EXHIBIT 12

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

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

	Three Months
	Ended		Year Ended December 31,
	March 31, 2009		2008		2007		2006		2005		2004
Fixed charges	$	42,144	$	258,453	$	275,648	$	235,521	$	106,909	$	44,939
Preferred stock dividends		5,061		20,251		20,256		20,256		20,256		20,259
Combined fixed charges and preferred stock dividends	$	47,205	$	278,704	$	295,904	$	255,777	$	127,165	$	65,198
Fixed charges	$	42,144	$	258,453	$	275,648	$	235,521	$	106,909	$	44,939
Income from continuing operations		42,076		125,923		24,713		3,843		17,195		39,869
	$	84,220	$	384,376	$	300,361	$	239,364	$	124,104	$	84,808
Ratio of income from continuing operations (before fixed charges) to combined fixed charges and preferred stock dividends		1.78:1		1.38:1		1.02:1						1.30:1
Deficiency of income from continuing operations (before fixed charges) to combined fixed charges and preferred stock dividends							$	16,413	$	3,061