EXHIBIT 12.1 Computation of Earnings to Fixed Charges CSX Transportation, Inc. and Subsidiaries Ratio of Earnings to Fixed Charges (Millions of Dollars) <Table> <Caption> FOR THE FISCAL YEARS ENDED ------------------------------------------------------------------------- DEC. 26, 2003 DEC. 27, 2002 DEC 28, 2001 DEC. 29, 2000 DEC. 31, 1999 ------------- ------------- ------------ ------------- ------------- Earnings: Earnings Before Income Taxes $216 $479 $324 $170 $372 Interest Expense 101 113 130 120 77 Amortization of debt discount -- (1) -- -- -- Interest Portion of Fixed Rent 54 54 54 74 64 Undistributed earnings of unconsolidated subsidiaries (20) (19) (7) (14) (25) ---- ---- ---- ---- ---- Earnings, as Adjusted $351 $626 $501 $350 $488 ---- ---- ---- ---- ---- Fixed Charges: Interest Expense $101 $113 $130 $120 $ 77 Capitalized Interest 3 3 6 6 8 Amortization of Debt Discount -- (1) -- -- -- Interest Portion of Fixed Rent 54 54 54 74 64 ---- ---- ---- ---- ---- Fixed Charges $158 $169 $190 $200 $149 ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- Ratio of Earnings to Fixed Charges 2.2x 3.7x 2.6x 1.8x 3.3x ---- ---- ---- ---- ---- </Table>