EXHIBIT 12

CAPSTEAD MORTGAGE CORPORATION

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

INCOME TO COMBINED FIXED CHARGES AND PREFERRED STOCK ITEMS

(In thousands, except ratios)

(Unaudited)

Computation of ratio of net income to fixed charges:

	Six  Months Ended June  30, 2013
			Year Ended December 31
			2012		2011		2010		2009		2008
Fixed charges	$	39,591	$	77,848	$	66,080	$	56,251	$	128,830	$	258,453
Fixed charges	$	39,591	$	77,848	$	66,080	$	56,251	$	128,830	$	258,453
Net income		64,812		163,626		160,204		126,896		129,263		125,923
	$	104,403	$	241,474	$	226,284	$	183,147	$	258,093	$	384,376
Ratio of net income to fixed charges		2.64:1		3.10:1		3.42:1		3.26:1		2.00:1		1.49:1

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

	Six Months Ended June 30, 2013
			Year Ended December 31
			2012		2011		2010		2009		2008
Fixed charges	$	39,591	$	77,848	$	66,080	$	56,251	$	128,830	$	258,453
Preferred stock items:
Redemption preference premiums*		19,924		—		—		—		—		—
Dividends		11,137		21,021		20,369		20,233		20,239		20,251
Combined fixed charges and preferred stock items	$	70,652	$	98,869	$	86,449	$	76,484	$	149,069	$	278,704
Fixed charges	$	39,591	$	77,848	$	66,080	$	56,251	$	128,830	$	258,453
Net income		64,812		163,626		160,204		126,896		129,263		125,923
	$	104,403	$	241,474	$	226,284	$	183,147	$	258,093	$	384,376
Ratio of net income to combined fixed charges and preferred stock items		1.48:1		2.44:1		2.62:1		2.39:1		1.73:1		1.38:1

* Capstead’s Series A and B preferred shares were redeemed on June 13, 2013. See NOTE 9 to the consolidated financial statements (included under Item 1 of this report). The ratio of net income to combined fixed charges and preferred stock dividends excluding the redemption preference premiums was 2.06:1 for the six months ended June 30, 2013.