Norfolk Southern (NSC) 8-K Other Events

Exhibit 12.1

NORFOLK SOUTHERN CORPORATION AND SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

	Three months ended March 31,			Year ended December 31,
	2015			2014			2013			2012			2011			2010
	($ in millions)
EARNINGS
Income from continuing operations before income taxes as reported	$	495		$	3,134		$	2,965		$	2,758		$	2,918		$	2,367
Add (subtract):
Total interest expenses (as detailed below)		144			592			576			546			504			517
Amortization of capitalized interest		3			11			12			10			9			8
Income of partially owned entities(1)		(7	)		(46	)		(51	)		(45	)		(39	)		(43	)
Total earnings	$	635		$	3,691		$	3,502		$	3,269		$	3,392		$	2,849
FIXED CHARGES
Interest expense on debt	$	132		$	545		$	525		$	495		$	455		$	462
Interest expense on unrecognized tax benefit		—			1			1			(1	)		(9	)		1
Other interest expense		3			11			11			10			12			16
Calculated interest portion of rent expense(2)		9			35			39			42			46			38
Total interest expenses		144			592			576			546			504			517
Capitalized interest		5			19			18			20			19			15
Total fixed charges	$	149		$	611		$	594		$	566		$	523		$	532
RATIO OF EARNINGS TO FIXED CHARGES		4.26			6.04			5.90			5.78			6.49			5.36

(1) Represents undistributed income of equity investees included in income from continuing operations before income taxes as reported.

(2) Interest component of leases includes one-third of rental expense which approximates the interest component of operating leases.