1 EXHIBIT 12.2 CCA HOLDINGS CORP. RATIO OF EARNINGS TO FIXED CHARGES CALCULATION (In Thousands, Except Ratios) 1997 1996 1995 ---- ---- ---- Earnings Net loss(2) (41,441) (46,814) (41,862) Fixed Charges 53,035 46,846 35,626 ------- ------ ------ Earnings 11,594 32 (6,236) ======= ====== ====== Fixed Charges Interest Expense 51,784 45,646 34,813 Interest Element of Rentals 35 192 165 Amortization of debt costs 1,216 1,008 648 ------- ------ ------ Total Fixed Charges 53,035 46,846 35,626 ======= ====== ====== Ratio of Earnings to Fixed Charges(1) (1) Earnings for the year ended December 31, 1997, 1996 and 1995 were insufficient to cover fixed charges by $41,441, $46,814 and $41,862 , respectively. As a result of such deficiencies, the ratios are not presented above. (2) Net loss excludes equity in loss of unconsolidated limited partnerships and minority in loss of subsidiary.