EXHIBIT 12.2 IMPACT MORTGAGE HOLDINGS, INC. AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (dollar amounts in thousands) Computation of ratio of earnings to fixed charges and preferred stock dividends (including CMO debt): For the nine months ended September 30, For the year ended December 31, ---------------------- ---------------------------------------------------------------- Pro forma 1998 Pro forma 1997 1996 1995 1994 1993 --------- ---- --------- ---- ---- ---- ---- ---- Fixed charges $128,462 $128,482 $118,332 $118,332 $75,954 $3,552 $ 762 $ 533 Preferred stock dividends 2,363 - 3,150 - - - - - -------- -------- -------- -------- ------- ------ ------ ------ Combined fixed charges and preferred stock dividends 130,845 128,482 121,482 118,332 75,954 3,552 762 533 Net earnings 2,130 2,130 (16,029) (16,029) 11,879 2,134 460 4,747 Preferred stock dividends (2,363) - (3,150) - - - - - -------- -------- -------- -------- ------- ------ ------ ------ Total $130,612 $130,612 $102,303 $102,303 $87,833 $5,666 $1,222 $5,280 ======== ======== ======== ======== ======= ====== ====== ====== Ratio of earnings to fixed charges and preferred stock dividends 1.0x 1.0x 0.8x 0.9x 1.2x 1.6x 1.6x 9.9x ======== ======== ======== ======== ======= ====== ====== ======