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. 27, 2002 | Dec. 28, 2001 | Dec. 29, 2000 | Dec. 31, 1999 | Dec. 25, 1998 | ||||||||||||||||
EARNINGS: | ||||||||||||||||||||
Earnings Before Income Taxes | $ | 723 |
| $ | 448 |
| $ | 277 |
| $ | 104 |
| $ | 744 |
| |||||
Interest Expense |
| 445 |
|
| 518 |
|
| 550 |
|
| 528 |
|
| 513 |
| |||||
Amortization of Debt Discount |
| 4 |
|
| — |
|
| 1 |
|
| — |
|
| 1 |
| |||||
Interest Portion of Fixed Rent |
| 77 |
|
| 88 |
|
| 109 |
|
| 151 |
|
| 183 |
| |||||
Undistributed Earnings of Unconsolidated Subsidiaries |
| (44 | ) |
| (2 | ) |
| (18 | ) |
| (58 | ) |
| (238 | ) | |||||
Earnings, as Adjusted | $ | 1,205 |
| $ | 1,052 |
| $ | 919 |
| $ | 725 |
| $ | 1,203 |
| |||||
FIXED CHARGES: | ||||||||||||||||||||
Interest Expense | $ | 445 |
| $ | 518 |
| $ | 550 |
| $ | 528 |
| $ | 513 |
| |||||
Capitalized Interest |
| 3 |
|
| 7 |
|
| 6 |
|
| 8 |
|
| 9 |
| |||||
Amortization of Debt Discount |
| 4 |
|
| — |
|
| 1 |
|
| — |
|
| 1 |
| |||||
Interest Portion of Fixed Rent |
| 77 |
|
| 88 |
|
| 109 |
|
| 151 |
|
| 183 |
| |||||
Fixed Charges | $ | 529 |
| $ | 613 |
| $ | 666 |
| $ | 687 |
| $ | 706 |
| |||||
Ratio of Earnings to Fixed Charges |
| 2.3x |
|
| 1.7x |
|
| 1.4x |
|
| 1.1x |
|
| 1.7x |
| |||||