Exhibit 12
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CONRAIL INC.
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COMPUTATIONS OF THE RATIO OF EARNINGS TO FIXED CHARGES
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($ In Millions)
Quarters ended
March 31,
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1996 1995
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Earnings
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Pre-tax income $ 50 $ 91
Add:
Interest expense 47 48
Rental expense interest factor 14 14
Less equity in undistributed earnings
of 20-50% owned companies (4) (5)
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Earnings available for fixed charges 107 148
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Fixed charges
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Interest expense 47 48
Rental expense interest factor 14 14
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Fixed charges $ 61 $ 62
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Ratio of earnings to fixed charges 1.75x 2.39x
<FN>
For purposes of computing the ratio of earnings to fixed
charges, earnings represent income before income taxes plus
fixed charges, less equity in undistributed earnings of 20% to
50% owned companies. Fixed charges represent interest expense
together with interest capitalized and a portion of rent under
long-term operating leases representative of an interest factor.
</FN>