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| Farmland Partners Inc. |
| Predecessor |
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($ in thousands) |
| 12/31/2017 |
| 12/31/2016 |
| 12/31/2015 |
| 12/31/2014(1) |
| 12/31/2013 |
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Earnings: |
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Net income (loss) |
| 9,158 |
| 5,999 |
| 1,689 |
| (671 | ) | 34 |
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Combined fixed charges and preferred dividends |
| 20,700 |
| 13,160 |
| 4,801 |
| 1,510 |
| 1,342 |
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Total earnings |
| 29,858 |
| 19,159 |
| 6,490 |
| 840 |
| 1,376 |
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Combined fixed charges and preferred dividends: |
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Interest expense |
| 13,561 |
| 9,959 |
| 4,616 |
| 1,372 |
| 1,342 |
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Capitalized interest expense |
| — |
| — |
| — |
| — |
| — |
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Amortized premiums related to indebtedness |
| — |
| — |
| — |
| — |
| — |
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Discounts related to indebtedness |
| (110 | ) | (120 | ) | (67 | ) | — |
| — |
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Capitalized expenses related to indebtedness |
| 337 |
| 357 |
| 225 |
| 138 |
| — |
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Preferred security dividend requirements of consolidated subsidiaries |
| 6,856 |
| 2,915 |
| — |
| — |
| — |
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Estimated interest component of rent (2) |
| 56 |
| 49 |
| 27 |
| — |
| — |
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Total combined fixed charges and preferred dividends |
| 20,700 |
| 13,160 |
| 4,801 |
| 1,510 |
| 1,342 |
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Ratio of Earnings to Combined Fixed Charges and Preferred Dividends |
| 1.4 |
| 1.5 |
| 1.4 |
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| (3) | 1.0 |
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Surplus (deficiency) of earnings to combined fixed charges and preferred dividends |
| 9,158 |
| 5,999 |
| 1,689 |
| (671 | ) | 34 |
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(1) The calculation of earnings and fixed charges reflects the earnings and fixed charges of FPI Land LLC, the predecessor of Farmland Partners Inc., for the period from January 1, 2014 until immediately prior to the completion of Farmland Partners Inc.’s initial public offering on April 16, 2014 and of Farmland Partners Inc. for the periods thereafter.
(2) The percent of rent included (1/3) in the calculation is a reasonable approximation of the interest factor.
(3) For the year ended December 31, 2014, earnings were not sufficient to cover fixed charges by $0.7 million.
