$ 0.1	$ 0.1
Preferred stock, shares authorized	100,000	100,000
$1.26 Cumulative Convertible Preferred Stock, Series B
Preferred stock, shares issued	15,865	15,819
Preferred stock, shares outstanding	15,865	15,819
Preferred stock, aggregate liquidation preference	$ 180,543,000	$ 180,543,000

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Consolidated Statements Of Income (USD $) In Thousands, except Per Share data	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Interest income:
Mortgage securities and similar investments	$ 63,136	$ 47,634	$ 116,277	$ 107,784
Other	58	135	171	227
Interest income, operating, total	63,194	47,769	116,448	108,011
Interest expense:
Repurchase arrangements and similar borrowings	(13,706)	(11,146)	(26,028)	(24,514)
Unsecured borrowings	(2,187)	(2,187)	(4,374)	(4,374)
Other	(1)		(5)
Interest expense	(15,894)	(13,333)	(30,407)	(28,888)
Net interest income (expense)	47,300	34,436	86,041	79,123
Other revenue (expense):
Miscellaneous other revenue (expense)	(599)	(98)	(817)	(303)
Incentive compensation	(1,487)	(1,330)	(2,720)	(2,745)
Salaries and benefits	(1,672)	(1,463)	(3,373)	(3,106)
Other general and administrative expense	(1,066)	(1,851)	(2,028)	(2,903)
Operating expenses	(4,824)	(4,742)	(8,938)	(9,057)
Income before equity in earnings of unconsolidated affiliates	42,476	29,694	77,103	70,066
Equity in earnings of unconsolidated affiliates	65	65	130	130
Net income	42,541	29,759	77,233	70,196
Net income available to common stockholders:
Net income	42,541	29,759	77,233	70,196
Less cash dividends paid on preferred shares	(5,060)	(5,059)	(10,118)	(10,117)
Net income (loss) available to common stockholders, basic, total	$ 37,481	$ 24,700	$ 67,115	$ 60,079
Net income per common share:
Basic	$ 0.48	$ 0.35	$ 0.90	$ 0.86
Diluted	$ 0.48	$ 0.35	$ 0.90	$ 0.86
Cash dividends declared per share:
Common	$ 0.480	$ 0.360	$ 0.890	$ 0.860
Series A Preferred	$ 0.400	$ 0.400	$ 0.800	$ 0.800
Series B Preferred	$ 0.315	$ 0.315	$ 0.630	$ 0.630

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Compensation Programs (Tables)

6 Months Ended

Jun. 30, 2011

Compensation Programs

Schedule Of Dividend Equivalent Rights

Month of Grant	Total Grant		Quarter Ended June 30, 2011		Six Months Ended June 30, 2011
July 2008		225,000		$108,000		$200,000
July 2009		225,000		108,000		200,000
July 2010		60,000		29,000		54,000
				$245,000		$454,000

Schedule Of Service-Based Stock Awards

Year of Grant	Grant Date Fair Value Per Share	Total Original Grants		Shares Vesting In:
				2011		2012		2013		2014
2006	$  8.06		218,957		42,499		–		–		–
2007	12.93		156,000		22,665		22,498		22,497		22,497
2008	12.87		6,000		–		–		–		–
2009	11.39		6,000		–		–		–		–
2010	11.64		12,000		12,000		–		–		–
2011	13.23		24,000		–		24,000		–		–

Schedule Of Performance Based Stock Awards

Year of Grant	Grant Date Fair Value Per Share		Total Original Grants	Final Measurement Period Ends December 31	Remaining Shares with Initial Measurement Periods Ending December 31
					2011		2012		2013		2014
2008		$10.18	140,658	2015		67,597		67,597		–		–
2009		14.33	110,917	2016		–		55,043		55,035		–
2010		12.44	128,766	2017		–		–		64,087		64,077

Schedule Of Stock Award Activity

	Number of Shares			Weighted Average Grant Date Fair Value
Stock awards outstanding at December 31, 2010		521,100			$11.96
Grants		24,000			13.23
Vestings		(77,164	)		10.15
Forfeitures		(3,008	)		12.27
Stock awards outstanding at June 30, 2011		464,928			12.33

Schedule Of Option Award Activity

	Number of Shares			Weighted Average Exercise Price
Option awards outstanding at December 31, 2010		288,125			$10.48
Exercises		(6,875	)		9.61
Option awards outstanding at June 30, 2011		281,250			10.51

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Document And Entity Information	6 Months Ended
	Jun. 30, 2011	Aug. 01, 2011
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Trading Symbol	CMO
Entity Registrant Name	CAPSTEAD MORTGAGE CORP
Entity Central Index Key	0000766701
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		84,395,970

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Earnings Per Common Share (Potentially Dilutive Securities Excluded From Computation Of Earnings Per Share) (Details) In Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Earnings Per Common Share
Antidilutive convertible preferred shares	15,865	15,819	15,865	15,819
Shares issuable under option awards	10	70	10	40
Unvested stock awards		202		111

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Net Interest Income Analysis (Interest Income, Interest Expense And Weighted Average Interest Rates) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended			6 Months Ended
	Jun. 30, 2011		Jun. 30, 2010	Jun. 30, 2011		Jun. 30, 2010
Mortgage securities and similar investments	$ 63,136		$ 47,634	$ 116,277		$ 107,784
Interest Income, operating	63,194		47,769	116,448		108,011
Repurchase arrangements and similar borrowings	(13,706)		(11,146)	(26,028)		(24,514)
Unsecured borrowings	(2,187)		(2,187)	(4,374)		(4,374)
Other	(1)			(5)
Interest expense	(15,894)		(13,333)	(30,407)		(28,888)
Net interest income (expense)	47,300		34,436	86,041		79,123
Mortgage securities and similar investments, Average Rate	2.38%		2.55%	2.37%		2.83%
Other, Average Rate	0.12%		0.19%	0.16%		0.16%
Interest Income, Average Rate	2.34%		2.47%	2.32%		2.73%
Repurchase arrangements and similar borrowings, Average Rate	0.55%		0.64%	0.57%		0.69%
Unsecured Borrowings, Average rate	8.49%		8.49%	8.49%		8.49%
Other Interest Expense, Average Rate	0.10%			0.14%
Interest expenses, Average Rate	0.64%		0.76%	0.66%		0.80%
Interest income and interest expenses, Average Rate	1.70%		1.71%	1.66%		1.93%
Related Changes In Rate [Member]
Mortgage securities and similar investments	(3,353)	[1]		(19,341)	[1]
Other	(41)	[1]			[1]
Interest Income, operating	(3,394)	[1]		(19,341)	[1]
Repurchase arrangements and similar borrowings	(1,715)	[1]		(4,694)	[1]
Unsecured borrowings		[1]			[1]
Other		[1]			[1]
Interest expense	(1,715)	[1]		(4,694)	[1]
Net interest income (expense)	(1,679)	[1]		(14,647)	[1]
Related Changes In Volume [Member]
Mortgage securities and similar investments	18,855	[1]		27,834	[1]
Other	(36)	[1]		(56)	[1]
Interest Income, operating	18,819	[1]		27,778	[1]
Repurchase arrangements and similar borrowings	4,275	[1]		6,208	[1]
Unsecured borrowings		[1]			[1]
Other	1	[1]		5	[1]
Interest expense	4,276	[1]		6,213	[1]
Net interest income (expense)	14,543	[1]		21,565	[1]
Related Changes In Total [Member]
Mortgage securities and similar investments	15,502	[1]		8,493	[1]
Other	(77)	[1]		(56)	[1]
Interest Income, operating	15,425	[1]		8,437	[1]
Repurchase arrangements and similar borrowings	2,560	[1]		1,514	[1]
Unsecured borrowings		[1]			[1]
Other	1	[1]		5	[1]
Interest expense	2,561	[1]		1,519	[1]
Net interest income (expense)	$ 12,864	[1]		$ 6,918	[1]

[1] The change in interest income and interest expense due to both volume and rate has been allocated to volume and rate changes in proportion to the relationship of the absolute dollar amounts of the change in each.

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Unsecured Borrowings

6 Months Ended

Jun. 30, 2011

Unsecured Borrowings

Unsecured Borrowings

NOTE 7 — UNSECURED BORROWINGS

Unsecured borrowings consist of 30-year junior subordinated notes issued in 2006 and 2005 to three special-purpose statutory trusts. These unconsolidated affiliates were formed to issue $3.1 million of the trusts' common securities to Capstead and to privately place $100 million of preferred securities with unrelated third party investors. Included in Receivables and other assets are $2.5 million in remaining issue costs associated with these transactions. Note balances and related weighted average interest rates as of June 30, 2011 and December 31, 2010 (calculated including issue cost amortization) were as follows (dollars in thousands):

	Borrowings Outstanding			Average Rate
Junior subordinated notes:
Capstead Mortgage Trust I		$	36,083	8.31%
Capstead Mortgage Trust II			41,238	8.46
Capstead Mortgage Trust III			25,774	8.78
		$	103,095	8.49

The junior subordinated notes pay interest to the trusts quarterly calculated at fixed rates of 8.19% to 8.685% for ten years from issuance and subsequently at prevailing three-month LIBOR rates plus 3.30% to 3.50% for 20 years, reset quarterly. The trusts remit dividends pro rata to the common and preferred trust securities based on the same terms as the subordinated notes provided that payments on the trusts' common securities are subordinate to payments on the related preferred securities. The Capstead Mortgage Trust I notes and trust securities mature in October 2035 and are redeemable, in whole or in part, without penalty, at the Company's option anytime on or after October 30, 2010. The Capstead Mortgage Trust II notes and trust securities mature in December 2035 and are redeemable, in whole or in part, without penalty, at the Company's option anytime on or after December 15, 2015. The Capstead Mortgage Trust III notes and trust securities mature in September 2036 and are redeemable, in whole or in part, without penalty, at the Company's option anytime on or after September 15, 2016.

During 2010, the Company entered into three forward-starting three-month LIBOR-indexed, pay-fixed, receive-variable, interest rate swap agreements with notional amounts totaling $100 million, average fixed rates of 4.09% and 20-year terms coinciding with the floating-rate terms of the Company's Unsecured borrowings that begin in 2015 and 2016. These derivatives are designated as cash flow hedges of the variability of the underlying benchmark interest rate associated with the floating-rate terms of these borrowings. After considering these cash-flow hedges, the effective borrowing rate during the final 20 years of these borrowings will average 7.56%, subject to certain adjustments for the effects of measured hedge ineffectiveness, if any.

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Mortgage Securities And Similar Investments (Narrative) (Details) (USD $)	6 Months Ended
	Jun. 30, 2011	Dec. 31, 2009
Mortgage securities weighted average contractual maturity, months	287
Number of unsold completed units	15
Amount of securities collateralized	$ 3,600,000
Impairment charge related to real estate held for sale	470,000
Amount of investment written off		39,200,000
Maximum [Member]
Agency securities months to roll	18
Minimum [Member]
Agency securities months to roll	18
Current-Reset ARMs [Member]
Investments held, basis amount	8,740,000,000
Agency securities average months to roll	5.8
Longer-To-Reset ARMs [Member]
Investments held, basis amount	$ 2,460,000,000
Agency securities average months to roll	44.1

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Compensation Programs (Schedule Of Service-Based Stock Awards Activity) (Details) (USD $)	6 Months Ended
	Jun. 30, 2011
Grant Date Fair Value Per Share	$ 13.23
Total Original Grants	24,000
Remaining shares vesting in period	77,164
2008 [Member] | Service Based Stock Award [Member]
Year of Grant	2008
Grant Date Fair Value Per Share	$ 12.87
Total Original Grants	6,000
2008 [Member] | Service Based Stock Award [Member] | Remaining Shares Vesting In: 2011 [Member]
Remaining shares vesting in period
2008 [Member] | Service Based Stock Award [Member] | Remaining Shares Vesting In: 2012 [Member]
Remaining shares vesting in period
2008 [Member] | Service Based Stock Award [Member] | Remaining Shares Vesting In: 2013 [Member]
Remaining shares vesting in period
2008 [Member] | Service Based Stock Award [Member] | Remaining Shares Vesting In: 2014 [Member]
Remaining shares vesting in period
2009 [Member] | Service Based Stock Award [Member]
Year of Grant	2009
Grant Date Fair Value Per Share	$ 11.39
Total Original Grants	6,000
2009 [Member] | Service Based Stock Award [Member] | Remaining Shares Vesting In: 2011 [Member]
Remaining shares vesting in period
2009 [Member] | Service Based Stock Award [Member] | Remaining Shares Vesting In: 2012 [Member]
Remaining shares vesting in period
2009 [Member] | Service Based Stock Award [Member] | Remaining Shares Vesting In: 2013 [Member]
Remaining shares vesting in period
2009 [Member] | Service Based Stock Award [Member] | Remaining Shares Vesting In: 2014 [Member]
Remaining shares vesting in period
2010 [Member] | Service Based Stock Award [Member]
Year of Grant	2010
Grant Date Fair Value Per Share	$ 11.64
Total Original Grants	12,000
2010 [Member] | Service Based Stock Award [Member] | Remaining Shares Vesting In: 2011 [Member]
Remaining shares vesting in period	12,000
2010 [Member] | Service Based Stock Award [Member] | Remaining Shares Vesting In: 2012 [Member]
Remaining shares vesting in period
2010 [Member] | Service Based Stock Award [Member] | Remaining Shares Vesting In: 2013 [Member]
Remaining shares vesting in period
2010 [Member] | Service Based Stock Award [Member] | Remaining Shares Vesting In: 2014 [Member]
Remaining shares vesting in period
Service Based Stock Award [Member] | 2006 [Member]
Year of Grant	2006
Grant Date Fair Value Per Share	$ 8.06
Total Original Grants	218,957
Service Based Stock Award [Member] | 2006 [Member] | Remaining Shares Vesting In: 2011 [Member]
Remaining shares vesting in period	42,499
Service Based Stock Award [Member] | 2006 [Member] | Remaining Shares Vesting In: 2012 [Member]
Remaining shares vesting in period
Service Based Stock Award [Member] | 2006 [Member] | Remaining Shares Vesting In: 2013 [Member]
Remaining shares vesting in period
Service Based Stock Award [Member] | 2006 [Member] | Remaining Shares Vesting In: 2014 [Member]
Remaining shares vesting in period
Service Based Stock Award [Member] | 2007 [Member]
Year of Grant	2007
Grant Date Fair Value Per Share	$ 12.93
Total Original Grants	156,000
Service Based Stock Award [Member] | 2007 [Member] | Remaining Shares Vesting In: 2011 [Member]
Remaining shares vesting in period	22,665
Service Based Stock Award [Member] | 2007 [Member] | Remaining Shares Vesting In: 2012 [Member]
Remaining shares vesting in period	22,498
Service Based Stock Award [Member] | 2007 [Member] | Remaining Shares Vesting In: 2013 [Member]
Remaining shares vesting in period	22,497
Service Based Stock Award [Member] | 2007 [Member] | Remaining Shares Vesting In: 2014 [Member]
Remaining shares vesting in period	22,497
Service Based Stock Award [Member] | 2011 [Member]
Year of Grant	2011
Grant Date Fair Value Per Share	$ 13.23
Total Original Grants	24,000
Service Based Stock Award [Member] | 2011 [Member] | Remaining Shares Vesting In: 2011 [Member]
Remaining shares vesting in period
Service Based Stock Award [Member] | 2011 [Member] | Remaining Shares Vesting In: 2012 [Member]
Remaining shares vesting in period	24,000
Service Based Stock Award [Member] | 2011 [Member] | Remaining Shares Vesting In: 2013 [Member]
Remaining shares vesting in period
Service Based Stock Award [Member] | 2011 [Member] | Remaining Shares Vesting In: 2014 [Member]
Remaining shares vesting in period

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Disclosures Regarding Fair Values Of Financial Instruments (Financial Instruments Other Than Debt Securities) (Details) (USD $) In Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2011	Dec. 31, 2010
Residential mortgage loans, Carrying Amount	$ 9,498	$ 10,720
Residential mortgage loans, Fair Value	9,700	11,000
Interest rate swap agreements, Carrying Amount	9,356	9,597
Interest rate swap agreements at fair value	9,356	9,597
Unsecured borrowings, Carrying Amount	103,095	103,095
Unsecured borrowings, Fair Value	105,200	103,800
Interest rate swap agreements, Carrying Amount	19,962	16,337
Interest rate swap agreements, Fair Value	19,962	16,337
Initial Terms Of Greater Than 120 Days [Member]
Repurchase arrangements, Carrying Amount	316,284
Repurchase arrangements, Fair Value	$ 316,300

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Earnings Per Common Share (Schedule Of Basic And Diluted Earnings Per Common Share) (Details) (USD $) In Thousands, except Per Share data	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Earnings Per Common Share
Net income	$ 42,541	$ 29,759	$ 77,233	$ 70,196
Less cash dividends paid on preferred shares	(5,060)	(5,059)	(10,118)	(10,117)
Unvested stock award participation in earnings	(145)	(138)	(274)	(333)
Numerator for basic earnings per common share	37,336	24,562	66,841	59,746
Weighted average common shares outstanding	77,631	70,124	74,652	69,752
Average unvested stock awards outstanding	(460)	(390)	(459)	(388)
Denominator for basic earnings per common share	77,171	69,734	74,193	69,364
Basic earnings per common share	$ 0.48	$ 0.35	$ 0.90	$ 0.86
Dividends on antidilutive convertible preferred shares	(4,985)	(4,983)	(9,968)	(9,966)
Numerator for diluted earnings per common share	$ 37,411	$ 24,638	$ 66,991	$ 59,897
Net effect of dilutive option awards	80	28	73	42
Net effect of dilutive convertible preferred shares	309	310	309	310
Denominator for diluted earnings per common share	77,560	70,072	74,575	69,716
Diluted earnings per common share	$ 0.48	$ 0.35	$ 0.90	$ 0.86

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Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2011

Earnings Per Common Share

Schedule Of Basic And Diluted Earnings Per Common Share

	Quarter Ended June 30						Six Months Ended June 30
	2011			2010			2011			2010
Basic earnings per common share
Numerator for basic earnings per common share:
Net income	$	42,541		$	29,759		$	77,233		$	70,196
Series A and B preferred share dividends		(5,060	)		(5,059	)		(10,118	)		(10,117	)
Unvested stock award participation in earnings		(145	)		(138	)		(274	)		(333	)
	$	37,336		$	24,562		$	66,841		$	59,746
Denominator for basic earnings per common share:
Weighted average common shares outstanding		77,631			70,124			74,652			69,752
Average unvested stock awards outstanding		(460	)		(390	)		(459	)		(388	)
		77,171			69,734			74,193			69,364
		$0.48			$0.35			$0.90			$0.86
Diluted earnings per common share
Numerator for diluted earnings per common share:
Net income	$	42,541		$	29,759		$	77,233		$	70,196
Dividends on antidilutive convertible preferred shares		(4,985	)		(4,983	)		(9,968	)		(9,966	)
Unvested stock award participation in earnings		(145	)		(138	)		(274	)		(333	)
	$	37,411		$	24,638		$	66,991		$	59,897
Denominator for diluted earnings per common share:
Weighted average common shares outstanding		77,631			70,124			74,652			69,752
Average unvested stock awards outstanding		(460	)		(390	)		(459	)		(388	)
Net effect of dilutive stock and option awards		80			28			73			42
Net effect of dilutive convertible preferred shares		309			310			309			310
		77,560			70,072			74,575			69,716
		$0.48			$0.35			$0.90			$0.86

Potentially Dilutive Securities Excluded From Computation Of Earnings Per Share

	Quarter Ended June 30				Six Months Ended June 30
	2011		2010		2011		2010
Antidilutive convertible preferred shares		15,865		15,819		15,865		15,819
Antidilutive equity awards excludable under the treasury stock method:
Shares issuable under option awards		10		70		10		40
Unvested stock awards		–		202		–		111

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Earnings Per Common Share

6 Months Ended

Jun. 30, 2011

Earnings Per Common Share

Earnings Per Common Share

NOTE 3 — EARNINGS PER COMMON SHARE

Basic earnings per common share is computed by dividing net income, after deducting preferred share dividends and adjusting for the impact of unvested stock awards deemed to be participating securities, by the weighted average number of common shares outstanding, calculated excluding unvested stock awards. Diluted earnings per common share is computed by dividing net income, after deducting dividends on convertible preferred shares when such shares are antidilutive and similar adjustments for participating securities, by the weighted average number of common shares and common share equivalents outstanding calculated excluding unvested stock awards, giving effect to equity awards and convertible preferred shares when such awards and shares are dilutive. For calculation purposes the Series A and B preferred shares are considered dilutive whenever basic earnings per common share exceeds each Series' dividend divided by the conversion rate applicable for that period. Unvested stock awards that are deemed participating securities are included in the calculation of diluted earnings per share, if dilutive, under either the two class method or the treasury stock method, depending upon which method produces the more dilutive result.

Components of the computation of basic and diluted earnings per common share were as follows (dollars in thousands, except per share amounts):

	Quarter Ended June 30						Six Months Ended June 30
	2011			2010			2011			2010
Basic earnings per common share
Numerator for basic earnings per common share:
Net income	$	42,541		$	29,759		$	77,233		$	70,196
Series A and B preferred share dividends		(5,060	)		(5,059	)		(10,118	)		(10,117	)
Unvested stock award participation in earnings		(145	)		(138	)		(274	)		(333	)
	$	37,336		$	24,562		$	66,841		$	59,746
Denominator for basic earnings per common share:
Weighted average common shares outstanding		77,631			70,124			74,652			69,752
Average unvested stock awards outstanding		(460	)		(390	)		(459	)		(388	)
		77,171			69,734			74,193			69,364
		$0.48			$0.35			$0.90			$0.86
Diluted earnings per common share
Numerator for diluted earnings per common share:
Net income	$	42,541		$	29,759		$	77,233		$	70,196
Dividends on antidilutive convertible preferred shares		(4,985	)		(4,983	)		(9,968	)		(9,966	)
Unvested stock award participation in earnings		(145	)		(138	)		(274	)		(333	)
	$	37,411		$	24,638		$	66,991		$	59,897
Denominator for diluted earnings per common share:
Weighted average common shares outstanding		77,631			70,124			74,652			69,752
Average unvested stock awards outstanding		(460	)		(390	)		(459	)		(388	)
Net effect of dilutive stock and option awards		80			28			73			42
Net effect of dilutive convertible preferred shares		309			310			309			310
		77,560			70,072			74,575			69,716
		$0.48			$0.35			$0.90			$0.86

Potentially dilutive securities excluded from the computation of earnings per share because the effect of inclusion was antidilutive during the indicated periods were as follows (in thousands):

	Quarter Ended June 30				Six Months Ended June 30
	2011		2010		2011		2010
Antidilutive convertible preferred shares		15,865		15,819		15,865		15,819
Antidilutive equity awards excludable under the treasury stock method:
Shares issuable under option awards		10		70		10		40
Unvested stock awards		–		202		–		111

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Unsecured Borrowings (Narrative) (Details) (USD $)	6 Months Ended			6 Months Ended						6 Months Ended	12 Months Ended	6 Months Ended
	Jun. 30, 2011	Dec. 31, 2010	Mar. 31, 2008	Jun. 30, 2011 Maximum [Member]	Jun. 30, 2011 Minimum [Member]	Jun. 30, 2011 Capstead Mortgage Trust I [Member]	Jun. 30, 2011 Capstead Mortgage Trust II [Member]	Jun. 30, 2011 Capstead Mortgage Trust III [Member]	Dec. 31, 2010 Junior Subordinated Notes [Member]	Jun. 30, 2011 For Initial Ten Years [Member]	Dec. 31, 2010 For Final Twenty Years [Member]	Jun. 30, 2011 Special-purpose Statutory Trusts [Member]
Junior subordinated notes maturity term (years)	30
Issuance of common securities												$ 3,100,000
Proceeds from private placement of preferred securities												100,000,000
Remaining issue costs	2,500,000
Junior subordinated notes interest rate, minimum										8.19%
Junior subordinated notes interest rate, maximum										8.685%
Interest rate spread over three-month LIBOR				3.50%	3.30%
Junior subordinated notes, maturity period						October 2035	December 2035	September 2036
Junior subordinated notes, earliest redemption option exercise date						Oct. 30, 2010	Dec. 15, 2015	Sep. 15, 2016
Notional amount of swap agreement			$ 100,000,000						$ 100,000,000
Effective borrowing rate considering cash-flow hedges											7.56%
Average fixed rates of interest rate swap agreements		4.09%
Term of interest rate swap agreement (in years)		20

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Disclosures Regarding Fair Values Of Financial Instruments

6 Months Ended

Jun. 30, 2011

Disclosure Regarding Fair Values Of Financial Instruments

Disclosures Regarding Fair Values Of Financial Instruments

NOTE 9 — DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS

The following tables and related discussion provide fair value disclosures as of the indicated balance sheet dates for Capstead's financial assets and liabilities, most of which are influenced by changes in, and market expectations for changes in, interest rates and market liquidity conditions, as well as other factors beyond the control of management. Excluded from these disclosures are financial instruments for which the Company's cost basis is deemed to approximate fair value due primarily to the short duration of these instruments, including Cash and cash equivalents, cash collateral receivable from and payable to interest rate swap counterparties, receivables, payables and borrowings under repurchase arrangements with initial terms of 120 days or less.

The Company's holdings of residential mortgage securities, nearly all of which are classified as available-for-sale, are measured at fair value on a recurring basis using Level Two Inputs in accordance with ASC 820. In determining fair value estimates for mortgage securities the Company considers recent trading activity for similar investments and pricing levels indicated by lenders in connection with designating collateral for repurchase arrangements, provided such pricing levels are considered indicative of actual market clearing transactions. See NOTE 6 for information relative to the valuation of interest rate swap agreements.

Fair value disclosures for financial instruments other than debt securities were as follows (in thousands):

	June 30, 2011				December 31, 2010
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Residential mortgage loans	$	9,498	$	9,700	$	10,720	$	11,000
Interest rate swap agreements		9,356		9,356		9,597		9,597
Financial liabilities:
Repurchase arrangements with initial terms of greater than 120 days		316,284		316,300		–		–
Unsecured borrowings		103,095		105,200		103,095		103,800
Interest rate swap agreements		19,962		19,962		16,337		16,337

Fair value and related disclosures for debt securities were as follows (in thousands):

			Gross Unrealized
	Basis		Gains		Losses		Fair Value
As of June 30, 2011
Agency Securities classified as available-for-sale	$	11,196,191	$	212,005	$	1,184	$	11,407,012
Residential mortgage securities classified as held-to-maturity		7,651		429		–		8,080
As of December 31, 2010
Agency Securities classified as available-for-sale		8,316,307		181,691		1,317		8,496,681
Residential mortgage securities classified as held-to-maturity		8,290		454		–		8,744

	June 30, 2011				December 31, 2010
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position:
One year or greater	$	232		$        1	$	1,694		$        2
Less than one year		568,989		1,183		334,224		1,315
	$	569,221		$ 1,184	$	335,918		$ 1,317

Managing a leveraged portfolio of primarily ARM Agency Securities is the core focus of Capstead's investment strategy and management expects these securities will be held until payoff absent a major shift in the Company's investment focus. Declines in fair value caused by increases in interest rates are typically modest for investments in relatively short-duration ARM Agency Securities compared to investments in longer-duration, fixed-rate assets. These declines are generally recoverable in a relatively short period of time as the coupon interest rates on the underlying mortgage loans reset to rates more reflective of the then current interest rate environment allowing for the potential recovery of financing spreads diminished during periods of rising interest rates.

From a credit risk perspective, the real or implied federal government guarantee associated with Agency Securities, particularly in light of the conservatorship of the GSEs by the federal government, helps ensure that fluctuations in value due to credit risk associated with these securities will be limited. Given that (a) any existing unrealized losses on mortgage securities held by the Company are not attributable to credit risk, (b) the Company typically holds its investments to maturity, and (c) it is more likely than not that the Company will not be required to sell any of its investments, none of these investments are considered other-than-temporarily impaired at June 30, 2011.

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Repurchase Arrangements And Similar Borrowings, Including Related Hedging Activity (Tables)

6 Months Ended

Jun. 30, 2011

Repurchase Arrangements And Similar Borrowings, Including Related Hedging Activity

Schedule Of Repurchase Arrangements And Similar Borrowings, Classified By Type Of Collateral And Remaining Maturities, And Related Weighted Average Interest Rates

	June 30, 2011			December 31, 2010
Collateral Type	Borrowings Outstanding		Average     Rate	Borrowings Outstanding		Average     Rate
Borrowings secured by Agency Securities:
Remaining maturities of 30 days or less		$  8,817,115	0.23%		$ 7,554,225	0.30%
Remaining maturities of 31 to 90 days		1,616,880	0.24		235,000	0.33
Structured financings secured by private residential mortgage securities		3,392	8.04		3,518	7.97
		$10,437,387	0.24		$ 7,792,743	0.31
Quarter-end rates adjusted for effects of related derivatives held as cash flow hedges			0.56			0.63

Schedule Of Average Borrowings Outstanding

	Quarter Ended
	June 30, 2011			December 31, 2010
	Borrowings Outstanding		Average Rate	Borrowings Outstanding		Average Rate
Average borrowings and rates for the indicated quarters, adjusted for the effects of related derivatives held as cash flow hedges		$  9,801,641	0.55%		$ 7,468,614	0.62%

Schedule Of Swap Agreements Expiration Period And Characteristics

Quarter of Contract Expiration	Notional Amount		Average Fixed Rate Payment Requirement
Currently-paying contracts:
Third quarter 2011	$	400,000	1.33%
Fourth quarter 2011		900,000	1.15
First quarter 2012		800,000	1.10
Third quarter 2012		200,000	0.83
First quarter 2013		1,100,000	0.81
Second quarter 2013		700,000	0.96
		4,100,000	1.02
Forward-starting contracts:
Third quarter 2013		300,000	0.87
Fourth quarter 2013		500,000	0.78
	$	4,900,000

Impact Of Derivative Instruments On Statements Of Financial Performance And Financial Position

	Location in Balance Sheet	June 30, 2011			December 31, 2010
Balance sheet-related
Interest rate swap agreements in a gain position (an asset) related to:
Repurchase arrangements and similar borrowings	(a)	$	551			$        734
Unsecured borrowings (see NOTE 7)	(a)		8,805			8,863
			9,356			9,597
Interest rate swap agreements in a loss position (a liability) related to repurchase arrangements and similar borrowings	(a)		(19,962	)		(16,337	)
Related net interest payable	(b)		(11,589	)		(9,847	)
		$	(22,195	)		$(16,587)

(a) The fair value of derivatives with realized and unrealized gains are aggregated and recorded as an asset on the face of the balance sheet separately from the fair value of derivatives with realized and unrealized losses that are recorded as a liability. The amount of unrealized losses that will be recognized in the statement of income over the next twelve months in the form of fixed- and variable-rate swap payments in excess of current market rates totaled $20.7 million at June 30, 2011.

(b) Included in "Accounts payable and accrued expenses" on the face of the balance sheet.

	Location of Gain or (Loss) Recognized in Net Income	Quarter Ended June 30						Six Months Ended June 30
		2011			2010			2011			2010
Income statement-related
Components of effect on interest expense:
Amount of loss reclassified from AOCI:
Effective portion of active positions		$	(7,467	)	$	(6,892	)	$	(13,579	)	$	(15,747	)
Effective portion of terminated positions (a)			–			–			–			(31	)
			(7,467	)		(6,892	)		(13,579	)		(15,778	)
Amount of gain (loss) recognized (ineffective portion)			109			383			(49	)		249
Increase in interest expense and decrease in Net income as a result of the use of derivatives	(b)	$	(7,358	)	$	(6,509	)	$	(13,628	)	$	(15,529	)
Other comprehensive income-related
Amount of loss recognized in other comprehensive income (loss) (effective portion)		$	(16,883	)	$	(10,111	)	$	(17,561	)	$	(25,223	)

(a) In March 2008 a swap agreement with a $100 million notional amount was terminated for a realized loss of $2.3 million which was amortized to earnings over the original two-year term of the derivative (through January 2010).

(b) Included in "Interest expense: Repurchase arrangements and similar borrowings" on the face of the statement of income.

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Compensation Programs

6 Months Ended

Jun. 30, 2011

Compensation Programs

Compensation Programs

NOTE 10 — COMPENSATION PROGRAMS

The compensation committee of Capstead's board of directors administers all compensation programs for employees including salaries and related programs, annual incentive compensation and long-term equity-based awards, as well as other benefit programs.

Performance-based Cash Compensation Program to Augment Base Salaries

In 2008 the compensation committee implemented a performance-based cash compensation program designed to introduce a variable component to the base compensation for executive officers that provides for payments equal to the per share dividend declared on the Company's common stock multiplied by a notional amount of non-vesting or "phantom" common shares ("Dividend Equivalent Rights"). Dividend Equivalent Rights are not attached to any stock or option awards and only have the right to receive the same cash distributions that the Company's common stockholders are entitled to receive during the term of the grants, subject to certain conditions, including continuous service. In July 2010 the committee extended the expiration of previous grants by one year such that at June 30, 2011 all grants expire on July 1, 2013. Dividend Equivalent Rights issued and outstanding and related compensation costs were as follows at June 30, 2011:

Month of Grant	Total Grant		Quarter Ended June 30, 2011		Six Months Ended June 30, 2011
July 2008		225,000		$108,000		$200,000
July 2009		225,000		108,000		200,000
July 2010		60,000		29,000		54,000
				$245,000		$454,000

Annual Incentive Compensation

To provide employees with an appropriate performance-based annual incentive compensation opportunity, each year the committee approves an incentive formula to create an incentive pool equal to a percentage participation in the Company's earnings in excess of a pre-established performance threshold. This formula is intended to serve as a guideline for the creation of an annual incentive pool. The committee has complete discretion with respect to the amount to be distributed from the pool, including its allocation between executive officers and other employees and the form of payment (e.g., cash or equity awards). Distributions are typically made subsequent to year-end.

The formula approved for 2011 and 2010 includes a minimum performance threshold based on return on average long-term investment capital and a maximum amount, or cap, available to be paid in any one year of 50 basis points multiplied by "average long-term investment capital," as defined below. The incentive pool equals a 10% participation in "annual earnings," as defined below, in excess of a benchmark amount based on "average long-term investment capital," as defined below, multiplied by the greater of 10.00% and 8.00% for 2011 and 2010, respectively, or the average 10-year U.S. Treasury rate plus 200 basis points. Annual earnings for formula purposes equates to Net income excluding (i) Incentive compensation expense, (ii) any gain or loss from asset sales or writedowns, including impairment charges, and (iii) interest on Unsecured borrowings, net of equity in the earnings of related statutory trusts reflected in the balance sheet as Investments in unconsolidated affiliates. Average long-term investment capital for formula purposes equates to average Unsecured borrowings, net of related investments in statutory trusts, and average Stockholders' equity, excluding (i) Accumulated other comprehensive income, (ii) incentive compensation accruals, (iii) any gain or loss from asset sales or writedowns, including impairment charges, and (iv) interest accruals on Unsecured borrowings.

During the quarter and six months ended June 30, 2011 the Company recognized Incentive compensation expense totaling $1.5 million and $2.7 million, respectively, the accruals for which are included in Accounts payable and accrued expenses.

Long-term Equity-based Awards

The Company sponsors equity-based award plans to provide for the issuance of stock awards, option awards and other long-term equity-based awards to directors and employees (collectively, the "Plans"). At June 30, 2011, the Plans had 1,180,441 common shares remaining available for future issuance.

The following table includes service-based stock awards issued to directors and employees with related vesting information (subject to certain restrictions, principally continuous service), at June 30, 2011:

Year of Grant	Grant Date Fair Value Per Share	Total Original Grants		Shares Vesting In:
				2011		2012		2013		2014
2006	$  8.06		218,957		42,499		–		–		–
2007	12.93		156,000		22,665		22,498		22,497		22,497
2008	12.87		6,000		–		–		–		–
2009	11.39		6,000		–		–		–		–
2010	11.64		12,000		12,000		–		–		–
2011	13.23		24,000		–		24,000		–		–

In 2008 the Company implemented a performance-based stock award program in lieu of its previous practice of issuing service-based awards to employees. As this program is currently configured, the first 50% of awards granted each year vest provided certain performance criteria pertaining to a three-year measurement period that starts at the beginning of the following calendar year are met. The remaining 50% vests provided performance criteria pertaining to a three-year measurement period beginning one year later are met. If the performance criteria are not met at the end of a three-year measurement period, vesting will be deferred and a new three-year measurement period will be established to include the subsequent year, up to and including the seventh calendar year after the year of grant. Any remaining unvested awards will expire if the performance criteria for the final three-year measurement period are not met. The performance criteria establishes an annualized threshold return that must be exceeded for the awards to vest based on the Company's long-term investment capital, subject to certain adjustments, of the greater of 8.0% or the average 10-year U.S. Treasury rate plus 200 basis points.

The following table includes performance-based stock awards issued to employees with related measurement period information at June 30, 2011:

Year of Grant	Grant Date Fair Value Per Share		Total Original Grants	Final Measurement Period Ends December 31	Remaining Shares with Initial Measurement Periods Ending December 31
					2011		2012		2013		2014
2008		$10.18	140,658	2015		67,597		67,597		–		–
2009		14.33	110,917	2016		–		55,043		55,035		–
2010		12.44	128,766	2017		–		–		64,087		64,077

Total stock award activity for the six months ended June 30, 2011 is summarized below:

	Number of Shares			Weighted Average Grant Date Fair Value
Stock awards outstanding at December 31, 2010		521,100			$11.96
Grants		24,000			13.23
Vestings		(77,164	)		10.15
Forfeitures		(3,008	)		12.27
Stock awards outstanding at June 30, 2011		464,928			12.33

During the quarter and six months ended June 30, 2011, the Company recognized in General and administrative expense $453,000 and $880,000, respectively, related to amortization of the grant date fair value of stock awards assuming performance criteria, if applicable, continue to be met for related initial measurement periods. All service-based stock awards and performance-based stock awards granted prior to 2010 are entitled to receive dividends on a current basis without risk of forfeiture if the related awards do not vest. The 2010 performance-based awards defer the payment of dividends accruing during the vesting period until vesting and if the related awards do not vest these accrued dividends will be forfeited. At June 30, 2011 dividends accrued pertaining to these awards totaled $164,000 and are included in Common stock dividend payable. Unrecognized compensation expense for unvested stock awards totaled $4.0 million as of June 30, 2011, to be expensed over a weighted average period of 1.7 years, assuming related performance criteria are met for the initial measurement periods for performance-based stock awards.

Option awards currently outstanding have contractual terms and vesting requirements at the grant date of ten years and were issued with strike prices equal to the quoted market prices of the Company's common shares on the date of grant. The fair value of each option award was estimated on the date of grant using a Black-Scholes option pricing model. The Company estimated option exercises, expected holding periods and forfeitures based on past experience and expectations for option performance and employee or director attrition. Risk-free rates were based on market rates for the expected life of the options. Expected dividends were based on historical experience and expectations for future performance. Expected volatility factors were based on historical experience. No option awards were granted in 2011 or 2010. In 2009 option awards granted to directors totaled 30,000 common shares with strike prices and grant date fair values of $11.69 and $1.52 per share, respectively. Fair values were determined using average expected terms of four years, and volatility factors, dividend yields and risk-free rates of 51%, 14% and 1.70%, respectively.

Option award activity for the six months ended June 30, 2011 is summarized below:

	Number of Shares			Weighted Average Exercise Price
Option awards outstanding at December 31, 2010		288,125			$10.48
Exercises		(6,875	)		9.61
Option awards outstanding at June 30, 2011		281,250			10.51

Exercisable option awards outstanding as of June 30, 2011 totaled 281,250 shares with a weighted average remaining contractual term of 5.82 years, an average exercise price of $10.51 and an aggregate intrinsic value of $824,000. The total intrinsic value of option awards exercised during the quarter and six months ended June 30, 2011 was $9,000 and $25,000, respectively. During the quarter and six months ended June 30, 2011, the Company recognized in General and administrative expense $1,000 and $3,000, related to option awards, respectively.

Other Benefit Programs

Capstead sponsors a qualified defined contribution retirement plan for all employees and a nonqualified deferred compensation plan for certain of its officers. In general the Company matches up to 50% of a participant's voluntary contribution up to a maximum of 6% of a participant's compensation and makes discretionary contributions of up to another 3% of compensation regardless of participation in the plans. Company contributions are subject to certain vesting requirements. During the quarter and six months ended June 30, 2011, the Company recognized in General and administrative expense $131,000 and $243,000 related to contributions to these plans, respectively.

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Repurchase Arrangements And Similar Borrowings, Including Related Hedging Activity (Schedule Of Average Borrowing Outstanding) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Jun. 30, 2011	Dec. 31, 2010
Secured Debt Outstanding	$ 10,437,387	$ 7,792,743
Average Borrowings And Rates For The Indicated Quarters, Adjusted For The Effects Of Related Derivatives Held As Cash Flow Hedges [Member]
Secured Debt Outstanding	$ 9,801,641	$ 7,468,614
Average Rate	0.55%	0.62%

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Comprehensive Income

6 Months Ended

Jun. 30, 2011

Comprehensive Income

Comprehensive Income

NOTE 8 — COMPREHENSIVE INCOME

Comprehensive income is net income plus other comprehensive income (loss). Other comprehensive income (loss) currently consists of the change in net unrealized gains on available-for-sale mortgage securities and amounts related to derivatives held as cash flow hedges. As of June 30, 2011, the Accumulated other comprehensive income (loss) component of Stockholders' equity consisted of net unrealized gains on mortgage securities held available-for-sale totaling $210.8 million and net unrealized losses on derivatives held as cash flow hedges totaling $10.5 million. The following provides information regarding the components of comprehensive income (in thousands):

	Quarter Ended June 30						Six Months Ended June 30
	2011			2010			2011			2010
Net income	$	42,541		$	29,759		$	77,233		$	70,196
Other comprehensive income (loss):
Amounts related to available-for-sale securities:
Change in net unrealized gains		29,439			7,048			30,447			(3,314	)
Amounts related to cash flow hedges:
Change in net unrealized losses		(16,883	)		(10,111	)		(17,561	)		(25,223	)
Reclassification adjustment for amounts included in net income		7,467			6,892			13,579			15,778
Other comprehensive income (loss)		20,023			3,829			26,465			(12,759	)
Comprehensive income	$	62,564		$	33,588		$	103,698		$	57,437

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Business

6 Months Ended

Jun. 30, 2011

Business

Business

NOTE 1 — BUSINESS

Capstead Mortgage Corporation operates as a self-managed real estate investment trust for federal income tax purposes (a "REIT") and is based in Dallas, Texas. Unless the context otherwise indicates, Capstead Mortgage Corporation, together with its subsidiaries, is referred to as "Capstead" or the "Company." Capstead earns income from investing in a leveraged portfolio of residential mortgage pass-through securities consisting almost exclusively of adjustable-rate mortgage ("ARM") securities issued and guaranteed by government-sponsored enterprises, either Fannie Mae or Freddie Mac (together, the "GSEs"), or by an agency of the federal government, Ginnie Mae. Agency-guaranteed residential mortgage pass-through securities ("Agency Securities") are considered to have limited, if any, credit risk, particularly in light of the conservatorship of the GSEs by the federal government.

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Mortgage Securities And Similar Investments

6 Months Ended

Jun. 30, 2011

Mortgage Securities And Similar Investments

Mortgage Securities And Similar Investments

NOTE 4 — MORTGAGE SECURITIES AND SIMILAR INVESTMENTS

Mortgage securities and similar investments and related weighted average coupon rates ("net WAC") and average yields classified by collateral type and interest rate characteristics were as follows (dollars in thousands):

	Principal Balance		Investment Premiums		Basis		Carrying Amount (a)		Net WAC  (b)	Average Yield (b)
June 30, 2011
Agency Securities:
Fannie Mae/Freddie Mac:
Fixed-rate	$	4,386		$          13	$	4,399	$	4,410	6.77%	6.49%
ARMs		9,705,239		251,605		9,956,844		10,154,164	3.03	2.36
Ginnie Mae ARMs		1,206,258		32,949		1,239,207		1,252,697	3.20	2.54
		10,915,883		284,567		11,200,450		11,411,271	3.05	2.38
Residential mortgage loans:
Fixed-rate		3,351		6		3,357		3,357	6.97	6.50
ARMs		6,118		23		6,141		6,141	3.49	3.98
		9,469		29		9,498		9,498	4.72	4.84
Collateral for structured financings		3,337		55		3,392		3,392	8.04	7.88
	$	10,928,689		$284,651	$	11,213,340	$	11,424,161	3.05	2.38
December 31, 2010
Agency Securities:
Fannie Mae/Freddie Mac:
Fixed-rate	$	4,927		$          14	$	4,941	$	4,955	6.78%	6.60%
ARMs		7,660,269		158,260		7,818,529		7,991,122	3.09	2.49
Ginnie Mae ARMs		489,579		8,030		497,609		505,376	3.12	2.57
		8,154,775		166,304		8,321,079		8,501,453	3.09	2.50
Residential mortgage loans:
Fixed-rate		3,455		6		3,461		3,461	6.98	7.03
ARMs		7,235		24		7,259		7,259	3.45	3.79
		10,690		30		10,720		10,720	4.59	4.83
Collateral for structured financings		3,461		57		3,518		3,518	7.97	8.07
Senior notes		–		–		–		–	–	8.75
	$	8,168,926		$166,391	$	8,335,317	$	8,515,691	3.10	2.51

(a) Includes unrealized gains and losses for securities classified as available-for-sale, if applicable, (see NOTE 9).

(b) Net WAC is presented net of servicing and other fees and represents the cash yield inherent in the portfolio as of the indicated balance sheet date, before amortization of investment premiums. Average yield is presented for the quarter then ended, calculated including the amortization of investment premiums and excluding unrealized gains and losses.

Agency Securities carry an implied AAA rating and therefore limited credit risk, particularly in light of the conservatorship of the GSEs by the federal government in 2008. Residential mortgage loans held by the Company were originated prior to 1995 when Capstead operated a mortgage conduit and the related credit risk is borne by the Company. Collateral for structured financings consists of private residential mortgage securities obtained through the above-mentioned mortgage conduit that are pledged to secure repayment of the structured financings. The credit risk for these securities is borne by the related bondholders. The maturity of mortgage securities is directly affected by prepayments of principal on the underlying mortgage loans. Consequently, the actual maturity of the Company's mortgage securities will be significantly shorter than the portfolio's weighted average contractual maturity of 287 months. 

Fixed-rate investments are generally Agency Securities backed by mortgage loans with fixed rates of interest. Adjustable-rate investments generally are ARM Agency Securities backed by residential mortgage loans that have coupon interest rates that adjust at least annually to more current interest rates or begin doing so after an initial fixed-rate period. After the initial fixed-rate period, if applicable, mortgage loans underlying ARM securities either (i) adjust annually based on specified margins over the one-year Constant Maturity U.S. Treasury Note Rate ("CMT") or the one-year London interbank offered rate ("LIBOR"), (ii) adjust semiannually based on specified margins over six-month LIBOR, or (iii) adjust monthly based on specified margins over indices such as one-month LIBOR, the Eleventh District Federal Reserve Bank Cost of Funds Index, or over a rolling twelve month average of the one-year CMT index, usually subject to periodic and lifetime limits, or caps, on the amount of such adjustments during any single interest rate adjustment period and over the contractual term of the underlying loans.

Capstead classifies its ARM securities based on each security's average number of months until coupon reset ("months to roll"). Months to roll is an indicator of asset duration which is a measure of market price sensitivity to interest rate movements. Current-reset ARM securities have a months to roll of less than 18 months while longer-to-reset ARM securities have a months to roll of 18 months or greater. As of June 30, 2011, the average months to roll for the Company's $8.74 billion (basis) in current-reset ARM securities was 5.8 months while the average months-to-roll for the Company's $2.46 billion (basis) in longer-to-reset ARM securities was 44.1 months.

Under variable interest entity accounting rules, the Company has consolidated two Dallas, Texas townhome developments that are collateral for subordinated loans made by the Company. The underlying collateral consisted of 15 unsold completed units with a basis of $3.6 million at June 30, 2011 and is included in Receivables and other assets on the balance sheet. Included in Miscellaneous other revenue (expense) is a $470,000 impairment charge recorded in June 2011 reflecting slow sales of these units and poor housing market conditions. The Company remains a subordinated participant in the lending group to the Four Seasons resort in Nevis, West Indies which was foreclosed on in May 2010. The resort had been closed since October 2008 after sustaining hurricane damage and reopened in December 2010. The Company wrote off its $39.2 million investment in December 2009; a recovery on this investment, if any, would come from the eventual disposition of the resort by the lending group which is not expected to occur for several years.

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Disclosures Regarding Fair Values Of Financial Instruments (Securities In An Unrealized Loss Position) (Details) (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Disclosure Regarding Fair Values Of Financial Instruments
One year or greater, Fair Value	$ 232	$ 1,694
Less than one year, Fair Value	568,989	334,224
Fair value, Total	569,221	335,918
One year or greater, Unrealized Loss	1	2
Less than one year, Unrealized Loss	1,183	1,315
Unrealized loss, Total	$ 1,184	$ 1,317

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Repurchase Arrangements And Similar Borrowings, Including Related Hedging Activity (Schedule Of Repurchase Arrangements And Similar Borrowings, Classified By Type Of Collateral And Remaining Maturities And Related Weighted Average Interest Rates) (Details) (USD $) In Thousands, unless otherwise specified								3 Months Ended
	Jun. 30, 2011	Dec. 31, 2010	Jun. 30, 2010	Jun. 30, 2011 Remaining Maturities Of 30 Days Or Less [Member] Agency Securities [Member]	Dec. 31, 2010 Remaining Maturities Of 30 Days Or Less [Member] Agency Securities [Member]	Jun. 30, 2011 Remaining Maturities Of 31 To 90 Days [Member] Agency Securities [Member]	Dec. 31, 2010 Remaining Maturities Of 31 To 90 Days [Member] Agency Securities [Member]	Jun. 30, 2011 Structured Financings Secured By Private Residential Mortgage Securities [Member] Agency Securities [Member]	Dec. 31, 2010 Structured Financings Secured By Private Residential Mortgage Securities [Member] Agency Securities [Member]	Jun. 30, 2011 Agency Securities [Member]	Dec. 31, 2010 Agency Securities [Member]	Jun. 30, 2011 Quarter-End Rates Adjusted For Effects Of Related Derivatives Held As Cash Flow Hedges [Member]	Dec. 31, 2010 Quarter-End Rates Adjusted For Effects Of Related Derivatives Held As Cash Flow Hedges [Member]
Secured Debt Outstanding	$ 10,437,387	$ 7,792,743		$ 8,817,115	$ 7,554,225	$ 1,616,880	$ 235,000			$ 10,437,387	$ 7,792,743
Secured Debt Outstanding								$ 3,392	$ 3,518
Unsecured Borrowings, Average rate	8.49%		8.49%	0.23%	0.30%	0.24%	0.33%	8.04%	7.97%	0.24%	0.31%	0.56%	0.63%

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Investments In Unconsolidated Affiliates

6 Months Ended

Jun. 30, 2011

Investments In Unconsolidated Affiliates

Investments In Unconsolidated Affiliates

NOTE 5 — INVESTMENTS IN UNCONSOLIDATED AFFILIATES

To facilitate the issuance of Unsecured borrowings, Capstead formed and capitalized three Delaware statutory trusts through the issuance to the Company of the trusts' common securities totaling $3.1 million (see NOTE 7). The Company's equity in the earnings of the trusts consists solely of the common trust securities' pro rata share in interest accruing on Unsecured borrowings issued to the trusts.

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Compensation Programs (Compensation Cost) (Details) (USD $) In Thousands, except Share data	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2011	Jun. 30, 2011	Dec. 31, 2010	Dec. 31, 2009
Total Grants		0	0	30,000
Related Cost Recognized in General and Administrative Expense	$ 245,000	$ 454,000
2008 [Member]
Month of Grant		July 2008
Total Grants		225,000
Related Cost Recognized in General and Administrative Expense	108,000	200,000
2009 [Member]
Month of Grant		July 2009
Total Grants		225,000
Related Cost Recognized in General and Administrative Expense	108,000	200,000
2010 [Member]
Month of Grant		July 2010
Total Grants		60,000
Related Cost Recognized in General and Administrative Expense	$ 29,000	$ 54,000

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Mortgage Securities And Similar Investments (Schedule Of Mortgage Securities And Similar Investments) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended		12 Months Ended
	Jun. 30, 2011		Dec. 31, 2010
Principal Balance	$ 10,928,689		$ 8,168,926
Investment Premiums	284,651		166,391
Basis	11,213,340		8,335,317
Carrying Amount	11,424,161	[1]	8,515,691	[1]
Net WAC	3.05%	[2]	3.10%	[2]
Average Yield	2.38%	[2]	2.51%	[2]
Fixed-Rate [Member] | Agency Securities [Member]
Principal Balance	4,386		4,927
Investment Premiums	13		14
Basis	4,399		4,941
Carrying Amount	4,410	[1]	4,955	[1]
Net WAC	6.77%	[2]	6.78%	[2]
Average Yield	6.49%	[2]	6.60%	[2]
Fixed-Rate [Member] | Residential Mortgage Loans [Member]
Principal Balance	3,351		3,455
Investment Premiums	6		6
Basis	3,357		3,461
Carrying Amount	3,357	[1]	3,461	[1]
Net WAC	6.97%	[2]	6.98%	[2]
Average Yield	6.50%	[2]	7.03%	[2]
ARMs [Member] | Agency Securities [Member]
Principal Balance	9,705,239		7,660,269
Investment Premiums	251,605		158,260
Basis	9,956,844		7,818,529
Carrying Amount	10,154,164	[1]	7,991,122	[1]
Net WAC	3.03%	[2]	3.09%	[2]
Average Yield	2.36%	[2]	2.49%	[2]
ARMs [Member] | Residential Mortgage Loans [Member]
Principal Balance	6,118		7,235
Investment Premiums	23		24
Basis	6,141		7,259
Carrying Amount	6,141	[1]	7,259	[1]
Net WAC	3.49%	[2]	3.45%	[2]
Average Yield	3.98%	[2]	3.79%	[2]
Ginnie Mae ARMs [Member] | Agency Securities [Member]
Principal Balance	1,206,258		489,579
Investment Premiums	32,949		8,030
Basis	1,239,207		497,609
Carrying Amount	1,252,697	[1]	505,376	[1]
Net WAC	3.20%	[2]	3.12%	[2]
Average Yield	2.54%	[2]	2.57%	[2]
Agency Securities [Member]
Principal Balance	10,915,883		8,154,775
Investment Premiums	284,567		166,304
Basis	11,200,450		8,321,079
Carrying Amount	11,411,271	[1]	8,501,453	[1]
Net WAC	3.05%	[2]	3.09%	[2]
Average Yield	2.38%	[2]	2.50%	[2]
Residential Mortgage Loans [Member]
Principal Balance	9,469		10,690
Investment Premiums	29		30
Basis	9,498		10,720
Carrying Amount	9,498	[1]	10,720	[1]
Net WAC	4.72%	[2]	4.59%	[2]
Average Yield	4.84%	[2]	4.83%	[2]
Senior Notes [Member]
Principal Balance
Investment Premiums
Basis
Carrying Amount				[1]
Net WAC				[2]
Average Yield			8.75%	[2]
Structured Financings Secured By Private Residential Mortgage Securities [Member]
Principal Balance	3,337		3,461
Investment Premiums	55		57
Basis	3,392		3,518
Carrying Amount	$ 3,392	[1]	$ 3,518	[1]
Net WAC	8.04%	[2]	7.97%	[2]
Average Yield	7.88%	[2]	8.07%	[2]

[1] Includes unrealized gains and losses for securities classified as available-for-sale, if applicable, (see NOTE 9).

[2] Net WAC is presented net of servicing and other fees and represents the cash yield inherent in the portfolio as of the indicated balance sheet date, before amortization of investment premiums. Average yield is presented for the quarter then ended, calculated including the amortization of investment premiums and excluding unrealized gains and losses.

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Repurchase Arrangements And Similar Borrowings, Including Related Hedging Activity (Schedule Of Swap Agreements Expiration Period And Characteristics) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2010	Mar. 31, 2008	Jun. 30, 2011 Third Quarter 2011 [Member] Currently-Paying Contracts [Member]	Jun. 30, 2011 Fourth Quarter 2011 [Member] Currently-Paying Contracts [Member]	Jun. 30, 2011 First Quarter 2012 [Member] Currently-Paying Contracts [Member]	Jun. 30, 2011 Third Quarter 2012 [Member] Currently-Paying Contracts [Member]	Jun. 30, 2011 First Quarter 2013 [Member] Currently-Paying Contracts [Member]	Jun. 30, 2011 Second Quarter 2013 [Member] Currently-Paying Contracts [Member]	Jun. 30, 2011 Third Quarter 2013 [Member] Forward-Starting Contracts [Member]	Jun. 30, 2011 Fourth Quarter 2013 [Member] Forward-Starting Contracts [Member]	Jun. 30, 2011 Currently-Paying Contracts [Member]	Jun. 30, 2011 Forward-Starting Contracts [Member]
Notional Amount		$ 100,000	$ 400,000	$ 900,000	$ 800,000	$ 200,000	$ 1,100,000	$ 700,000	$ 300,000	$ 500,000	$ 4,100,000	$ 4,900,000
Average Fixed Rate Payment Requirement	4.09%		1.33%	1.15%	1.10%	0.83%	0.81%	0.96%	0.87%	0.78%	1.02%

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Compensation Programs (Narrative) (Details) (USD $)	6 Months Ended	12 Months Ended		6 Months Ended			3 Months Ended	6 Months Ended	12 Months Ended	3 Months Ended	6 Months Ended		3 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2011	Dec. 31, 2009	Dec. 31, 2010	Jun. 30, 2011 2008 [Member] Performance Based Stock Awards [Member]	Jun. 30, 2011 2009 [Member] Performance Based Stock Awards [Member]	Jun. 30, 2011 2010 [Member] Performance Based Stock Awards [Member]	Jun. 30, 2011 Annual Incentive Compensation [Member]	Jun. 30, 2011 Annual Incentive Compensation [Member]	Dec. 31, 2010 Annual Incentive Compensation [Member]	Jun. 30, 2011 Stock Awards Activity [Member]	Jun. 30, 2011 Stock Awards Activity [Member]	Jun. 30, 2011 Long Term Equity Based Awards [Member]	Jun. 30, 2011 Option Awards [Member]	Jun. 30, 2011 Option Awards [Member]	Jun. 30, 2011 Other Benefit Programs [Member]	Jun. 30, 2011 Other Benefit Programs [Member]
Expenses related to compensation							$ 1,500,000	$ 2,700,000		$ 453,000	$ 880,000		$ 1,000	$ 3,000	$ 131,000	$ 243,000
Expiration date of grant	July 1, 2013			2015	2016	2017
Common shares for future issuance	1,180,441
Percentage of investment capital, maximum	10.00%							10.00%	8.00%			8.00%
No of years for average long-term investment capital								10				10
Spread over 10-year U.S. treasury rate (basis points)								200				200
Share awards vesting period (in years)												three		ten
Common stock dividend payable	39,132,000		27,401,000							164,000	164,000
Weighted average remaining contractual term											1.7			5.82
Total of unrecognized compensation costs for unvested option awards										4,000,000	4,000,000
Strike price		$ 11.69
Grant date fair value per share		$ 1.52
Volatility factors for years		51.00%
Dividend yields for years		14.00%
Risk free rates for years		$ 1.70%
Exercisable option awards exercised to date													281,250	281,250
Weighted average exercise price													$ 10.51	$ 10.51
Aggregate intrinsic value of stock options													824,000	824,000
Intrinsic value of stock options exercised													$ 9,000	$ 25,000
Compensation plan of voluntary contribution																50.00%
Compensation plan of voluntary contribution, maximum																6.00%
Compensation plan of voluntary contribution, minimum																3.00%

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Repurchase Arrangements And Similar Borrowings, Including Related Hedging Activity (Narrative) (Details)	6 Months Ended
	Jun. 30, 2011
Swap agreements average expiration period	15 months
Percentage of Haircuts on pledged agency securities	4.60
Maximum [Member]
Maturity period of repurchase arrangements (days)	90
Minimum [Member]
Maturity period of repurchase arrangements (days)	30

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Mortgage Securities And Similar Investments (Tables)

6 Months Ended

Jun. 30, 2011

Mortgage Securities And Similar Investments

Schedule Of Mortgage Securities And Similar Investments

	Principal Balance		Investment Premiums		Basis		Carrying Amount (a)		Net WAC  (b)	Average Yield (b)
June 30, 2011
Agency Securities:
Fannie Mae/Freddie Mac:
Fixed-rate	$	4,386		$          13	$	4,399	$	4,410	6.77%	6.49%
ARMs		9,705,239		251,605		9,956,844		10,154,164	3.03	2.36
Ginnie Mae ARMs		1,206,258		32,949		1,239,207		1,252,697	3.20	2.54
		10,915,883		284,567		11,200,450		11,411,271	3.05	2.38
Residential mortgage loans:
Fixed-rate		3,351		6		3,357		3,357	6.97	6.50
ARMs		6,118		23		6,141		6,141	3.49	3.98
		9,469		29		9,498		9,498	4.72	4.84
Collateral for structured financings		3,337		55		3,392		3,392	8.04	7.88
	$	10,928,689		$284,651	$	11,213,340	$	11,424,161	3.05	2.38
December 31, 2010
Agency Securities:
Fannie Mae/Freddie Mac:
Fixed-rate	$	4,927		$          14	$	4,941	$	4,955	6.78%	6.60%
ARMs		7,660,269		158,260		7,818,529		7,991,122	3.09	2.49
Ginnie Mae ARMs		489,579		8,030		497,609		505,376	3.12	2.57
		8,154,775		166,304		8,321,079		8,501,453	3.09	2.50
Residential mortgage loans:
Fixed-rate		3,455		6		3,461		3,461	6.98	7.03
ARMs		7,235		24		7,259		7,259	3.45	3.79
		10,690		30		10,720		10,720	4.59	4.83
Collateral for structured financings		3,461		57		3,518		3,518	7.97	8.07
Senior notes		–		–		–		–	–	8.75
	$	8,168,926		$166,391	$	8,335,317	$	8,515,691	3.10	2.51

(a) Includes unrealized gains and losses for securities classified as available-for-sale, if applicable, (see NOTE 9).

(b) Net WAC is presented net of servicing and other fees and represents the cash yield inherent in the portfolio as of the indicated balance sheet date, before amortization of investment premiums. Average yield is presented for the quarter then ended, calculated including the amortization of investment premiums and excluding unrealized gains and losses.

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Repurchase Arrangements And Similar Borrowings, Including Related Hedging Activity

6 Months Ended

Jun. 30, 2011

Repurchase Arrangements And Similar Borrowings, Including Related Hedging Activity

Repurchase Arrangements And Similar Borrowings, Including Related Hedging Activity

NOTE 6 — REPURCHASE ARRANGEMENTS AND SIMILAR

BORROWINGS, INCLUDING RELATED HEDGING ACTIVITY

Capstead generally pledges its Mortgage securities and similar investments as collateral under uncommitted repurchase arrangements, the terms and conditions of which are negotiated on a transaction-by-transaction basis with commercial banks and other financial institutions, referred to as counterparties, when each borrowing is initiated or renewed. Repurchase arrangements involve the sale and a simultaneous agreement to repurchase the transferred assets or similar assets at a future date. The amount borrowed generally is equal to the fair value of the assets pledged less an agreed-upon discount, referred to as a "haircut." At June 30, 2011, haircuts for pledged Agency Securities averaged 4.6 percent of the fair value of the pledged assets, exclusive of monthly principal and interest remittance receivables.

Repurchase arrangements entered into by the Company are accounted for as financings and require the repurchase of the transferred securities at the end of each arrangement's term, typically 30 to 90 days. The Company maintains the beneficial interest in the specific securities pledged during the term of the repurchase arrangement and receives the related principal and interest payments. Interest rates on these borrowings are fixed based on prevailing rates corresponding to the terms of the borrowings, and interest is paid at the termination of the repurchase arrangement at which time the Company may enter into a new repurchase arrangement at prevailing market rates with the same counterparty or repay that counterparty and negotiate financing with a different counterparty. In response to declines in fair value of pledged securities due to changes in market conditions or the publishing of monthly security paydown factors, lenders typically require the Company to post additional securities as collateral, pay down borrowings or establish cash margin accounts with the counterparties in order to re-establish the agreed-upon collateral requirements, referred to as margin calls. The maturity of structured financings is directly affected by prepayments on the related mortgage pass-through securities pledged as collateral and these financings are subject to redemption by the residual bondholders.

Repurchase arrangements and similar borrowings, classified by type of collateral and remaining maturities, and related weighted average interest rates as of the indicated quarter-end were as follows (dollars in thousands):

	June 30, 2011			December 31, 2010
Collateral Type	Borrowings Outstanding		Average     Rate	Borrowings Outstanding		Average     Rate
Borrowings secured by Agency Securities:
Remaining maturities of 30 days or less		$  8,817,115	0.23%		$ 7,554,225	0.30%
Remaining maturities of 31 to 90 days		1,616,880	0.24		235,000	0.33
Structured financings secured by private residential mortgage securities		3,392	8.04		3,518	7.97
		$10,437,387	0.24		$ 7,792,743	0.31
Quarter-end rates adjusted for effects of related derivatives held as cash flow hedges			0.56			0.63
Average borrowings outstanding during the indicated quarters were lower than borrowings outstanding at quarter-end primarily due to portfolio growth and differences in the timing of portfolio acquisitions relative to portfolio runoff as illustrated below (dollars in thousands):
	Quarter Ended
	June 30, 2011			December 31, 2010
	Borrowings Outstanding		Average Rate	Borrowings Outstanding		Average Rate
Average borrowings and rates for the indicated quarters, adjusted for the effects of related derivatives held as cash flow hedges		$  9,801,641	0.55%		$ 7,468,614	0.62%

To help mitigate exposure to higher short-term interest rates, Capstead uses currently-paying and forward-starting, one- and three-month LIBOR-indexed, pay-fixed, receive-variable, interest rate swap agreements that typically require interest payments for two-year terms. These derivatives are designated as cash flow hedges of the variability of the underlying benchmark interest rate of current and forecasted 30- to 90-day repurchase arrangements. This hedge relationship establishes a relatively stable fixed rate on related borrowings because the variable-rate payments received on the swap agreements largely offset interest accruing on the related borrowings, leaving the fixed-rate payments to be paid on the swap agreements as the Company's effective borrowing rate, subject to certain adjustments including the effects of measured hedge ineffectiveness and changes in spreads between variable rates on the swap agreements and actual borrowing rates. Capstead's swap agreements hedging short-term interest rates, with an average expiration of 15 months, had the following characteristics at June 30, 2011 (dollars in thousands):

Quarter of Contract Expiration	Notional Amount		Average Fixed Rate Payment Requirement
Currently-paying contracts:
Third quarter 2011	$	400,000	1.33%
Fourth quarter 2011		900,000	1.15
First quarter 2012		800,000	1.10
Third quarter 2012		200,000	0.83
First quarter 2013		1,100,000	0.81
Second quarter 2013		700,000	0.96
		4,100,000	1.02
Forward-starting contracts:
Third quarter 2013		300,000	0.87
Fourth quarter 2013		500,000	0.78
	$	4,900,000

Interest rate swap agreements are measured at fair value on a recurring basis primarily using Level Two Inputs in accordance with "Fair Value Measurements and Disclosures" ("ASC 820"). In determining fair value estimates for these derivatives, the Company utilizes the standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts based on expected future interest rates derived from observable market interest rate curves. The Company also incorporates both its own nonperformance risk and its counterparties' nonperformance risk in determining the fair value of its interest rate swap derivatives. In considering the effect of nonperformance risk, the Company considered the impact of netting and credit enhancements, such as collateral postings and guarantees, and has concluded that counterparty risk is not significant to the overall valuation of these agreements. The following tables include fair value and other related disclosures regarding all derivatives held as of and for the indicated periods (in thousands):

	Location in Balance Sheet	June 30, 2011			December 31, 2010
Balance sheet-related
Interest rate swap agreements in a gain position (an asset) related to:
Repurchase arrangements and similar borrowings	(a)	$	551			$        734
Unsecured borrowings (see NOTE 7)	(a)		8,805			8,863
			9,356			9,597
Interest rate swap agreements in a loss position (a liability) related to repurchase arrangements and similar borrowings	(a)		(19,962	)		(16,337	)
Related net interest payable	(b)		(11,589	)		(9,847	)
		$	(22,195	)		$(16,587)

(a) The fair value of derivatives with realized and unrealized gains are aggregated and recorded as an asset on the face of the balance sheet separately from the fair value of derivatives with realized and unrealized losses that are recorded as a liability. The amount of unrealized losses that will be recognized in the statement of income over the next twelve months in the form of fixed- and variable-rate swap payments in excess of current market rates totaled $20.7 million at June 30, 2011.

(b) Included in "Accounts payable and accrued expenses" on the face of the balance sheet.

	Location of Gain or (Loss) Recognized in Net Income	Quarter Ended June 30						Six Months Ended June 30
		2011			2010			2011			2010
Income statement-related
Components of effect on interest expense:
Amount of loss reclassified from AOCI:
Effective portion of active positions		$	(7,467	)	$	(6,892	)	$	(13,579	)	$	(15,747	)
Effective portion of terminated positions (a)			–			–			–			(31	)
			(7,467	)		(6,892	)		(13,579	)		(15,778	)
Amount of gain (loss) recognized (ineffective portion)			109			383			(49	)		249
Increase in interest expense and decrease in Net income as a result of the use of derivatives	(b)	$	(7,358	)	$	(6,509	)	$	(13,628	)	$	(15,529	)
Other comprehensive income-related
Amount of loss recognized in other comprehensive income (loss) (effective portion)		$	(16,883	)	$	(10,111	)	$	(17,561	)	$	(25,223	)

(a) In March 2008 a swap agreement with a $100 million notional amount was terminated for a realized loss of $2.3 million which was amortized to earnings over the original two-year term of the derivative (through January 2010).

(b) Included in "Interest expense: Repurchase arrangements and similar borrowings" on the face of the statement of income.

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Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2011

Comprehensive Income

Schedule Of Components Of Comprehensive Income

	Quarter Ended June 30						Six Months Ended June 30
	2011			2010			2011			2010
Net income	$	42,541		$	29,759		$	77,233		$	70,196
Other comprehensive income (loss):
Amounts related to available-for-sale securities:
Change in net unrealized gains		29,439			7,048			30,447			(3,314	)
Amounts related to cash flow hedges:
Change in net unrealized losses		(16,883	)		(10,111	)		(17,561	)		(25,223	)
Reclassification adjustment for amounts included in net income		7,467			6,892			13,579			15,778
Other comprehensive income (loss)		20,023			3,829			26,465			(12,759	)
Comprehensive income	$	62,564		$	33,588		$	103,698		$	57,437

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Disclosures Regarding Fair Values Of Financial Instruments (Fair Value And Related Disclosures For Debt Securities) (Details) (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Agency Securities [Member]
Available-for-sale securities, Basis	$ 11,196,191	$ 8,316,307
Available-for-sale securities, Gains	212,005	181,691
Available-for-sale securities, Losses	1,184	1,317
Available-for-sale securities, Fair Value	11,407,012	8,496,681
Residential Mortgage Loans [Member]
Held-to-maturity securities, Basis	7,651	8,290
Held-to-maturity securities, Gains	429	454
Held-to-maturity securities, Losses
Held-to-maturity securities, Fair Value	$ 8,080	$ 8,744

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Investments In Unconsolidated Affiliates (Details) (USD $) In Millions	6 Months Ended
	Jun. 30, 2011
Investments In Unconsolidated Affiliates
Issuance of common securities	$ 3.1

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Consolidated Statements Of Cash Flows (USD $)	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Operating activities:
Net income	$ 77,233,000	$ 70,196,000
Noncash items:
Amortization of investment premiums	28,351,000	28,808,000
Depreciation and other amortization	107,000	109,000
Equity-based compensation costs	884,000	762,000
Amounts related to interest rate swap agreements	(116,000)	(814,000)
Impairment charge related to real estate held for sale	470,000
Net change in mortgage securities principal remittance receivable	(6,405,000)	5,582,000
Net change in remaining receivables, other assets, accounts payable and accrued expenses	(439,000)	(9,339,000)
Net cash provided by operating activities	100,085,000	95,304,000
Investing activities:
Purchases of mortgage securities and similar investments	(3,858,053,000)	(1,240,630,000)
Purchased interest receivable related to purchases of mortgage securities and similar investments	(8,290,000)	(2,590,000)
Principal collections on mortgage securities and similar investments	951,679,000	1,620,792,000
Net cash (used in) provided by investing activities	(2,914,664,000)	377,572,000
Financing activities:
Proceeds from repurchase arrangements and similar borrowings	37,924,609,000	35,120,420,000
Principal payments on repurchase arrangements and similar borrowings	(35,279,964,000)	(35,658,310,000)
Decrease (increase) in cash collateral receivable from interest rate swap counterparties	1,962,000	(4,202,000)
Decrease in cash collateral payable to interest rate swap counterparties	(8,424,000)
Capital stock transactions	143,347,000	10,233,000
Dividends paid	(68,164,000)	(82,607,000)
Net cash provided by (used in) financing activities	2,713,366,000	(614,466,000)
Net change in cash and cash equivalents	(101,213,000)	(141,590,000)
Cash and cash equivalents at beginning of period	359,590,000	409,623,000
Cash and cash equivalents at end of period	$ 258,377,000	$ 268,033,000

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Disclosures Regarding Fair Values Of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2011

Disclosures Regarding Fair Values Of Financial Instruments

Financial Instruments Other Than Debt Securities

	June 30, 2011				December 31, 2010
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Residential mortgage loans	$	9,498	$	9,700	$	10,720	$	11,000
Interest rate swap agreements		9,356		9,356		9,597		9,597
Financial liabilities:
Repurchase arrangements with initial terms of greater than 120 days		316,284		316,300		–		–
Unsecured borrowings		103,095		105,200		103,095		103,800
Interest rate swap agreements		19,962		19,962		16,337		16,337

Fair Value And Related Disclosures For Debt Securities

			Gross Unrealized
	Basis		Gains		Losses		Fair Value
As of June 30, 2011
Agency Securities classified as available-for-sale	$	11,196,191	$	212,005	$	1,184	$	11,407,012
Residential mortgage securities classified as held-to-maturity		7,651		429		–		8,080
As of December 31, 2010
Agency Securities classified as available-for-sale		8,316,307		181,691		1,317		8,496,681
Residential mortgage securities classified as held-to-maturity		8,290		454		–		8,744

Securities In An Unrealized Loss Position

	June 30, 2011				December 31, 2010
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position:
One year or greater	$	232		$        1	$	1,694		$        2
Less than one year		568,989		1,183		334,224		1,315
	$	569,221		$ 1,184	$	335,918		$ 1,317

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Compensation Programs (Schedule Of Performance-Based Stock Award Activity) (Details) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2011	Dec. 31, 2010	Dec. 31, 2009
Grant Date Fair Value Per Share	$ 13.23
Total Grants	0	0	30,000
Final Measurement Period Ends December 31	July 1, 2013
Remaining Shares Vesting in Period	77,164
2008 [Member] | Performance Based Stock Awards [Member] | Remaining Shares With Initial Measurement Period 2011 [Member]
Remaining Shares Vesting in Period	67,597
2009 [Member] | Performance Based Stock Awards [Member] | Remaining Shares With Initial Measurement Period 2011 [Member]
Remaining Shares Vesting in Period
2010 [Member] | Performance Based Stock Awards [Member] | Remaining Shares With Initial Measurement Period 2011 [Member]
Remaining Shares Vesting in Period
2008 [Member] | Performance Based Stock Awards [Member] | Remaining Shares With Initial Measurement Period 2012 [Member]
Remaining Shares Vesting in Period	67,597
2009 [Member] | Performance Based Stock Awards [Member] | Remaining Shares With Initial Measurement Period 2012 [Member]
Remaining Shares Vesting in Period	55,043
2010 [Member] | Performance Based Stock Awards [Member] | Remaining Shares With Initial Measurement Period 2012 [Member]
Remaining Shares Vesting in Period
2008 [Member] | Performance Based Stock Awards [Member] | Remaining Shares With Initial Measurement Period 2013 [Member]
Remaining Shares Vesting in Period
2009 [Member] | Performance Based Stock Awards [Member] | Remaining Shares With Initial Measurement Period 2013 [Member]
Remaining Shares Vesting in Period	55,035
2010 [Member] | Performance Based Stock Awards [Member] | Remaining Shares With Initial Measurement Period 2013 [Member]
Remaining Shares Vesting in Period	64,087
2008 [Member] | Performance Based Stock Awards [Member] | Remaining Shares With Initial Measurement Period 2014 [Member]
Remaining Shares Vesting in Period
2009 [Member] | Performance Based Stock Awards [Member] | Remaining Shares With Initial Measurement Period 2014 [Member]
Remaining Shares Vesting in Period
2010 [Member] | Performance Based Stock Awards [Member] | Remaining Shares With Initial Measurement Period 2014 [Member]
Remaining Shares Vesting in Period	64,077
2008 [Member]
Total Grants	225,000
2008 [Member] | Performance Based Stock Awards [Member]
Year of Grant	2008
Grant Date Fair Value Per Share	$ 10.18
Total Grants	140,658
Final Measurement Period Ends December 31	2015
2009 [Member]
Total Grants	225,000
2009 [Member] | Performance Based Stock Awards [Member]
Year of Grant	2009
Grant Date Fair Value Per Share	$ 14.33
Total Grants	110,917
Final Measurement Period Ends December 31	2016
2010 [Member]
Total Grants	60,000
2010 [Member] | Performance Based Stock Awards [Member]
Year of Grant	2010
Grant Date Fair Value Per Share	$ 12.44
Total Grants	128,766
Final Measurement Period Ends December 31	2017

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Net Interest Income Analysis (Tables)

6 Months Ended

Jun. 30, 2011

Net Interest Income Analysis

Summary Of Interest Income, Interest Expense And Weighted Average Interest Rates

	Quarter Ended June 30
	2011				2010				Related Changes in
	Amount			Average Rate	Amount			Average Rate	Rate*			Volume*			Total*
Interest income:
Mortgage securities and similar investments		$63,136		2.38%		$47,634		2.55%		$(3,353	)		$18,855			$15,502
Other		58		0.12		135		0.19		(41	)		(36	)		(77	)
		63,194		2.34		47,769		2.47		(3,394	)		18,819			15,425
Interest expense:
Repurchase arrangements and similar borrowings		(13,706	)	0.55		(11,146	)	0.64		(1,715	)		4,275			2,560
Unsecured borrowings		(2,187	)	8.49		(2,187	)	8.49		–			–			–
Other		(1	)	0.10		–		–		–			1			1
		(15,894	)	0.64		(13,333	)	0.76		(1,715	)		4,276			2,561
		$47,300		1.70		$34,436		1.71		$(1,679	)		$14,543			$12,864
	Six Months Ended June 30
	2011				2010				Related Changes in
	Amount			Average Rate	Amount			Average Rate	Rate*			Volume*			Total*
Interest income:
Mortgage securities and similar investments		$116,277		2.37%		$107,784		2.83%		$(19,341	)		$27,834			$8,493
Other		171		0.16		227		0.16		–			(56	)		(56	)
		116,448		2.32		108,011		2.73		(19,341	)		27,778			8,437
Interest expense:
Repurchase arrangements and similar borrowings		(26,028	)	0.57		(24,514	)	0.69		(4,694	)		6,208			1,514
Unsecured borrowings		(4,374	)	8.49		(4,374	)	8.49		–			–			–
Other		(5	)	0.14		–		–		–			5			5
		(30,407	)	0.66		(28,888	)	0.80		(4,694	)		6,213			1,519
		$86,041		1.66		$79,123		1.93		$(14,647	)		$21,565			$6,918

* The change in interest income and interest expense due to both volume and rate has been allocated to volume and rate changes in proportion to the relationship of the absolute dollar amounts of the change in each.

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Basis Of Presentation

6 Months Ended

Jun. 30, 2011

Basis Of Presentation

Basis Of Presentation

NOTE 2 — BASIS OF PRESENTATION

Interim Financial Reporting and Reclassifications

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the quarter and six months ended June 30, 2011 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2011. For further information refer to the audited consolidated financial statements and footnotes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2010. Certain prior year amounts have been reclassified to conform to the current year presentation.

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Net Interest Income Analysis

6 Months Ended

Jun. 30, 2011

Net Interest Income Analysis

Net Interest Income Analysis

NOTE 11 — NET INTEREST INCOME ANALYSIS

The following table summarizes interest income, interest expense and weighted average interest rates as well as related changes due to changes in interest rates versus changes in volume (dollars in thousands):

	Quarter Ended June 30
	2011				2010				Related Changes in
	Amount			Average Rate	Amount			Average Rate	Rate*			Volume*			Total*
Interest income:
Mortgage securities and similar investments		$63,136		2.38%		$47,634		2.55%		$(3,353	)		$18,855			$15,502
Other		58		0.12		135		0.19		(41	)		(36	)		(77	)
		63,194		2.34		47,769		2.47		(3,394	)		18,819			15,425
Interest expense:
Repurchase arrangements and similar borrowings		(13,706	)	0.55		(11,146	)	0.64		(1,715	)		4,275			2,560
Unsecured borrowings		(2,187	)	8.49		(2,187	)	8.49		–			–			–
Other		(1	)	0.10		–		–		–			1			1
		(15,894	)	0.64		(13,333	)	0.76		(1,715	)		4,276			2,561
		$47,300		1.70		$34,436		1.71		$(1,679	)		$14,543			$12,864
	Six Months Ended June 30
	2011				2010				Related Changes in
	Amount			Average Rate	Amount			Average Rate	Rate*			Volume*			Total*
Interest income:
Mortgage securities and similar investments		$116,277		2.37%		$107,784		2.83%		$(19,341	)		$27,834			$8,493
Other		171		0.16		227		0.16		–			(56	)		(56	)
		116,448		2.32		108,011		2.73		(19,341	)		27,778			8,437
Interest expense:
Repurchase arrangements and similar borrowings		(26,028	)	0.57		(24,514	)	0.69		(4,694	)		6,208			1,514
Unsecured borrowings		(4,374	)	8.49		(4,374	)	8.49		–			–			–
Other		(5	)	0.14		–		–		–			5			5
		(30,407	)	0.66		(28,888	)	0.80		(4,694	)		6,213			1,519
		$86,041		1.66		$79,123		1.93		$(14,647	)		$21,565			$6,918

* The change in interest income and interest expense due to both volume and rate has been allocated to volume and rate changes in proportion to the relationship of the absolute dollar amounts of the change in each.

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Repurchase Arrangements And Similar Borrowings, Including Related Hedging Activity (Schedule Of Derivatives Designated As Cash Flow Hedging Instruments Related Disclosures) (USD $)	1 Months Ended	3 Months Ended				6 Months Ended
	Mar. 31, 2008	Jun. 30, 2011		Jun. 30, 2010		Jun. 30, 2011		Jun. 30, 2010		Dec. 31, 2010
Interest rate swap agreements in a gain position (an asset)		$ 9,356,000				$ 9,356,000				$ 9,597,000
Interest rate swap agreements at fair value - (a liability)		(19,962,000)	[1]			(19,962,000)	[1]			(16,337,000)	[1]
Related net interest payable		(11,589,000)	[2]			(11,589,000)	[2]			(9,847,000)	[2]
Interest rate swap agreements in a loss position (a liability)		(22,195,000)				(22,195,000)				(16,587,000)
Amount of loss reclassified from AOCI (effective portion)		(7,467,000)		(6,892,000)		(13,579,000)		(15,778,000)
Amount of gain (loss) recognized (ineffective portion)		109,000		383,000		(49,000)		249,000
Increase in interest expense and decrease in Net income as a result of the use of derivatives		(7,358,000)	[3]	(6,509,000)	[3]	(13,628,000)	[3]	(15,529,000)	[3]
Amount of loss recognized in other comprehensive income (loss) (effective portion)		(16,883,000)		(10,111,000)		(17,561,000)		(25,223,000)
Recognition period for recognizing unrealized losses on derivatives						twelve months
Derivative instruments unrealized losses to be recognized						20,700,000
Notional amount of swap agreement	100,000,000
Realized losses from terminated swap agreement	2,300,000
Amortization period of realized losses from terminated swap agreement	two-year
Effective Portion Of Active Positions [Member]
Amount of loss reclassified from AOCI (effective portion)		(7,467,000)		(6,892,000)		(13,579,000)		(15,747,000)
Effective Portion Of Terminated Positions [Member]
Amount of loss reclassified from AOCI (effective portion)								(31,000)	[4]
Repurchase Arrangements And Similar Borrowings [Member]
Interest rate swap agreements in a gain position (an asset)		551,000	[1]			551,000	[1]			734,000	[1]
Unsecured Borrowings [Member]
Interest rate swap agreements in a gain position (an asset)		$ 8,805,000	[1]			$ 8,805,000	[1]			$ 8,863,000	[1]

[1] The fair value of derivatives with realized and unrealized gains are aggregated and recorded as an asset on the face of the balance sheet separately from the fair value of derivatives with realized and unrealized losses that are recorded as a liability. The amount of unrealized losses that will be recognized in the statement of income over the next twelve months in the form of fixed- and variable-rate swap payments in excess of current market rates totaled $20.7 million at June 30, 2011.

[2] Included in "Accounts payable and accrued expenses" on the face of the balance sheet.

[3] Included in "Interest expense: Repurchase arrangements and similar borrowings" on the face of the statement of income.

[4] In March 2008 a swap agreement with a $100 million notional amount was terminated for a realized loss of $2.3 million which was amortized to earnings over the original two-year term of the derivative (through January 2010).

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Unsecured Borrowings (Tables)

6 Months Ended

Jun. 30, 2011

Unsecured Borrowings

Schedule Of Subordinated Note Balances And Related Weighted Average Interest Rate

	Borrowings Outstanding			Average Rate
Junior subordinated notes:
Capstead Mortgage Trust I		$	36,083	8.31%
Capstead Mortgage Trust II			41,238	8.46
Capstead Mortgage Trust III			25,774	8.78
		$	103,095	8.49

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Consolidated Balance Sheets (USD $)	Jun. 30, 2011		Dec. 31, 2010
Assets:
Mortgage securities and similar investments ($10.96 and $8.22 billion pledged under repurchase arrangements at June 30, 2011 and December 31, 2010, respectively)	$ 11,424,161,000	[1]	$ 8,515,691,000	[1]
Cash collateral receivable from interest rate swap counterparties	33,327,000		35,289,000
Interest rate swap agreements at fair value	9,356,000		9,597,000
Cash and cash equivalents	258,377,000		359,590,000
Receivables and other assets	91,404,000		76,078,000
Investments in unconsolidated affiliates	3,117,000		3,117,000
Assets, total	11,819,742,000		8,999,362,000
Liabilities:
Repurchase arrangements and similar borrowings	10,437,387,000		7,792,743,000
Cash collateral payable to interest rate swap counterparties	600,000		9,024,000
Interest rate swap agreements at fair value	19,962,000		16,337,000
Unsecured borrowings, Carrying Amount	103,095,000		103,095,000
Common stock dividend payable	39,132,000		27,401,000
Accounts payable and accrued expenses	22,669,000		23,337,000
Liabilities, total	10,622,845,000		7,971,937,000
Stockholders' equity:
Common stock - $0.01 par value; 250,000 shares authorized: 81,311 and 70,259 shares issued and outstanding at June 30, 2011 and December 31, 2010, respectively	813,000		703,000
Paid-in capital	1,170,620,000		1,028,382,000
Accumulated deficit	(354,883,000)		(354,883,000)
Accumulated other comprehensive income	200,365,000		173,900,000
Stockholders' equity attributable to parent, total	1,196,897,000		1,027,425,000
Liabilities and stockholders' equity, total	11,819,742,000		8,999,362,000
$1.60 Cumulative Preferred Stock, Series A
Stockholders' equity:
Preferred stock - $0.10 par value; 100,000 shares authorized:	2,618,000		2,620,000
$1.26 Cumulative Convertible Preferred Stock, Series B
Stockholders' equity:
Preferred stock - $0.10 par value; 100,000 shares authorized:	$ 177,364,000		$ 176,703,000

[1] Includes unrealized gains and losses for securities classified as available-for-sale, if applicable, (see NOTE 9).

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Unsecured Borrowings (Schedule Of Subordinated Note Balances And Related Weighted Average Interest Rate) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2011	Dec. 31, 2010	Jun. 30, 2010
Junior subordinated notes, borrowings outstanding	$ 103,095	$ 103,095
Junior subordinated notes, average rate	8.49%		8.49%
Capstead Mortgage Trust I [Member]
Junior subordinated notes, borrowings outstanding	36,083
Junior subordinated notes, average rate	8.31%
Capstead Mortgage Trust II [Member]
Junior subordinated notes, borrowings outstanding	41,238
Junior subordinated notes, average rate	8.46%
Capstead Mortgage Trust III [Member]
Junior subordinated notes, borrowings outstanding	$ 25,774
Junior subordinated notes, average rate	8.78%

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Compensation Programs (Schedule Of Stock Award Activity) (Details) (USD $)	6 Months Ended
	Jun. 30, 2011
Compensation Programs
Stock awards outstanding at December 31, 2010, Number of Shares	521,100
Stock awards outstanding at December 31, 2010, Weighted Average Grant Date Fair Value	$ 11.96
Number of Shares, Grants	24,000
Weighted Average Grant Date Fair Value, Grants	$ 13.23
Number of Shares, Vestings	(77,164)
Weighted Average Grant Date Fair Value, Vestings	$ 10.15
Number of Shares, Forfeitures	(3,008)
Weighted Average Grant Date Fair Value, Forfeitures	$ 12.27
Stock awards outstanding at June 30, 2011, Number of Shares	464,928
Stock awards outstanding at June 30, 2011, Weighted Average Grant Date Fair Value	$ 12.33

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Compensation Programs (Schedule Of Option Award Activity) (Details) (USD $)	6 Months Ended
	Jun. 30, 2011
Compensation Programs
Option awards outstanding at December 31, 2010, Number of Shares	288,125
Option awards outstanding at December 31, 2010 ,Weighted Average Exercise Price	$ 10.48
Exercises, Number of Shares	(6,875)
Exercises, Weighted Average Exercise Price	$ 9.61
Option awards outstanding at June 30, 2011, Number of Shares	281,250
Option awards outstanding at June 30, 2011, Weighted Average Exercise Price	$ 10.51

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Comprehensive Income (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Comprehensive Income
Net income	$ 42,541,000	$ 29,759,000	$ 77,233,000	$ 70,196,000
Change in net unrealized gains	29,439,000	7,048,000	30,447,000	(3,314,000)
Change in net unrealized losses	(16,883,000)	(10,111,000)	(17,561,000)	(25,223,000)
Reclassification adjustment for amounts included in net income	7,467,000	6,892,000	13,579,000	15,778,000
Other comprehensive income (loss)	20,023,000	3,829,000	26,465,000	(12,759,000)
Comprehensive income	62,564,000	33,588,000	103,698,000	57,437,000
Net unrealized gains on mortgage securities held available-for-sale			210,800,000
Net unrealized losses on derivatives held as cash flow hedges			$ 10,500,000