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, 2016			2015			2014				2013			2012			2011
	($ in millions)
EARNINGS
Income from continuing operations before income taxes as reported	$	600		$	2,442		$	3,134			$	2,965		$	2,758		$	2,918
Add (subtract):
Total interest expenses (as detailed below)		146			584			592				576			546			504
Amortization of capitalized interest		3			12			11				12			10			9
Income of partially owned entities(1)		(12	)		(50	)		(46	)			(51	)		(45	)		(39	)
Total earnings	$	737		$	2,988		$	3,691			$	3,502		$	3,269		$	3,392
FIXED CHARGES
Interest expense on debt	$	139		$	545		$	545			$	525		$	495		$	455
Interest expense on unrecognized tax benefit		—			(3	)		1				1			(1	)		(9	)
Other interest expense		(1	)		7			11				11			10			12
Calculated interest portion of rent expense(2)		8			35			35				39			42			46
Total interest expenses		146			584			592				576			546			504
Capitalized interest		5			21			19				18			20			19
Total fixed charges	$	151		$	605		$	611		��	$	594		$	566		$	523
RATIO OF EARNINGS TO FIXED CHARGES		4.88			4.94			6.04				5.90			5.78			6.49

⁽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.