EXHIBIT 12.1 CSX CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (MILLIONS OF DOLLARS) FOR THE FISCAL YEARS ENDED ---------------------------------------------------------------------------- DEC. 26, DEC. 27, DEC. 29, DEC. 30, DEC. 31, 1997 1996 1995 1994 1993 ------------ ------------ ------------ ------------ ------------ EARNINGS: Earnings Before Income Taxes $1,183 $1,316 $974 $1,006 $633 Interest Expense 451 249 270 281 298 Amortization of Debt Discount 4 2 2 3 1 Interest Portion of Fixed Rent 197 189 184 206 206 Undistributed (Earnings) Loss of Affiliates Accounted for Using the Equity Method (150) (6) 3 10 7 Minority Interest 41 42 32 21 14 ------------ ------------ ------------ ------------ ------------ Earnings, as Adjusted $1,726 $1,792 $1,465 $1,527 $1,159 ============ ============ ============ ============ ============ FIXED CHARGES: Interest Expense 451 249 270 281 298 Capitalized Interest 3 5 6 9 6 Amortization of Debt Discount 4 2 2 3 1 Interest Portion of Fixed Rent 197 189 184 206 206 ------------ ------------ ------------ ------------ ------------ Fixed Charges $655 $445 $462 $499 $511 ============ ============ ============ ============ ============ Ratio of Earnings to Fixed Charges 2.6x 4.0x 3.2x 3.1x 2.3x ============ ============ ============ ============ ============