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		Year ended December 31,
	June 30, 2013		2012		2011		2010		2009		2008
	($ in millions)
EARNINGS
Income from continuing operations before income taxes as reported	$	1,434	$	2,758	$	2,918	$	2,367	$	1,622	$	2,750
Add (subtract):
Total interest expenses (as detailed below)		282		546		504		517		499		491
Amortization of capitalized interest		5		10		9		8		7		6
Income of partially owned entities(1)		(20)		(45)		(39)		(43)		(36)		(40)
Total earnings	$	1,701	$	3,269	$	3,392	$	2,849	$	2,092	$	3,207
FIXED CHARGES
Interest expense on debt	$	257	$	495	$	455	$	462	$	467	$	444
Interest expense on unrecognized tax benefit		1		(1)		(9)		1		(6)		(15)
Other interest expense		5		10		12		16		1		17
Calculated interest portion of rent expense(2)		19		42		46		38		37		45
Total interest expenses		282		546		504		517		499		491
Capitalized interest		9		20		19		15		17		15
Total fixed charges	$	291	$	566	$	523	$	532	$	516	$	506
RATIO OF EARNINGS TO FIXED CHARGES		5.85		5.78		6.49		5.36		4.05		6.34

(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.