EXHIBIT 12

CAPSTEAD MORTGAGE CORPORATION
COMPUTATION OF RATIO OF INCOME FROM CONTINUING OPERATIONS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(In thousands, except ratios)
(Unaudited)

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

	Year Ended December 31
	2005		2004		2003		2002		2001
Fixed charges	$	106,909	$	44,939	$	58,924	$	164,994	$	363,317
Preferred stock dividends		20,256		20,259		20,273		20,362		20,446
Combined fixed charges and preferred stock dividends	$	127,165	$	65,198	$	79,197	$	185,356	$	383,763
Fixed charges	$	106,909	$	44,939	$	58,924	$	164,994	$	363,317
Income from continuing operations		17,195		39,869		58,666		95,246		106,276
	$	124,104	$	84,808	$	117,590	$	260,240	$	469,593
Ratio of income from continuing operations to combined fixed charges and preferred stock dividends		0.98:1		1.30:1		1.48:1		1.40:1		1.22:1