EXHIBIT 12.1 - Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends - CorEnergy Infrastructure Trust, Inc.
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| | | | | | | | | | | | | | | | | | | |
| For the Six Months Ended June 30, | | 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 | $ | 15,266,351 |
| | $ | 34,470,016 |
| | $ | 28,561,682 |
|
| $ | 11,782,422 |
| | $ | 6,973,693 |
|
Fixed charges(1) | 6,406,838 |
| | 12,378,514 |
| | 14,417,839 |
|
| 9,781,184 |
| | 3,675,122 |
|
| Amortization of capitalized interest | — |
| | — |
| | — |
|
| — |
| | — |
|
| Distributed income of equity investees | 59,665 |
| | 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 | $ | 21,732,854 |
| | $ | 47,528,621 |
| | $ | 44,120,345 |
|
| $ | 22,834,360 |
| | $ | 12,485,598 |
|
| | | | |
|
|
| | |
|
|
| Combined Fixed Charges and Preference Dividends: | | | | |
|
|
| | |
|
|
Fixed charges(1) | $ | 6,406,838 |
| | $ | 12,378,514 |
| | $ | 14,417,839 |
|
| $ | 9,781,184 |
| | $ | 3,675,122 |
|
Preferred security dividend(2) | 4,793,750 |
| | 7,953,988 |
| | 4,148,437 |
|
| 3,848,828 |
| | — |
|
| Combined fixed charges and preference dividends | $ | 11,200,588 |
| | $ | 20,332,502 |
| | $ | 18,566,276 |
|
| $ | 13,630,012 |
| | $ | 3,675,122 |
|
| | | | |
|
|
| | |
|
|
| Ratio of earnings to fixed charges | 3.39 |
| | 3.84 |
| | 3.06 |
|
| 2.33 |
| | 3.40 |
|
| Ratio of earnings to combined fixed charges and preference dividends | 1.94 |
| | 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 June 30, 2018.
