NORFOLK SOUTHERN CORP - FORM 8-K - EX-12.1

file	filename
8-K - NORFOLK SOUTHERN CORP	c65738_8k.htm

Exhibit 12.1

NORFOLK SOUTHERN CORPORATION AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
($ in millions)

		Three months
		ended			Year ended December 31,
		March 31, 2011			2010			2009			2008			2007			2006
EARNINGS
Income from continuing operations before income taxes as reported	$	515		$	2,367		$	1,622		$	2,750		$	2,237		$	2,230

Add (subtract):
Total interest expenses (as detailed below)		127			517			499			491			520			548
Amortization of capitalized interest		2			8			7			6			6			5
Income of partially owned entities⁽¹⁾		(6	)		(43	)		(36	)		(40	)		(57	)		(48	)

Total earnings		$ 638			$ 2,849		$	$ 2,092			$ 3,207			$ 2,706			$ 2,735

FIXED CHARGES
Interest expense on debt	$	112		$	462		$	467		$	444		$	441		$	476
Interest expense on unrecognized tax benefit		(2	)		1			(6	)		(15	)		12			--
Other interest expense		4			16			1			17			15			17
Calculated interest portion of rent expense ⁽²⁾		13			38			37			45			52			55


Total interest expenses		127			517			499			491			520			548

Capitalized interest		4			15			17			15			14			13

Total fixed charges	$	131		$	532		$	516		$	506		$	534		$	561

RATIO OF EARNINGS TO FIXED CHARGES		4.87			5.36			4.05			6.34			5.07			4.88

⁽¹⁾	Represents undistributed income of equity investees included in income from continuing operations before income taxes as reported.

⁽²⁾	Interest component of leases includes one-third of rental expense which approximates the interest component of operating leases.

NORFOLK SOUTHERN CORP - FORM 8-K - EX-12.1 - May 18, 2011