CorEnergy Infrastructure Trust (CORR) 10-Q2018 Q1 Quarterly report

Filed: 2 May 18, 5:16pm

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Removed: absorb, achieve, amend, annualized, ARCX, assignment, BB, behalf, benchmarking, Black, blended, bore, borrowed, British, broad, carried, characterized, charge, clarify, Clarifying, combination, combined, complexity, complying, computing, concurrent, condensed, consistent, consolidate, controlling, CorEnegy, customize, deconsolidation, deferral, depict, disposal, disposed, distributed, distributing, drawn, EBITDA, eliminating, elimination, enhanced, evidence, expectation, Expedition, experienced, expire, extension, extensive, fall, foreclosed, foreclosure, forward, goodwill, grown, guarantee, half, hedge, hedged, highest, implied, inappropriate, incremental, individual, insight, Intermediate, internally, Laclede, manage, marginal, Marketing, measuring, mmbtu, netting, noneconomic, notional, obligated, observable, observation, occur, ordinary, original, originally, output, ownership, page, passive, planning, point, post, power, prevent, produce, proportion, qualifying, qualitative, reduce, remained, reorganize, repay, resulting, retain, revised, royalty, sale, screen, securing, September, shareholder, shown, Simplifying, solicit, step, subordinated, subsequently, supported, swap, target, taxed, terminated, test, testing, Thermal, treated, underwriting, underwritten, unit, universe, unrestricted, water, website, weight, WTI

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



	For the Three Months Ended March 31,		For the Years Ended December 31,
	2018		2017		2016		2015		2014
Earnings:
Pre-tax income from continuing operations before adjustment for income or loss from equity investees	$	7,248,916	$	34,470,016	$	28,561,682	$	11,782,422	$	6,973,693
Fixed charges⁽¹⁾	3,210,590		12,378,514		14,417,839		9,781,184		3,675,122
Amortization of capitalized interest	—		—		—		—		—
Distributed income of equity investees	—		680,091		1,140,824		1,270,754		1,836,783
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	$	10,459,506	$	47,528,621	$	44,120,345	$	22,834,360	$	12,485,598

Combined Fixed Charges and Preference Dividends:
Fixed charges⁽¹⁾	$	3,210,590	$	12,378,514	$	14,417,839	$	9,781,184	$	3,675,122
Preferred security dividend⁽²⁾	2,396,875		7,953,988		4,148,437		3,848,828		—
Combined fixed charges and preference dividends	$	5,607,465	$	20,332,502	$	18,566,276	$	13,630,012	$	3,675,122

Ratio of earnings to fixed charges	3.26		3.84		3.06		2.33		3.40
Ratio of earnings to combined fixed charges and preference dividends	1.87		2.34		2.38		1.68		3.40


(1)	Fixed charges consist of interest expense, as defined under U.S. generally accepted accounting principles, on all indebtedness.

(2) In the current year column, this line represents the amount of preferred stock dividends accumulated as of March 31, 2018.