The VLC stable PPA does not contain the 2.1.2 version for any release apart from Trusty, which is still in development.
According to the PPA's description, this is intended:
This PPA contains daily builds from the latest VLC maintenance branch.
This PPA is used for test building new and upcoming point releases of
VLC that can get into Ubuntu through stable release updates (SRU) or
security updates. You don't find major version updates in this PPA
(e.g. no update from 2.1.x to 2.2.x).
From the PPA description, emphasis mine
You may need to locate another PPA with the latest stable.
Even the VLC download for Ubuntu page doesn't give instructions to get the latest version.
Ubuntu includes whichever VLC version was the latest at the time the Ubuntu release was frozen (typically about two months before the official Ubuntu upgrade).
Afterward, you can still get security and critical bug fixes, but no further major VLC version updates until the next Ubuntu release.
If you need a more recent version, please consider upgrading Ubuntu.
From VLC media player for Ubuntu
This is not the best way, unless you really have a need for the latest you should just be happy with the older and stable version.
You may try to download the source from here, compile then install if you're so inclined.
Download the source
tar.xz file, there should be a
README with instructions.