Attached files
| file | filename |
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| 8-K - FORM 8-K - NORFOLK SOUTHERN CORP | form8-k.htm |
Exhibit 12.1
NORFOLK SOUTHERN CORPORATION AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
| Nine months ended | Year ended December 31, | |||||||||||||||||||||||
| September 30, 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
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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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$ | 2,182 | $ | 2,758 | $ | 2,918 | $ | 2,367 | $ | 1,622 | $ | 2,750 | ||||||||||||
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Add (subtract):
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Total interest expenses (as detailed below)
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424 | 546 | 504 | 517 | 499 | 491 | ||||||||||||||||||
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Amortization of capitalized interest
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9 | 10 | 9 | 8 | 7 | 6 | ||||||||||||||||||
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Income of partially owned entities(1)
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(34 | ) | (45 | ) | (39 | ) | (43 | ) | (36 | ) | (40 | ) | ||||||||||||
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Total earnings
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$ | 2,581 | $ | 3,269 | $ | 3,392 | $ | 2,849 | $ | 2,092 | $ | 3,207 | ||||||||||||
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FIXED CHARGES
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Interest expense on debt
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$ | 388 | $ | 495 | $ | 455 | $ | 462 | $ | 467 | $ | 444 | ||||||||||||
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Interest expense on unrecognized tax benefit
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1 | (1 | ) | (9 | ) | 1 | (6 | ) | (15 | ) | ||||||||||||||
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Other interest expense
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6 | 10 | 12 | 16 | 1 | 17 | ||||||||||||||||||
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Calculated interest portion of rent expense(2)
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29 | 42 | 46 | 38 | 37 | 45 | ||||||||||||||||||
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Total interest expenses
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424 | 546 | 504 | 517 | 499 | 491 | ||||||||||||||||||
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Capitalized interest
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14 | 20 | 19 | 15 | 17 | 15 | ||||||||||||||||||
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Total fixed charges
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$ | 438 | $ | 566 | $ | 523 | $ | 532 | $ | 516 | $ | 506 | ||||||||||||
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RATIO OF EARNINGS TO FIXED CHARGES
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5.89 | 5.78 | 6.49 | 5.36 | 4.05 | 6.34 | ||||||||||||||||||
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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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