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 | $ | 34,470,016 | $ | 28,561,682 | $ | 11,782,422 | $ | 6,973,693 | $ | 2,967,257 | |||||||||
Fixed charges(1) | 12,378,514 | 14,417,839 | 9,781,184 | 3,675,122 | 3,288,378 | ||||||||||||||
Amortization of capitalized interest | — | — | — | — | — | ||||||||||||||
Distributed income of equity investees | 680,091 | 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 | $ | 47,528,621 | $ | 44,120,345 | $ | 22,834,360 | $ | 12,485,598 | $ | 6,840,449 | |||||||||
Combined Fixed Charges and Preference Dividends: | |||||||||||||||||||
Fixed charges(1) | $ | 12,378,514 | $ | 14,417,839 | $ | 9,781,184 | $ | 3,675,122 | $ | 3,288,378 | |||||||||
Preferred security dividend(2) | 7,953,988 | 4,148,437 | 3,848,828 | — | — | ||||||||||||||
Combined fixed charges and preference dividends | $ | 20,332,502 | $ | 18,566,276 | $ | 13,630,012 | $ | 3,675,122 | $ | 3,288,378 | |||||||||
Ratio of earnings to fixed charges | 3.84 | 3.06 | 2.33 | 3.40 | 2.08 | ||||||||||||||
Ratio of earnings to combined fixed charges and preference dividends | 2.34 | 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) This line represents the amount of preferred stock dividends accumulated as of December 31, 2017. | |||||||||||||||||||