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EX-32 - EX-32 - CAPSTEAD MORTGAGE CORPcmo-ex32_8.htm
EX-31.1 - EX-31.1 - CAPSTEAD MORTGAGE CORPcmo-ex311_6.htm
10-Q - 10-Q - CAPSTEAD MORTGAGE CORPcmo-10q_20170930.htm

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:

 

 

 

Nine Months

Ended

September 30,

 

 

Year Ended December 31

 

 

 

2017

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

 

2012

 

Fixed charges

 

$

104,446

 

 

$

115,486

 

 

$

93,975

 

 

$

73,643

 

 

$

75,104

 

 

$

77,848

 

Fixed charges

 

$

104,446

 

 

$

115,486

 

 

$

93,975

 

 

$

73,643

 

 

$

75,104

 

 

$

77,848

 

Net income

 

 

57,002

 

 

 

82,873

 

 

 

108,325

 

 

 

140,820

 

 

 

126,487

 

 

 

163,626

 

 

 

$

161,448

 

 

$

198,359

 

 

$

202,300

 

 

$

214,463

 

 

$

201,591

 

 

$

241,474

 

Ratio of net income to

  fixed charges

 

1.55:1

 

 

1.72:1

 

 

2.15:1

 

 

2.91:1

 

 

2.68:1

 

 

3.10:1

 

 

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

 

 

 

Nine Months

Ended

September 30,

 

 

Year Ended December 31

 

 

 

2017

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

 

2012

 

Fixed charges

 

$

104,446

 

 

$

115,486

 

 

$

93,975

 

 

$

73,643

 

 

$

75,104

 

 

$

77,848

 

Preferred stock items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redemption preference

  premiums*

 

 

 

 

 

 

 

 

 

 

19,924

 

 

 

Dividends

 

 

12,600

 

 

 

15,372

 

 

 

15,160

 

 

 

13,781

 

 

 

17,536

 

 

 

21,021

 

Combined fixed charges

  and preferred stock

  items

 

$

117,046

 

 

$

130,858

 

 

$

109,135

 

 

$

87,424

 

 

$

112,564

 

 

$

98,869

 

Fixed charges

 

$

104,446

 

 

$

115,486

 

 

$

93,975

 

 

$

73,643

 

 

$

75,104

 

 

$

77,848

 

Net income

 

 

57,002

 

 

 

82,873

 

 

 

108,325

 

 

 

140,820

 

 

 

126,487

 

 

 

163,626

 

 

 

$

161,448

 

 

$

198,359

 

 

$

202,300

 

 

$

214,463

 

 

$

201,591

 

 

$

241,474

 

Ratio of net income to

  combined fixed charges

  and preferred  stock

  dividends

 

1.38:1

 

 

1.52:1

 

 

1.85:1

 

 

2.45:1

 

 

1.79:1

 

 

2.44:1

 

 

 

*

Capstead’s Series A and B preferred shares were redeemed in June 2013.  The ratio of net income to combined fixed charges and preferred stock dividends excluding the redemption preference premiums was 2.18:1 for the year ended December 31, 2013.