NORFOLK SOUTHERN CORP - FORM 10-K - EX-12 - EXHIBIT 12

file	filename
10-K - 10-K - NORFOLK SOUTHERN CORP	nsc1231201410-k.htm
EX-99 - EXHIBIT 99 - NORFOLK SOUTHERN CORP	nsc10-kexhibit99.htm
EX-23 - EXHIBIT 23 - NORFOLK SOUTHERN CORP	nsc10-kexhibit23.htm
EX-32 - EXHIBIT 32 - NORFOLK SOUTHERN CORP	nsc10-kexhibit32.htm
EX-10.2 - EXHIBIT 10.2 - NORFOLK SOUTHERN CORP	nsc10-kexhibit10v.htm
EX-10.1 - EXHIBIT 10.1 - NORFOLK SOUTHERN CORP	nsc10-kexhibit10u.htm
EX-10.3 - EXHIBIT 10.3 - NORFOLK SOUTHERN CORP	nsc10-kexhibit10cc.htm
EX-10.7 - EXHIBIT 10.7 - NORFOLK SOUTHERN CORP	nsc10-kexhibit10kkk.htm
EX-10.8 - EXHIBIT 10.8 - NORFOLK SOUTHERN CORP	nsc10-kexhibit10lll.htm
EX-10.6 - EXHIBIT 10.6 - NORFOLK SOUTHERN CORP	nsc10-kexhibit10jjj.htm
EX-10.9 - EXHIBIT 10.9 - NORFOLK SOUTHERN CORP	nsc10-kexhibit10mmm.htm
EXCEL - IDEA: XBRL DOCUMENT - NORFOLK SOUTHERN CORP	Financial_Report.xls
EX-21 - EXHIBIT 21 - NORFOLK SOUTHERN CORP	nsc10-kexhibit21.htm
EX-31.1 - EXHIBIT 31.1 - NORFOLK SOUTHERN CORP	nsc10-kexhibit31a.htm
EX-31.2 - EXHIBIT 31.2 - NORFOLK SOUTHERN CORP	nsc10-kexhibit31b.htm
EX-10.4 - EXHIBIT 10.4 - NORFOLK SOUTHERN CORP	nsc10-kexhibit10hh.htm
EX-10.5 - EXHIBIT 10.5 - NORFOLK SOUTHERN CORP	nsc10-kexhibit10iii.htm

Exhibit 12

Norfolk Southern Corporation and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges



		Year ended December 31,
		2014			2013			2012			2011			2010
	($ in millions)

EARNINGS
Income from continuing operations before
income taxes as reported	$	3,134		$	2,965		$	2,758		$	2,918		$	2,367

Add (subtract):
Total interest expenses (as detailed below)		592			576			546			504			517
Amortization of capitalized interest		11			12			10			9			8
Income of partially owned entities⁽¹⁾		(46	)		(51	)		(45	)		(39	)		(43	)
Total earnings	$	3,691		$	3,502		$	3,269		$	3,392		$	2,849

FIXED CHARGES
Interest expense on debt	$	545		$	525		$	495		$	455		$	462
Interest expense on unrecognized tax benefit		1			1			(1	)		(9	)		1
Other interest expense		11			11			10			12			16
Calculated interest portion of rent expense⁽²⁾		35			39			42			46			38
Total interest expenses		592			576			546			504			517

Capitalized interest		19			18			20			19			15
Total fixed charges	$	611		$	594		$	566		$	523		$	532

RATIO OF EARNINGS TO FIXED CHARGES		6.04			5.90			5.78			6.49			5.36

⁽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 10-K - EX-12 - EXHIBIT 12 - February 11, 2015