EXHIBIT 12.1 NORFOLK SOUTHERN CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Millions of Dollars) Year ended December 31 - ------------------------------------------------------------------------------- 2000 1999 1998 1997 1996 - ------------------------------------------------------------------------------- EARNINGS - ------------------------------------------------------------------------------- Income from continuing operations before income taxes as reported $ 250 $ 351 $ 845 $ 998 $ 1,166 - ------------------------------------------------------------------------------- Add: Total interest expenses (as detailed below) 721 708 688 530 182 - ------------------------------------------------------------------------------- Amortization of capitalized interest 5 4 3 3 3 - ------------------------------------------------------------------------------- Income (loss) of partially owned entities (1) 60 47 165 113 1 - ------------------------------------------------------------------------------- Subsidiaries' preferred dividend requirement 2 2 2 2 2 - ------------------------------------------------------------------------------- Income before income taxes, as adjusted $ 1,038 $ 1,112 $1,703 $ 1,646 $1,354 ======= ======== ====== ======== ====== - ------------------------------------------------------------------------------- FIXED CHARGES Interest expense on $ 551 $ 531 $ 516 $ 385 $ 116 debt - ------------------------------------------------------------------------------- Other interest expense 42 35 27 32 36 - ------------------------------------------------------------------------------- Calculated interest portion of rent expense 40 35 31 30 30 - ------------------------------------------------------------------------------- NS' share of Conrail interest 88 107 114 83 -- - ------------------------------------------------------------------------------- Total interest expenses 721 708 688 530 182 - ------------------------------------------------------------------------------- Capitalized interest 18 15 21 17 12 - ------------------------------------------------------------------------------- Subsidiaries' preferred dividend requirement on a pretax basis 4 4 4 4 4 - ------------------------------------------------------------------------------- Total fixed charges $ 743 $ 727 $ 713 $ 551 $ 198 - ------------------------------------------------------------------------------- RATIO OF EARNINGS TO 1.40 1.53 2.39 2.99 6.84 FIXED CHARGES - ------------------------------------------------------------------------------- (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; and (b) NS' share of Conrail's income before income taxes, net of equity in earnings of Conrail included in NS' income from continuing operations before taxes as reported. 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.