Norfolk Southern (NSC) 8-K Other Events

Exhibit 12.1

NORFOLK SOUTHERN CORPORATION AND SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

				Year ended December 31,
	Six months ended June 30, 2012			2011			2010			2009			2008			2007
	($ in millions)
EARNINGS
Income from continuing operations before income taxes as reported	$	1,497		$	2,918		$	2,367		$	1,622		$	2,750		$	2,237
Add (subtract):
Total interest expenses (as detailed below)		267			504			517			499			491			520
Amortization of capitalized interest		5			9			8			7			6			6
Income of partially owned entities(1)		(18	)		(39	)		(43	)		(36	)		(40	)		(57	)
Total earnings	$	1,751		$	3,392		$	2,849		$	2,092		$	3,207		$	2,706
FIXED CHARGES
Interest expense on debt	$	242		$	455		$	462		$	467		$	444		$	441
Interest expense on unrecognized tax benefit		1			(9	)		1			(6	)		(15	)		12
Other interest expense		4			12			16			1			17			15
Calculated interest portion of rent expense(2)		20			46			38			37			45			52
Total interest expenses		267			504			517			499			491			520
Capitalized interest		10			19			15			17			15			14
Total fixed charges	$	277		$	523		$	532		$	516		$	506		$	534
RATIO OF EARNINGS TO FIXED CHARGES		6.32			6.49			5.36			4.05			6.34			5.07

(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.