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


For the Years Ended December 31,

For the Years Ended November 30,

One-Month Transition Period Ended December 31,

2015

2014

2013

2012

2011

2012
Earnings:











Pre-tax income from continuing operations before adjustment for income or loss from equity investees
$
11,782,422


$
6,973,693


$
2,967,257


$
19,857,050


$
3,153,327


$
(515,658
)
Fixed charges(1)
$
9,781,184


$
3,675,122


$
3,288,378


$
81,123


$
36,508


$
416,137

Amortization of capitalized interest
$


$


$


$


$


$

Distributed income of equity investees
$
1,270,754


$
1,836,783


$
584,814


$
(279,395
)

$
651,673


$
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
22,834,360


12,485,598


6,840,449


19,658,778


3,841,508


(97,196
)


















Combined Fixed Charges and Preference Dividends:

















Fixed charges(1)
$
9,781,184


$
3,675,122


$
3,288,378


$
81,123


$
36,508


$
416,137

Preferred security dividend(2)
3,848,828











Combined fixed charges and preference dividends
13,630,012


3,675,122


3,288,378


81,123


36,508


416,137



















Ratio of earnings to fixed charges
2.33


3.40


2.08


242.70


103.84


(0.23
)
Ratio of earnings to combined fixed charges and preference dividends
1.68


3.40


2.08


242.70


103.84


(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 December 31, 2015