EXHIBIT 12

CAPSTEAD MORTGAGE CORPORATION

COMPUTATION OF RATIO OF NET INCOME TO FIXED CHARGES AND RATIO OF NET

INCOME TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(In thousands, except ratios)

(Unaudited)

Computation of ratio of net income to fixed charges:

	Nine Months Ended September 30,		Year Ended December 31,
	2012		2011		2010		2009		2008		2007
Fixed charges	$	54,989	$	66,080	$	56,251	$	128,830	$	258,453	$	275,648
Fixed charges	$	54,989	$	66,080	$	56,251	$	128,830	$	258,453	$	275,648
Net income		128,542		160,204		126,896		129,263		125,923		24,713
	$	183,531	$	226,284	$	183,147	$	258,093	$	384,376	$	300,361
Ratio of net income to fixed charges		3.34:1		3.42:1		3.26:1		2.00:1		1.49:1		1.09:1

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

	Nine Months Ended September 30,		Year Ended December 31,
	2012		2011		2010		2009		2008		2007
Fixed charges	$	54,989	$	66,080	$	56,251	$	128,830	$	258,453	$	275,648
Preferred stock dividends		15,751		20,369		20,233		20,239		20,251		20,256
Combined fixed charges and preferred stock dividends	$	70,740	$	86,449	$	76,484	$	149,069	$	278,704	$	295,904
Fixed charges	$	54,989	$	66,080	$	56,251	$	128,830	$	258,453	$	275,648
Net income		128,542		160,204		126,896		129,263		125,923		24,713
	$	183,531	$	226,284	$	183,147	$	258,093	$	384,376	$	300,361
Ratio of net income to combined fixed charges and preferred stock dividends		2.59:1		2.62:1		2.39:1		1.73:1		1.38:1		1.02:1