EX-12.1 6 g87789exv12w1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of earnings to Fixed Charges
 

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges
CSX Corporation
Ratio of Earnings to Fixed Charges

(Millions of Dollars)

                                         
    For the Fiscal Years Ended
    Dec. 26, 2003
   Dec. 27, 2002
   Dec. 28, 2001
   Dec. 29, 2000
   Dec. 31, 1999
EARNINGS:
                                        
Earnings Before Income Taxes
   $ 265     $ 723     $ 448     $ 277     $ 104  
Interest Expense
     418       445       518       550       528  
Amortization of Debt Discount
     —       —       —       1       —  
Interest Portion of Fixed Rent
     62       77       88       109       151  
Undistributed Earnings of Unconsolidated Subsidiaries
     (40 )     (44 )     (2 )     (18 )     (58 )
 
    
 		      
 		      
 		      
 		      
 		  
 
Earnings, as Adjusted
   $ 705     $ 1,201     $ 1,052     $ 919     $ 725  
 
    
 		      
 		      
 		      
 		      
 		  
 
                                        
FIXED CHARGES:
                                        
Interest Expense
   $ 418     $ 445     $ 518     $ 550     $ 528  
Capitalized Interest
     3       3       7       6       8  
Amortization of Debt Discount
     —       —       —       1       —  
Interest Portion of Fixed Rent
     62       77       88       109       151  
 
    
 		      
 		      
 		      
 		      
 		  
 
Fixed Charges
   $ 483     $ 525     $ 613     $ 666     $ 687  
 
    
 		      
 		      
 		      
 		      
 		  
 
Ratio of Earnings to Fixed Charges
     1.5x       2.3x       1.7x       1.4x       1.1x