EX-12 5 unp-20151231ex1299bc1c7.htm EX-12 Exhibit 12

Exhibit 12

 

 

RATIO OF EARNINGS TO FIXED CHARGES

Union Pacific Corporation and Subsidiary Companies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Millions, Except for Ratios

 2015  2014  2013  2012  2011 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

  Interest expense including

 

 

 

 

 

 

 

 

 

 

     amortization of debt discount

$

 622 

$

 561 

$

 526 

$

 535 

$

 572 

  Portion of rentals representing an interest factor

 

 93 

 

 101 

 

 121 

 

 132 

 

 135 

Total fixed charges

$

 715 

$

 662 

$

 647 

$

 667 

$

 707 

Earnings available for fixed charges:

 

 

 

 

 

 

 

 

 

 

  Net income

$

 4,772 

$

 5,180 

$

 4,388 

$

 3,943 

$

 3,292 

  Equity earnings net of distributions

 

 (63)

 

 (59)

 

 (57)

 

 (55)

 

 (38)

  Income taxes

 

 2,884 

 

 3,163 

 

 2,660 

 

 2,375 

 

 1,972 

  Fixed charges

 

 715 

 

 662 

 

 647 

 

 667 

 

 707 

Earnings available for fixed charges

$

 8,308 

$

 8,946 

$

 7,638 

$

 6,930 

$

 5,933 

Ratio of earnings to fixed charges

 

 11.6 

 

 13.5 

 

 11.8 

 

 10.4 

 

 8.4