PAGE 117
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
------------------------------------------------
1993 1992 1991 (1) 1990 1989
---- ---- ---- ---- ----
EARNINGS
Income before income
taxes as reported $ 898.6 $ 875.3 $ 143.6 $ 875.4 $ 932.7
Add:
Total interest expenses
(as detailed below) 160.7 161.6 151.4 121.4 95.8
Income (loss) of
partially owned
entities (2) (2.6) 2.0 1.3 0.8 1.0
Subsidiaries' preferred
dividend requirement 2.7 2.7 3.3 3.2 3.6
-------- -------- -------- -------- --------
Income before income
taxes, as adjusted $1,059.4 $1,041.6 $ 299.6 $1,000.8 $1,033.1
======== ======== ======== ======== ========
FIXED CHARGES
Interest expense on debt $ 98.6 $ 109.0 $ 99.7 $ 78.0 $ 50.7
Other interest expense 38.7 33.0 34.8 26.6 28.2
Calculated interest
portion of rent expense 23.4 19.6 16.9 16.8 16.9
-------- -------- -------- -------- --------
Total interest
expenses 160.7 161.6 151.4 121.4 95.8
Capitalized interest 21.7 17.9 19.3 17.8 18.5
Subsidiaries' preferred
dividend requirement
on a pretax basis 4.3 4.2 4.9 5.2 5.5
-------- -------- -------- -------- --------
Total fixed charges $ 186.7 $ 183.7 $ 175.6 $ 144.4 $ 119.8
======== ======== ======== ======== ========
RATIO OF EARNINGS TO
FIXED CHARGES 5.67 5.67 1.71(1) 6.93 8.62
(1)Included in 1991 results is a special charge that increased
transportation operating expenses by $680 million (see Note 15 of
Notes to Consolidated Financial Statements on page 85).
(2)Includes 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.
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 (see
Schedule VII on page 91).