Exhibit 12 Computation of Earnings to Fixed Charges CSX Corporation Ratio of Earnings to Fixed Charges (Millions of Dollars) FOR THE FISCAL YEARS ENDED --------------------------------------------------------------------------------- DEC. 27, 2002 DEC. 28, 2001 DEC. 29, 2000 DEC. 31, 1999 DEC. 25, 1998 ------------- ------------- ------------- ------------- --------------- Earnings: Earnings Before Income Taxes $ 723 $ 448 $ 277 $ 104 $ 744 Interest Expense $ 445 $ 518 $ 550 $ 528 $ 513 Amortization of debt discount $ 4 $ - $ 1 $ - $ 1 Interest Portion of Fixed Rent $ 77 $ 88 $ 109 $ 151 $ 183 Undistributed earnings of $ (44) $ (2) $ (18) $ (58) $ (238) unconsolidated subsidiaries ------------- ------------- ------------- ------------- --------------- Earnings, as Adjusted $ 1,205 $ 1,052 $ 919 $ 725 $ 1,203 ------------- ------------- ------------- ------------- --------------- Fixed Charges: Interest Expense $ 445 $ 518 $ 550 $ 528 $ 513 Capitalized Interest $ 3 $ 7 $ 6 $ 8 $ 9 Amortization of Debt Discount $ 4 $ - $ 1 $ - $ 1 Interest Portion of Fixed Rent $ 77 $ 88 $ 109 $ 151 $ 183 ------------- ------------- ------------- ------------- --------------- Fixed Charges $ 529 $ 613 $ 666 $ 687 $ 706 ------------- ------------- ------------- ------------- --------------- --------------------------------------------------------------------------------- Ratio of Earnings to Fixed Charges 2.3 X 1.7 x 1.4 x 1.1 x 1.7 x ---------------------------------------------------------------------------------