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Exhibit 12
Norfolk Southern Corporation and Subsidiaries Computation of Ratio of Earnings to Fixed Charges | |||||||||||
Year ended December 31, | |||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||
($ in millions) | |||||||||||
EARNINGS | |||||||||||
Income from continuing operations before income taxes as reported | $ | 2,965 | $ | 2,758 | $ | 2,918 | $ | 2,367 | $ | 1,622 | |
Add (subtract): | |||||||||||
Total interest expenses (as detailed below) | 576 | 546 | 504 | 517 | 499 | ||||||
Amortization of capitalized interest | 12 | 10 | 9 | 8 | 7 | ||||||
Income of partially owned entities(1) | (51) | (45) | (39) | (43) | (36) | ||||||
Total earnings | $ | 3,502 | $ | 3,269 | $ | 3,392 | $ | 2,849 | $ | 2,092 | |
FIXED CHARGES | |||||||||||
Interest expense on debt | $ | 525 | $ | 495 | $ | 455 | $ | 462 | $ | 467 | |
Interest expense on unrecognized tax benefit | 1 | (1) | (9) | 1 | (6) | ||||||
Other interest expense | 11 | 10 | 12 | 16 | 1 | ||||||
Calculated interest portion of rent expense(2) | 39 | 42 | 46 | 38 | 37 | ||||||
Total interest expenses | 576 | 546 | 504 | 517 | 499 | ||||||
Capitalized interest | 18 | 20 | 19 | 15 | 17 | ||||||
Total fixed charges | $ | 594 | $ | 566 | $ | 523 | $ | 532 | $ | 516 | |
RATIO OF EARNINGS TO FIXED CHARGES | 5.90 | 5.78 | 6.49 | 5.36 | 4.05 | ||||||
(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. |