EX-12 6 d03483exv12.txt RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12 RATIO OF EARNINGS TO FIXED CHARGES Union Pacific Corporation and Subsidiary Companies
Millions of Dollars, Except for Ratio 2002 2001 2000 1999 1998 ------------------------------------- ---------- ---------- ---------- ---------- ---------- Earnings from continuing operations ...... $ 1,341 $ 966 $ 842 $ 783 $ (633) Undistributed equity (earnings) loss ..... (34) (48) 24 (45) (44) ---------- ---------- ---------- ---------- ---------- Total earnings ........................ 1,307 918 866 738 (677) ---------- ---------- ---------- ---------- ---------- Income taxes ............................. 675 567 468 419 (63) ---------- ---------- ---------- ---------- ---------- Fixed charges: Interest expense including amortization of debt discount ...... 633 701 723 733 714 Portion of rentals representing an interest factor ................. 44 42 174 186 181 ---------- ---------- ---------- ---------- ---------- Total fixed charges ................... 677 743 897 919 895 ---------- ---------- ---------- ---------- ---------- Earnings available for fixed charges ..... $ 2,659 $ 2,228 $ 2,231 $ 2,076 $ 155 ---------- ---------- ---------- ---------- ---------- Ratio of earnings to fixed charges ....... 3.9 3.0 2.5 2.3 --[a] ---------- ---------- ---------- ---------- ----------
[a] 1998 earnings were inadequate to cover fixed charges by $740 million.