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EXHIBIT 12, Page 1 of 1
NORFOLK SOUTHERN CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)
Year ended December 31
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2001 2000 1999 1998 1997
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EARNINGS
Income from continuing
operations before income
taxes as reported $ 553 $ 250 $ 351 $ 845 $ 998
Add:
Total interest expenses
(as detailed below) 674 721 708 688 530
Amortization of
capitalized interest 5 5 4 3 3
Income (loss) of
partially owned
entities (1) 39 60 47 165 113
Subsidiaries' preferred
dividend requirement 2 2 2 2 2
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Income before
income taxes,
as adjusted $ 1,273 $ 1,038 $ 1,112 $ 1,703 $ 1,646
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FIXED CHARGES
Interest expense on debt $ 553 $ 551 $ 531 $ 516 $ 385
Other interest expense 2 42 35 27 32
Calculated interest
portion of rent expense 41 40 35 31 30
NS' share of Conrail interest 78 88 107 114 83
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Total interest
expenses 674 721 708 688 530
Capitalized interest 17 18 15 21 17
Subsidiaries' preferred
dividend requirement
on a pretax basis 4 4 4 4 4
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Total fixed charges $ 695 $ 743 $ 727 $ 713 $ 551
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RATIO OF EARNINGS TO
FIXED CHARGES 1.83 1.40 1.53 2.39 2.99
(1) Includes: (a) the distributed income of 20%-49% owned entities, net of
equity recorded in undistributed income and the minority income of
consolidated entities which have fixed charges; and (b) NS' share of
Conrail's income before income taxes, net of equity in earnings of Conrail
included in NS' income from continuing operations before taxes as reported.
The computations do not include $0.3 million of interest expense
related to $7.8 million of debt guaranteed for a less than 50% owned entity.