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:

	Year Ended December 31
	2012		2011		2010		2009		2008
Fixed charges	$	77,848	$	66,080	$	56,251	$	128,830	$	258,453
Fixed charges	$	77,848	$	66,080	$	56,251	$	128,830	$	258,453
Net income		163,626		160,204		126,896		129,263		125,923
	$	241,474	$	226,284	$	183,147	$	258,093	$	384,376
Ratio of net income to fixed charges		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 dividends:

	Year Ended December 31
	2012		2011		2010		2009		2008
Fixed charges	$	77,848	$	66,080	$	56,251	$	128,830	$	258,453
Preferred stock dividends		21,021		20,369		20,233		20,239		20,251
Combined fixed charges and preferred stock dividends	$	98,869	$	86,449	$	76,484	$	149,069	$	278,704
Fixed charges	$	77,848	$	66,080	$	56,251	$	128,830	$	258,453
Net income		163,626		160,204		126,896		129,263		125,923
	$	241,474	$	226,284	$	183,147	$	258,093	$	384,376
Ratio of net income to combined fixed charges and preferred stock dividends		2.44:1		2.62:1		2.39:1		1.73:1		1.38:1