Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
CSX Corporation
Ratio of Earnings to Fixed Charges
(Millions of Dollars)
For the Six
Months Ended For the Fiscal Years Ended
--------------------- --------------------------------------------------------
June 26, June 27, Dec. 26, Dec. 27, Dec. 29, Dec. 30, Dec. 31,
1998 1997 1997 1996 1995 1994 1993
-------- --------- --------- --------- -------- --------- ---------
EARNINGS:
Earnings Before Income Taxes $ 344 $ 573 $ 1,183 $ 1,316 $ 974 $ 1,006 $ 633
Interest Expense 250 195 451 249 270 281 298
Amortization of Debt Discount -- -- 4 2 2 3 1
Interest Portion of Fixed Rent 91 94 197 189 184 206 206
Undistributed (Earnings) Loss of Affiliates
Accounted for Using the Equity Method (86) (54) (150) (6) 3 10 7
Minority Interest 14 20 41 42 32 21 14
------- ------- ------- ------- ------- ------- -------
Earnings, as Adjusted $ 613 $ 828 $ 1,726 $ 1,792 $ 1,465 $ 1,527 $ 1,159
======= ======= ======= ======= ======= ======= =======
FIXED CHARGES:
Interest Expense 250 195 451 249 270 281 298
Capitalized Interest -- 1 3 5 6 9 6
Amortization of Debt Discount -- -- 4 2 2 3 1
Interest Portion of Fixed Rent 91 94 197 189 184 206 206
------- ------- ------- ------- ------- ------- -------
Fixed Charges $ 341 290 $ 655 $ 445 $ 462 $ 499 $ 511
======= ======= ======= ======= ======= ======= =======
Ratio of Earnings to Fixed Charges 1.8x 2.9x 2.6x 4.0x 3.2x 3.1x 2.3x
======= ======= ======= ======= ======= ======= =======