EXHIBIT 12.1 CSX Corporation Ratio of Earnings to Fixed Charges (Dollars in millions) For the Six Months Ended For the Fiscal Years Ended -------------------- ------------------------------------------------- June 27, June 28, Dec. 27, Dec. 29, Dec. 30, Dec. 31, Dec. 31, 1997 1996 1996 1995 1994 1993 1992 ---- ---- ---- ---- ---- ---- ---- Earnings Earnings (loss) before income taxes $ 573 $ 584 $1,316 $ 974 $1,006 $ 633 $ (7) Interest expense 195 131 249 270 281 298 276 Amortization of debt discount --- --- 2 2 3 1 1 Interest portion of fixed rent 94 94 189 184 206 206 216 Undistributed earnings (loss) of affiliates accounted for using the equity method (12) (2) (6) 3 10 7 (2) Minority interest 20 18 42 32 21 14 15 ----- ----- ------ ------ ------ ------ ---- Earnings, as Adjusted $ 870 $ 825 $1,792 $1,465 $1,527 $1,159 $499 ===== ===== ====== ====== ====== ====== ==== Fixed Charges Interest expense $ 195 $ 131 $ 249 $ 270 $ 281 $ 298 $276 Capitalized interest expense 1 2 5 6 9 6 6 Amortization of debt discount --- --- 2 2 3 1 1 Interest portion of fixed rent 94 94 189 184 206 206 216 ----- ----- ------ ------ ------ ------ ---- Fixed Charges $ 290 $ 227 $ 445 $ 462 $ 499 $ 511 $499 ===== ===== ====== ====== ====== ====== ==== Ratio of Earnings to Fixed Charges 3.0x 3.6x 4.0x 3.2x 3.1x 2.3x 1.0x ===== ===== ====== ====== ====== ====== ====