EX-9 11 ex12for02.htm NSC 2002 Form 10-K Exhibit 12

Exhibit 12

NORFOLK SOUTHERN CORPORATION AND SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

(Millions of Dollars)

Year ended December 31,

2002

2001

2000

1999

1998

EARNINGS

Income from continuing operations before income taxes as reported

$

706

$

553

$

250

$

351

$

845

Add:

   Total interest expenses (as detailed below)

663

674

721

708

688

   Amortization of capitalized interest

6

5

5

4

3

   Income (loss) of partially owned entities (1)

36

39

60

47

165

   Subsidiaries' preferred dividend requirements

2

2

2

2

2

Income before income taxes, as adjusted

$

1,413

$

1,273

$

1,038

$

1,112

$

1,703

FIXED CHARGES

Interest expense on debt

$

518

$

553

$

551

$

531

$

516

Other interest expense

32

2

42

35

27

Calculated interest portion of rent expense

40

41

40

35

31

NS' share of Conrail interest

73

78

88

107

114

Total interest expenses

663

674

721

708

688

Capitalized interest

11

17

18

15

21

Subsidiaries' preferred dividend requirement on a pretax basis

4

4

4

4

4

Total fixed charges

$

678

$

695

$

743

$

727

$

713

RATIO OF EARNINGS TO FIXED CHARGES

2.08

1.83

1.40

1.53

2.39

<TABLE>

<CAPTION>

<S>  <C>  <C>  <C>  <C>  <C>

</TABLE>

Includes: (a) the distributed income of 20%-49% owned entities, net of equity recorded in undistributed income and the minority income of consolidated entities which have fixed charges; and (b) NS' share of Conrail's income before income taxes, net of equity in earnings of Conrail included in NS' income from continuing operations before taxes as reported.

The computations do not include $0.3 million of interest expense related to $7.8 million of debt guaranteed for a less than 50% owned entity.