EX-12 12 g87590exv12.txt EX-12 COMPUTATION OF EARNINGS TO FIXED CHARGES EXHIBIT 12 Computation 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 ------------- ------------ ------------ ------------ ------------ ------------- ------------ ------------ ------------ ------------ Ration of Earnings to Fixed Charges 1.5x 2.3x 1.7x 1.4x 1.1x ------------- ------------ ------------ ------------ ------------