Exhibit 12

                    Computation of Earnings to Fixed Charges
                                 CSX Corporation
                       Ratio of Earnings to Fixed Charges
                              (Millions of Dollars)




                                                                            FOR THE FISCAL YEARS ENDED

                                                   DEC. 29, 2000   DEC. 31, 1999   DEC. 25, 1998    DEC. 26, 1997   DEC. 27, 1996
                                                                                                     
 Earnings:

               Earnings Before Income Taxes       $         277    $         104   $         744    $       1,159   $       1,299
               Interest Expense                   $         543    $         521   $         506    $         451   $         249
               Amortization of debt discount      $           1    $           -   $           1    $           4   $           2
               Interest Portion of Fixed Rent     $         109    $         151   $         183    $         196   $         188
               Undistributed earnings of
               unconsolidated subsidiaries        $         (18)   $         (58)  $        (238)   $        (150)  $          (6)

                                                  -------------    -------------   -------------    -------------   -------------
               Earnings, as Adjusted              $         912    $         718   $       1,196    $       1,660   $       1,732
                                                  -------------    -------------   -------------    -------------   -------------

Fixed Charges:
               Interest Expense                   $         543    $         521   $         506    $         451   $         249
               Capitalized Interest               $           6    $           8   $           9    $           3   $           5
               Amortization of Debt Discount      $           1    $           -   $           1    $           4   $           2
               Interest Portion of Fixed Rent     $         109    $         151   $         183    $         196   $         188

                                                  -------------    -------------   -------------    -------------   -------------
               Fixed Charges                      $         659    $         680   $         699    $         654   $         444
                                                  -------------    -------------   -------------    -------------   -------------
                                                  ---------------------------------------------------------------------------------
               Ratio of Earnings to Fixed Charges           1.4 x            1.1 x           1.7 x            2.5 x           3.9 x
                                                  ---------------------------------------------------------------------------------