Attached files
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| 8-K - NORFOLK SOUTHERN CORP. FORM 8-K - NORFOLK SOUTHERN CORP | form8k.htm |
Exhibit 12.1
NORFOLK SOUTHERN CORPORATION AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
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Year ended December 31,
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Six months ended
June 30, 2012
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2011
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2010
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2009
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2008
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2007
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($ in millions)
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EARNINGS
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Income from continuing operations before income taxes as reported
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$ | 1,497 | $ | 2,918 | $ | 2,367 | $ | 1,622 | $ | 2,750 | $ | 2,237 | ||||||||||||
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Add (subtract):
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Total interest expenses (as detailed below)
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267 | 504 | 517 | 499 | 491 | 520 | ||||||||||||||||||
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Amortization of capitalized interest
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5 | 9 | 8 | 7 | 6 | 6 | ||||||||||||||||||
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Income of partially owned entities(1)
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(18 | ) | (39 | ) | (43 | ) | (36 | ) | (40 | ) | (57 | ) | ||||||||||||
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Total earnings
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$ | 1,751 | $ | 3,392 | $ | 2,849 | $ | 2,092 | $ | 3,207 | $ | 2,706 | ||||||||||||
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FIXED CHARGES
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Interest expense on debt
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$ | 242 | $ | 455 | $ | 462 | $ | 467 | $ | 444 | $ | 441 | ||||||||||||
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Interest expense on unrecognized tax benefit
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1 | (9 | ) | 1 | (6 | ) | (15 | ) | 12 | |||||||||||||||
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Other interest expense
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4 | 12 | 16 | 1 | 17 | 15 | ||||||||||||||||||
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Calculated interest portion of rent expense(2)
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20 | 46 | 38 | 37 | 45 | 52 | ||||||||||||||||||
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Total interest expenses
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267 | 504 | 517 | 499 | 491 | 520 | ||||||||||||||||||
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Capitalized interest
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10 | 19 | 15 | 17 | 15 | 14 | ||||||||||||||||||
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Total fixed charges
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$ | 277 | $ | 523 | $ | 532 | $ | 516 | $ | 506 | $ | 534 | ||||||||||||
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RATIO OF EARNINGS TO FIXED CHARGES
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6.32 | 6.49 | 5.36 | 4.05 | 6.34 | 5.07 | ||||||||||||||||||
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(1)
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Represents undistributed income of equity investees included in income from continuing operations before income taxes as reported.
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(2)
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Interest component of leases includes one-third of rental expense which approximates the interest component of operating leases.
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