Exhibit 12.1 Computation of Ratio of Earnings to Fixed Charges CSX Corporation Ratio of Earnings to Fixed Charges (Millions of Dollars) For the Fiscal Years Ended -------------------------------------------------------------- Dec. 29, Dec. 31, Dec. 25, Dec. 26, Dec. 27, 2000 1999 1998 1997 1996 -------------------------------------------------------------- EARNINGS: Earnings Before Income Taxes $ 277 $ 104 $ 744 $1,159 $1,299 Interest Expense 543 521 506 451 249 Amortization of Debt Discount 1 - 1 4 2 Interest Portion of Fixed Rent 109 151 183 196 188 Undistributed Earnings of Unconsolidated Subsidiaries (18) (58) (238) (150) (6) ----- ------ ------ ------ ------ Earnings, as Adjusted $ 912 $ 718 $1,196 $1,660 $1,732 ===== ====== ====== ====== ====== FIXED CHARGES: Interest Expense $ 543 $ 521 $ 506 $ 451 $ 249 Capitalized Interest 6 8 9 3 5 Amortization of Debt Discount 1 - 1 4 2 Interest Portion of Fixed Rent 109 151 183 196 188 ----- ------ ------ ------ ------ Fixed Charges $ 659 $ 680 $ 699 $ 654 $ 444 ===== ====== ====== ====== ====== Ratio of Earnings to Fixed Charges 1.4x 1.1x 1.7x 2.5x 3.9x ===== ====== ====== ====== ======