CorEnergy Infrastructure Trust (CORR) 10-Q 2016 Q2 Quarterly report

EXHIBIT 12.1 - Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends - CorEnergy Infrastructure Trust, Inc.

	For the Six Months Ended June 30,		For the Years Ended December 31,						For the Years Ended November 30,			One-Month Transition Period Ended December 31,
	2016		2015		2014		2013		2012			2012
Earnings:
Pre-tax income from continuing operations before adjustment for income or loss from equity investees	$	11,999,766	$	11,782,422	$	6,973,693	$	2,967,257	$	19,857,050		$	(515,658	)
Fixed charges(1)	$	7,466,821	$	9,781,184	$	3,675,122	$	3,288,378	$	81,123		$	416,137
Amortization of capitalized interest	$	—	$	—	$	—	$	—	$	—		$	—
Distributed income of equity investees	$	589,742	$	1,270,754	$	1,836,783	$	584,814	$	(279,395	)	$	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	$	—	$	—	$	—	$	—	$	—		$	—
Earnings	20,056,329		22,834,360		12,485,598		6,840,449		19,658,778			(97,196		)
Combined Fixed Charges and Preference Dividends:
Fixed charges(1)	$	7,466,821	$	9,781,184	$	3,675,122	$	3,288,378	$	81,123		$	416,137
Preferred security dividend(2)	2,074,218		3,848,828		—		—		—			—
Combined fixed charges and preference dividends	9,541,039		13,630,012		3,675,122		3,288,378		81,123			416,137
Ratio of earnings to fixed charges	2.69		2.33		3.40		2.08		242.70			(0.23		)
Ratio of earnings to combined fixed charges and preference dividends	2.10		1.68		3.40		2.08		242.70			(0.23		)
Combined Fixed Charges Deficiency												(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 June 30, 2016.