For the Six Months Ended June 30, | For the Years Ended December 31, | ||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
Earnings: | |||||||||||||||||||
Pre-tax income from continuing operations before adjustment for income or loss from equity investees | $ | 15,266,351 | $ | 34,470,016 | $ | 28,561,682 | $ | 11,782,422 | $ | 6,973,693 | |||||||||
Fixed charges(1) | 6,406,838 | 12,378,514 | 14,417,839 | 9,781,184 | 3,675,122 | ||||||||||||||
Amortization of capitalized interest | — | — | — | — | — | ||||||||||||||
Distributed income of equity investees | 59,665 | 680,091 | 1,140,824 | 1,270,754 | 1,836,783 | ||||||||||||||
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 | $ | 21,732,854 | $ | 47,528,621 | $ | 44,120,345 | $ | 22,834,360 | $ | 12,485,598 | |||||||||
Combined Fixed Charges and Preference Dividends: | |||||||||||||||||||
Fixed charges(1) | $ | 6,406,838 | $ | 12,378,514 | $ | 14,417,839 | $ | 9,781,184 | $ | 3,675,122 | |||||||||
Preferred security dividend(2) | 4,793,750 | 7,953,988 | 4,148,437 | 3,848,828 | — | ||||||||||||||
Combined fixed charges and preference dividends | $ | 11,200,588 | $ | 20,332,502 | $ | 18,566,276 | $ | 13,630,012 | $ | 3,675,122 | |||||||||
Ratio of earnings to fixed charges | 3.39 | 3.84 | 3.06 | 2.33 | 3.40 | ||||||||||||||
Ratio of earnings to combined fixed charges and preference dividends | 1.94 | 2.34 | 2.38 | 1.68 | 3.40 | ||||||||||||||
(1) | Fixed charges consist of interest expense, as defined under U.S. generally accepted accounting principles, on all indebtedness. |