Exhibit 12.1


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,
 
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.