For the Three Months Ended March 31, | For the Years Ended December 31, | ||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Earnings: | |||||||||||||||||||
Pre-tax income from continuing operations before adjustment for income or loss from equity investees | $ | 8,220,001 | $ | 28,561,682 | $ | 11,782,422 | $ | 6,973,693 | $ | 2,967,257 | |||||||||
Fixed charges(1) | $ | 3,454,397 | $ | 14,417,839 | $ | 9,781,184 | $ | 3,675,122 | $ | 3,288,378 | |||||||||
Amortization of capitalized interest | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Distributed income of equity investees | $ | 43,462 | $ | 1,140,824 | $ | 1,270,754 | $ | 1,836,783 | $ | 584,814 | |||||||||
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 | 11,717,860 | 44,120,345 | 22,834,360 | 12,485,598 | 6,840,449 | ||||||||||||||
Combined Fixed Charges and Preference Dividends: | |||||||||||||||||||
Fixed charges(1) | $ | 3,454,397 | $ | 14,417,839 | $ | 9,781,184 | $ | 3,675,122 | $ | 3,288,378 | |||||||||
Preferred security dividend(2) | 1,037,109 | 4,148,437 | 3,848,828 | — | — | ||||||||||||||
Combined fixed charges and preference dividends | 4,491,506 | 18,566,276 | 13,630,012 | 3,675,122 | 3,288,378 | ||||||||||||||
Ratio of earnings to fixed charges | 3.39 | 3.06 | 2.33 | 3.40 | 2.08 | ||||||||||||||
Ratio of earnings to combined fixed charges and preference dividends | 2.61 | 2.38 | 1.68 | 3.40 | 2.08 | ||||||||||||||
(1) | Fixed charges consist of interest expense, as defined under U.S. generally accepted accounting principles, on all indebtedness |