QuickLinks -- Click here to rapidly navigate through this documentExhibit 12.2
RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
The following table sets forth our ratio of earnings to combined fixed charges and preferred stock dividends on a reported basis for the periods indicated. Earnings consist of income (loss) from continuing operations plus fixed charges. Fixed charges consist of interest expense and amortization of deferred financing costs. We have calculated the ratio of earnings to combined fixed charges and preferred stock dividends by adding net income (loss) from continuing operations to fixed charges and dividing that sum by such fixed charges plus preferred dividends, irrespective of whether or not such dividends were actually paid.
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
| | Year Ended December 31,
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| | 2001
| | 2002
| | 2003
| | 2004
| | 2005
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| (Loss) income from continuing operations | | $ | (22,253 | ) | $ | (4,335 | ) | $ | 27,396 | | $ | 10,069 | | $ | 30,151 |
| Interest expense | | | 33,204 | | | 34,381 | | | 23,388 | | | 44,008 | | | 34,771 |
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| Income before fixed charges | | $ | 10,951 | | $ | 30,046 | | $ | 50,784 | | $ | 54,077 | | $ | 64,922 |
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| Interest expense | | $ | 33,204 | | $ | 34,381 | | $ | 23,388 | | $ | 44,008 | | $ | 34,771 |
| Preferred stock dividends | | | 19,994 | | | 20,115 | | | 20,115 | | | 15,807 | | | 11,385 |
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| Total fixed charges and preferred dividends | | $ | 53,198 | | $ | 54,496 | | $ | 43,503 | | $ | 59,815 | | $ | 46,156 |
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| Earnings / combined fixed charges and preferred dividends coverage ratio | | | * | | | * | | | 1.2x | | | * | | | 1.4x |
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- *
- Our earnings were insufficient to cover combined fixed charges and preferred stock dividends by $42,247, $24,450 and $5,738 in 2001, 2002 and 2004, respectively. In addition, our ratio of earnings to combined fixed charges and preferred dividends has been revised to reflect the impact of the implementation of the Statement of Accounting Standard No. 144,Accounting for the Impairment and Disposal of Long-Lived Assets.
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RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
