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


For the Six Months Ended June 30,
 
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
$
16,915,722

 
$
28,561,682


$
11,782,422

 
$
6,973,693


$
2,967,257

Fixed charges(1)
6,657,234

 
14,417,839


9,781,184

 
3,675,122


3,288,378

Amortization of capitalized interest

 



 



Distributed income of equity investees
264,902

 
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
$
23,837,858

 
$
44,120,345


$
22,834,360

 
$
12,485,598


$
6,840,449


 
 



 
 





Combined Fixed Charges and Preference Dividends:
 
 



 
 





Fixed charges(1)
$
6,657,234

 
$
14,417,839


$
9,781,184

 
$
3,675,122


$
3,288,378

Preferred security dividend(2)
3,160,238

 
4,148,437


3,848,828

 



Combined fixed charges and preference dividends
$
9,817,472

 
$
18,566,276


$
13,630,012

 
$
3,675,122


$
3,288,378


 
 



 
 





Ratio of earnings to fixed charges
3.58

 
3.06


2.33

 
3.40


2.08

Ratio of earnings to combined fixed charges and preference dividends
2.43

 
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.
(2)    In the current year column, his line represents the amount of preferred stock dividends accumulated as of June 30, 2017.