EX-12 16 dex12.txt EXHIBIT 12 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 Computation of Earnings to Fixed Charges CSX Corporation Ratio of Earnings to Fixed Charges (Millions of Dollars)
FOR THE FISCAL YEARS ENDED --------------------------------------------------------------------------------- DEC. 27, 2002 DEC. 28, 2001 DEC. 29, 2000 DEC. 31, 1999 DEC. 25, 1998 ------------- ------------- ------------- ------------- --------------- Earnings: Earnings Before Income Taxes $ 723 $ 448 $ 277 $ 104 $ 744 Interest Expense $ 445 $ 518 $ 550 $ 528 $ 513 Amortization of debt discount $ 4 $ - $ 1 $ - $ 1 Interest Portion of Fixed Rent $ 77 $ 88 $ 109 $ 151 $ 183 Undistributed earnings of $ (44) $ (2) $ (18) $ (58) $ (238) unconsolidated subsidiaries ------------- ------------- ------------- ------------- --------------- Earnings, as Adjusted $ 1,205 $ 1,052 $ 919 $ 725 $ 1,203 ------------- ------------- ------------- ------------- --------------- Fixed Charges: Interest Expense $ 445 $ 518 $ 550 $ 528 $ 513 Capitalized Interest $ 3 $ 7 $ 6 $ 8 $ 9 Amortization of Debt Discount $ 4 $ - $ 1 $ - $ 1 Interest Portion of Fixed Rent $ 77 $ 88 $ 109 $ 151 $ 183 ------------- ------------- ------------- ------------- --------------- Fixed Charges $ 529 $ 613 $ 666 $ 687 $ 706 ------------- ------------- ------------- ------------- --------------- --------------------------------------------------------------------------------- Ratio of Earnings to Fixed Charges 2.3 X 1.7 x 1.4 x 1.1 x 1.7 x ---------------------------------------------------------------------------------