Capstead Mortgage Corp. said it earned $22.9 million in the fourth quarter, 15.7% more than a year earlier.

Full-year earnings were off 14.3%, at $77.3 million.

"Slightly lower borrowing costs and improved interest spreads on the company's investments in mortgage securities, together with improved results from mortgage servicing, contributed to the 14% improvement in net income per share compared to the third quarter," said Ron Lytle, chairman and chief executive officer of Capstead.

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