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Content analysis
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Exhibit 12 | ||||||||||
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NORFOLK SOUTHERN CORPORATION AND SUBSIDIARIES | ||||||||||
Computation of Ratio of Earnings to Fixed Charges | ||||||||||
($ in millions) | ||||||||||
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| Year ended December 31, | |||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | |||||
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EARNINGS |
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Income from continuing operations before income taxes as reported | $ | 2,367 | $ | 1,622 | $ | 2,750 | $ | 2,237 | $ | 2,230 |
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Add (subtract): |
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Total interest expenses (as detailed below) |
| 517 |
| 499 |
| 491 |
| 520 |
| 548 |
Amortization of capitalized interest |
| 8 |
| 7 |
| 6 |
| 6 |
| 5 |
Income of partially owned entities (1) |
| (43) |
| (36) |
| (40) |
| (57) |
| (48) |
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Total earnings | $ | 2,849 | $ | 2,092 | $ | 3,207 | $ | 2,706 | $ | 2,735 |
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FIXED CHARGES |
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Interest expense on debt | $ | 462 | $ | 467 | $ | 444 | $ | 441 | $ | 476 |
Interest expense on unrecognized tax benefit |
| 1 |
| (6) |
| (15) |
| 12 |
| - -- |
Other interest expense |
| 16 |
| 1 |
| 17 |
| 15 |
| 17 |
Calculated interest portion of rent expense(2) |
| 38 |
| 37 |
| 45 |
| 52 |
| 55 |
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Total interest expenses |
| 517 |
| 499 |
| 491 |
| 520 |
| 548 |
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Capitalized interest |
| 15 |
| 17 |
| 15 |
| 14 |
| 13 |
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Total fixed charges | $ | 532 | $ | 516 | $ | 506 | $ | 534 | $ | 561 |
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RATIO OF EARNINGS TO FIXED CHARGES |
| 5.36 |
| 4.05 |
| 6.34 |
| 5.07 |
| 4.88 |
(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.