Norfolk Southern (NSC) 8-K Other Events

Exhibit 12.1

NORFOLK SOUTHERN CORPORATION AND SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

	Nine months ended			Year ended December 31,
	September 30, 2013			2012			2011			2010			2009			2008
	($ in millions)
EARNINGS
Income from continuing operations before income taxes as reported	$	2,182		$	2,758		$	2,918		$	2,367		$	1,622		$	2,750
Add (subtract):
Total interest expenses (as detailed below)		424			546			504			517			499			491
Amortization of capitalized interest		9			10			9			8			7			6
Income of partially owned entities(1)		(34	)		(45	)		(39	)		(43	)		(36	)		(40	)
Total earnings	$	2,581		$	3,269		$	3,392		$	2,849		$	2,092		$	3,207
FIXED CHARGES
Interest expense on debt	$	388		$	495		$	455		$	462		$	467		$	444
Interest expense on unrecognized tax benefit		1			(1	)		(9	)		1			(6	)		(15	)
Other interest expense		6			10			12			16			1			17
Calculated interest portion of rent expense(2)		29			42			46			38			37			45
Total interest expenses		424			546			504			517			499			491
Capitalized interest		14			20			19			15			17			15
Total fixed charges	$	438		$	566		$	523		$	532		$	516		$	506
RATIO OF EARNINGS TO FIXED CHARGES		5.89			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.