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, 2017			2016			2015			2014			2013			2012
	($ in millions)
EARNINGS
Income from continuing operations before income taxes as reported	$	655		$	2,582		$	2,442		$	3,134		$	2,965		$	2,758
Add (subtract):
Total interest expenses (as detailed below)		153			602			584			592			576			546
Amortization of capitalized interest		3			12			12			11			12			10
Income of partially owned entities(1)		(11	)		(61	)		(50	)		(46	)		(51	)		(45	)
Total earnings	$	800		$	3,135		$	2,988		$	3,691		$	3,502		$	3,269
FIXED CHARGES
Interest expense on debt	$	142		$	563		$	545		$	545		$	525		$	495
Interest expense on unrecognized tax benefit		—			1			(3	)		1			1			(1	)
Other interest expense		3			6			7			11			11			10
Calculated interest portion of rent expense(2)		8			32			35			35			39			42
Total interest expenses		153			602			584			592			576			546
Capitalized interest		6			20			21			19			18			20
Total fixed charges	$	159		$	622		$	605		$	611		$	594		$	566
RATIO OF EARNINGS TO FIXED CHARGES		5.03			5.04			4.94			6.04			5.90			5.78

⁽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.