Exhibit 12.1 NORFOLK SOUTHERN RAILWAY COMPANY AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Millions of Dollars) Year ended December 31, Three Months Ended ---------------------------------------------------- March 31, 2004 2003 2002 2001 2000 1999 --------------------- ----- ----- ----- ----- ----- EARNINGS Income from continuing operations before income $232 $ 612 $ 720 $ 551 $ 285 $ 506 taxes as reported Add: Total interest expenses (as detailed below) 23 82 114 87 185 130 Amortization of capitalized interest 1 5 6 5 5 4 Income (loss) of partially owned entities (1) (2) (6) (9) (10) 12 -- Subsidiaries' preferred dividend requirements -- -- 2 2 2 2 Income before income taxes, as adjusted $254 $ 693 $ 833 $ 635 $ 489 $ 642 FIXED CHARGES Interest expense on debt $ 5 $ 24 $ 30 $ 37 $ 37 $ 39 Other interest expense 8 19 44 10 109 57 Calculated interest portion of rent expense 10 39 40 40 39 34 Total interest expenses 23 82 114 87 185 130 Capitalized interest 3 12 11 17 18 15 Subsidiaries' preferred dividend requirement on a -- -- 4 4 4 4 pretax basis Total fixed charges $ 26 $ 94 $ 129 $ 108 $ 207 $ 149 RATIO OF EARNINGS TO FIXED CHARGES 9.77x 7.37x 6.46x 5.88x 2.36x 4.31x (1) Includes: (a) the distributed income of 20%-49% owned entities, net of equity recorded in undistributed income and the minority income of consolidated entities which have fixed charges. The computations do not include $0.3 million of interest expense related to $7.8 million of debt guaranteed for a less than 50% owned entity.