Exhibit 12.1 Computation of Ratio of Earnings to Fixed Charges CSX Corporation Ratio of Earnings to Fixed Charges (Millions of Dollars) For the Fiscal Years Ended ---------------------------------------------------- Dec. 28, Dec. 29, Dec. 31, Dec.25, Dec. 26, 2001 2000 1999 1998 1997 -------- -------- -------- -------- -------- EARNINGS: Earnings Before Income Taxes $ 448 $ 277 $ 104 $ 744 $ 1,159 Interest Expense 518 550 528 513 458 Amortization of Debt Discount -- 1 -- 1 4 Interest Portion of Fixed Rent 88 109 151 183 196 Undistributed Earnings of Unconsolidated Subsidiaries (2) (18) (58) (238) (150) -------- -------- -------- -------- -------- Earnings, as Adjusted 1,052 $ 919 $ 725 $ 1,203 $ 1,667 ======== ======== ======== ======== ======== FIXED CHARGES: Interest Expense 518 $ 550 $ 528 $ 513 $ 458 Capitalized Interest 7 6 8 9 3 Amortization of Debt Discount -- 1 -- 1 4 Interest Portion of Fixed Rent 88 109 151 183 196 -------- -------- -------- -------- -------- Fixed Charges 613 666 $ 687 $ 706 $ 661 ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges 1.7x 1.4x 1.1x 1.7x 2.5x ======== ======== ======== ======== ========