Year Ended December 31, | |||||||||||||||||||
NSA | Combined(1) | ||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Earnings: | |||||||||||||||||||
Income (loss) before taxes | $ | 47,157 | $ | 25,234 | $ | 4,983 | $ | (16,357 | ) | $ | (11,734 | ) | |||||||
Equity in losses of unconsolidated real estate venture | 2,339 | 1,484 | — | — | — | ||||||||||||||
Distributed income of equity investees | 5,093 | 730 | — | — | — | ||||||||||||||
Fixed charges | 34,468 | 24,471 | 21,121 | 23,044 | 19,605 | ||||||||||||||
Total Earnings | $ | 89,057 | $ | 51,919 | $ | 26,104 | $ | 6,687 | $ | 7,871 | |||||||||
Fixed charges: | |||||||||||||||||||
Interest expense | $ | 34,068 | $ | 24,109 | $ | 20,779 | $ | 23,033 | $ | 19,605 | |||||||||
Estimate of interest within rental expense | 400 | 362 | 342 | 11 | — | ||||||||||||||
Total fixed charges | 34,468 | 24,471 | 21,121 | 23,044 | 19,605 | ||||||||||||||
Distributions to preferred shareholders(2) | 2,300 | — | — | — | — | ||||||||||||||
Total combined fixed charges and preferred distributions(2) | $ | 36,768 | $ | 24,471 | $ | 21,121 | $ | 23,044 | $ | 19,605 | |||||||||
Ratio of earnings to fixed charges | 2.58 | 2.12 | 1.24 | * | * | ||||||||||||||
Ratio of earnings to fixed charges and preferred share distributions(2) | 2.42 | 2.12 | 1.24 | * | * | ||||||||||||||
* Earnings were insufficient to cover fixed charges by $16.4 million and $11.7 million for the fiscal years ended December 31, 2014 and 2013, respectively. | |||||||
(1) Combined in the table above for the year ended December 31, 2013 are the historical results for the three months ended March 31, 2013 for the combined subsidiaries of SecurCare Self Storage, Inc. (our "Predecessor") and the Company's historical results for the nine months ended December 31, 2013. Earnings were insufficient to cover fixed charges by $10.5 million for the Company's historical results for the nine months ended December 31, 2013 and $1.2 million for our predecessor's historical results for the three months ended March 31, 2013. | |||||||
(2) The Company had no preferred shares outstanding for the years ended December 31, 2016, 2015, 2014 and 2013. | |||||||