Exhibit 12.1
CorEnergy Infrastructure Trust, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends
| For the Nine Months Ended September 30, | For the Years Ended December 31, | For the Years Ended November 30, | One-Month Transition Period Ended December 31, | |||||||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2012 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Pre-tax income from continuing operations before adjustment for income or loss from equity investees | $ | 8,244,706 | $ | 6,973,693 | $ | 2,967,257 | $ | 19,857,050 | $ | 3,153,327 | $ | 17,586,275 | $ | (515,658 | ) | |||||||||||||
Fixed charges(1) | $ | 6,129,073 | $ | 3,675,122 | $ | 3,288,378 | $ | 81,123 | $ | 36,508 | $ | 45,619 | $ | 416,137 | ||||||||||||||
Amortization of capitalized interest | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Distributed income of equity investees | $ | 1,025,381 | $ | 1,836,783 | $ | 584,814 | $ | (279,395 | ) | $ | 651,673 | $ | 1,853,247 | $ | 2,325 | |||||||||||||
Pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Subtract: | ||||||||||||||||||||||||||||
Interest capitalized | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Preference security dividend requirements of consolidated subsidiaries | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
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Earnings | $ | 15,399,160 | $ | 12,485,598 | $ | 6,840,449 | $ | 19,658,778 | $ | 3,841,508 | $ | 19,485,141 | $ | (97,196 | ) | |||||||||||||
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Combined Fixed Charges and Preference Dividends: | ||||||||||||||||||||||||||||
Fixed charges(1) | $ | 6,129,073 | $ | 3,675,122 | $ | 3,288,378 | $ | 81,123 | $ | 36,508 | $ | 45,619 | $ | 416,137 | ||||||||||||||
Preference security dividend(2) | $ | 2,811,719 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
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Combined fixed charges and preference dividends | $ | 8,940,792 | $ | 3,675,122 | $ | 3,288,378 | $ | 81,123 | $ | 36,508 | $ | 45,619 | $ | 416,137 | ||||||||||||||
Ratio of earnings to fixed charges | 2.51 | 3.40 | 2.08 | 242.70 | 103.84 | 423.61 | -0.23 | |||||||||||||||||||||
Ratio of earnings to combined fixed charges and preference dividends | 1.72 | 3.40 | 2.08 | 242.70 | 103.84 | 423.61 | -0.23 | |||||||||||||||||||||
Combined Fixed Charges Deficiency | N/A | N/A | N/A | N/A | N/A | N/A | $ | 513,333 | ||||||||||||||||||||
| (1) | Fixed charges consist of interest expense as defined under U.S. generally accepted accounting principles, on all indebtedness. |
| (2) | This line represents the amount of preferred stock dividends accumulated as of September 30, 2015. |
