EX-12.1 4 ex12-1.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. 30, 2005
  
Dec. 31, 2004
  
Dec. 26, 2003
  
Dec. 27, 2002
  
Dec. 28, 2001
  
EARNINGS:
                                
                                 
Earnings Before Income Taxes
  
$
1,036
  
$
637
  
$
195
  
$
652
  
$
374
  
 
Interest Expense
    
423
    
435
    
418
    
445
    
518
  
 
Amortization of Debt Discount
    
5
    
9
    
4
    
4
    
-
 
 
Interest Portion of Fixed Rent
    
56
    
46
    
62
    
77
    
88
  
 
Undistributed Earnings of
Unconsolidated Subsidiaries
    
(56
)
  
(139
)
  
(32
)
  
(38
)
  
(8
)
 
Earnings, as Adjusted
  
$
1,464
  
$
988
  
$
647
  
$
1,140
  
$
972
  
 
 
FIXED CHARGES: 
                                
 
Interest Expense
  
$
423
  
$
435
  
$
418
  
$
445
  
$
518
  
 
Capitalized Interest
    
2
    
3
    
3
    
3
    
7
  
 
Amortization of Debt Discount
    
5
    
9
    
4
    
4
    
-
 
 
Interest Portion of Fixed Rent
    
56
    
46
    
62
    
77
    
88
  
 
 
Fixed Charges
  
$
486
  
$
493
  
$
487
  
$
529
  
$
613
  
 
 
Ratio of Earnings to Fixed Charges
    
3.0x
    
2.0x
    
1.3x
   
2.2x
    
1.6x
  

 
 
EI-6