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 QUARTERS ENDED FOR THE FISCAL YEARS ENDED ------------------ ------------------------------------------------------ MAR. 27, MAR. 28, DEC. 26, DEC. 27, DEC. 29, DEC. 30, DEC. 31, 1998 1997 1997 1996 1995 1994 1993 -------- -------- -------- -------- -------- -------- -------- EARNINGS: Earnings Before Income Taxes $ 129 $ 233 $1,183 $1,316 $ 974 $1,006 $ 633 Interest Expense 124 84 451 249 270 281 298 Amortization of Debt Discount - - 4 2 2 3 1 Interest Portion of Fixed Rent 45 48 197 189 184 206 206 Undistributed (Earnings) Loss of Affiliates Accounted for Using the Equity Method (36) (1) (150) (6) 3 10 7 Minority Interest 7 10 41 42 32 21 14 -------- -------- -------- -------- -------- -------- -------- Earnings, as Adjusted $ 269 $ 374 $1,726 $1,792 $1,465 $1,527 $1,159 ======== ======== ======== ======== ======== ======== ======== FIXED CHARGES: Interest Expense 124 84 451 249 270 281 298 Capitalized Interest - 1 3 5 6 9 6 Amortization of Debt Discount - - 4 2 2 3 1 Interest Portion of Fixed Rent 45 48 197 189 184 206 206 -------- -------- -------- -------- -------- -------- -------- Fixed Charges $ 169 $ 133 $ 655 $ 445 $ 462 $ 499 $ 511 ======== ======== ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges 1.6x 2.8x 2.6x 4.0x 3.2x 3.1x 2.3x ======== ======== ======== ======== ======== ======== ========