<PAGE>

                                                                    Exhibit 12.2

               HISPANIC BROADCASTING CORPORATION AND SUBSIDIARIES
 STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
                          AND PREFERRED STOCK DIVIDENDS
                           (in thousands except ratio)

<TABLE>
<CAPTION>
                                                                                Three Months
                                                 Year Ended December 31,           Ended        Year Ended September 30,
                                             -------------------------------    December 31,    ------------------------
                                                1999       1998       1997          1996          1996           1995
                                             --------    --------   --------    ------------    --------        --------
<S>                                          <C>         <C>        <C>         <C>             <C>             <C>
EARNINGS:
  Income (loss) from continuing
    operations before income taxes           $ 57,989    $ 44,624   $ 31,389    $ 2,164         $(29,092)       $ 4,469
  Fixed charges                                 3,054       3,292      4,863      2,965           11,793          7,055
                                             --------    --------   --------    -------         --------        -------
  Earnings as adjusted (A)                   $ 61,043    $ 47,916   $ 36,252    $ 5,129         $(17,299)       $11,524
                                             ========    ========   ========    =======         ========        =======
FIXED CHARGES:
  Interest expense                           $  1,607    $  2,046   $  3,947    $ 2,867         $ 11,241        $ 6,607
  Interest portion of rental
    expense (1)                                 1,447       1,246        916         98              552            448
                                             --------    --------   --------    -------         --------        -------
  Total fixed charges                           3,054       3,292      4,863      2,965           11,793          7,055
  Preferred stock dividends (2)                     -           -          -          -               20             75
                                             --------    --------   --------    -------         --------        -------
  Total fixed charges and preferred
    stock dividends (B)                      $  3,054    $  3,292   $  4,863    $ 2,965         $ 11,813        $ 7,130
                                             ========    ========   ========    =======         ========        =======

Ratio of earnings to combined
  fixed charges and preferred stock
  dividends (A) divided by (B)                   20.0        14.6        7.5        1.7                -            1.6
Deficiency of earnings to cover
  combined fixed charges and preferred
  stock dividends (B) minus (A)              $      -    $      -   $      -    $     -         $ 29,112        $     -
</TABLE>

(1)      Management of the Company believes approximately one-third of rent
         expense is representative of the interest component of rent expense.
(2)      Represents pretax earnings required to cover preferred stock dividends.