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


For the Nine Months Ended September 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
$
23,141,528

 
$
34,470,016

 
$
28,561,682


$
11,782,422

 
$
6,973,693

Fixed charges(1)
9,590,427

 
12,378,514

 
14,417,839


9,781,184

 
3,675,122

Amortization of capitalized interest

 

 



 

Distributed income of equity investees
65,292

 
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
$
32,797,247

 
$
47,528,621

 
$
44,120,345


$
22,834,360

 
$
12,485,598


 
 
 
 



 
 


Combined Fixed Charges and Preference Dividends:
 
 
 
 



 
 


Fixed charges(1)
$
9,590,427

 
$
12,378,514

 
$
14,417,839


$
9,781,184

 
$
3,675,122

Preferred security dividend(2)
7,190,625

 
7,953,988

 
4,148,437


3,848,828

 

Combined fixed charges and preference dividends
$
16,781,052

 
$
20,332,502

 
$
18,566,276


$
13,630,012

 
$
3,675,122


 
 
 
 



 
 


Ratio of earnings to fixed charges
3.42

 
3.84

 
3.06


2.33

 
3.40

Ratio of earnings to combined fixed charges and preference dividends
1.95

 
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.
(2)    In the current year column, this line represents the amount of preferred stock dividends accumulated as of September 30, 2018.