QuickLinks -- Click here to rapidly navigate through this document

Exhibit 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.

	Year Ended December 31,
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
	2001			2002			2003		2004		2005
(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
Income before fixed charges	$	10,951		$	30,046		$	50,784	$	54,077	$	64,922
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
Total fixed charges and preferred dividends	$	53,198		$	54,496		$	43,503	$	59,815	$	46,156
Earnings / combined fixed charges and preferred dividends coverage ratio		*			*			1.2x		*		1.4x

*

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.

QuickLinks

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS