Norfolk Southern (NSC) 8-K Other Events

Exhibit 12.1

NORFOLK SOUTHERN CORPORATION AND SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

	Six months ended June 30, 2018			2017			2016			2015			2014			2013
	($ in millions)
EARNINGS
Income from continuing operations before income taxes as reported	$	1,631		$	3,128		$	2,582		$	2,442		$	3,134		$	2,965
Add (subtract):
Total interest expenses (as detailed below)		292			588			602			584			592			576
Amortization of capitalized interest		7			13			12			12			11			12
Income of partially owned entities(1)		(61	)		(220	)		(61	)		(50	)		(46	)		(51	)
Total earnings	$	1,869		$	3,509		$	3,135		$	2,988		$	3,691		$	3,502
FIXED CHARGES
Interest expense on debt	$	267		$	550		$	563		$	545		$	545		$	525
Interest expense on unrecognized tax benefit		(1	)		—			1			(3	)		1			1
Other interest expense		9			8			6			7			11			11
Calculated interest portion of rent expense(2)		17			30			32			35			35			39
Total interest expenses		292			588			602			584			592			576
Capitalized interest		9			20			20			21			19			18
Total fixed charges	$	301		$	608		$	622		$	605		$	611		$	594
RATIO OF EARNINGS TO FIXED CHARGES		6.21			5.77			5.04			4.94			6.04			5.90

⁽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.