Exhibit 12.1 Computation of Earnings to Fixed Charges CSX Corporation Ratio of Earnings to Fixed Charges (Millions of Dollars) FOR THE FISCAL YEARS ENDED ------------------------------------------------------------------------------- DEC. 28, 2001 DEC. 29, 2000 DEC. 31, 1999 DEC. 25, 1998 DEC. 26, 1997 - ----------------------------------------------------------------------------------------------------------------------------------- Earnings: Earnings Before Income Taxes $ 448 $ 277 $ 104 $ 744 $1,159 Interest Expense $ 518 $ 550 $ 528 $ 513 $ 458 Amortization of debt discount $ - $ 1 $ - $ 1 $ 4 Interest Portion of Fixed Rent $ 88 $ 109 $ 151 $ 183 $ 196 Undistributed earnings of unconsolidated subsidiaries $ (2) $ (18) $ (58) $ (238) $ (150) ------ ------ ------ ------ ------ Earnings, as Adjusted $1,052 $ 919 $ 725 $1,203 $1,667 ------ ------ ------ ------ ------ Fixed Charges: Interest Expense $ 518 $ 550 $ 528 $ 513 $ 458 Capitalized Interest $ 7 $ 6 $ 8 $ 9 $ 3 Amortization of Debt Discount $ - $ 1 $ - $ 1 $ 4 Interest Portion of Fixed Rent $ 88 $ 109 $ 151 $ 183 $ 196 ------ ------ ------ ------ ------ Fixed Charges $ 613 $ 666 $ 687 $ 706 $ 661 ------ ------ ------ ------ ------ -------------------------------------------------------------------------- Ratio of Earnings to Fixed Charges 1.7 x 1.4 x 1.1 x 1.7 x 2.5 x --------------------------------------------------------------------------