Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
CSX Corporation
Ratio of Earnings to Fixed Charges
(Millions of Dollars)
For the Fiscal Years Ended | ||||||||||||||||||||
Dec. 26, 2003 | Dec. 27, 2002 | Dec. 28, 2001 | Dec. 29, 2000 | Dec. 31, 1999 | ||||||||||||||||
EARNINGS: | ||||||||||||||||||||
Earnings Before Income Taxes | $ | 265 | $ | 723 | $ | 448 | $ | 277 | $ | 104 | ||||||||||
Interest Expense | 418 | 445 | 518 | 550 | 528 | |||||||||||||||
Amortization of Debt Discount | — | — | — | 1 | — | |||||||||||||||
Interest Portion of Fixed Rent | 62 | 77 | 88 | 109 | 151 | |||||||||||||||
Undistributed Earnings of Unconsolidated Subsidiaries | (40 | ) | (44 | ) | (2 | ) | (18 | ) | (58 | ) | ||||||||||
Earnings, as Adjusted | $ | 705 | $ | 1,201 | $ | 1,052 | $ | 919 | $ | 725 | ||||||||||
FIXED CHARGES: | ||||||||||||||||||||
Interest Expense | $ | 418 | $ | 445 | $ | 518 | $ | 550 | $ | 528 | ||||||||||
Capitalized Interest | 3 | 3 | 7 | 6 | 8 | |||||||||||||||
Amortization of Debt Discount | — | — | — | 1 | — | |||||||||||||||
Interest Portion of Fixed Rent | 62 | 77 | 88 | 109 | 151 | |||||||||||||||
Fixed Charges | $ | 483 | $ | 525 | $ | 613 | $ | 666 | $ | 687 | ||||||||||
Ratio of Earnings to Fixed Charges | 1.5x | 2.3x | 1.7x | 1.4x | 1.1x | |||||||||||||||