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
	2006		2005		2004		2003		2002
Fixed charges	$	235,521	$	106,909	$	44,939	$	58,924	$	164,994
Preferred stock dividends		20,256		20,256		20,259		20,273		20,362
Combined fixed charges and preferred stock dividends	$	255,777	$	127,165	$	65,198	$	79,197	$	185,356
Fixed charges	$	235,521	$	106,909	$	44,939	$	58,924	$	164,994
Income from continuing operations		3,843		17,195		39,869		58,666		95,246
	$	239,364	$	124,104	$	84,808	$	117,590	$	260,240
Ratio of income from continuing operations to combined fixed charges and preferred stock dividends		0.94:1		0.98:1		1.30:1		1.48:1		1.40:1