EX-12 4 dex12.htm RATIO OF EARNINGS TO FIXED CHARGES 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    2003    2002      2001      2000    1999  
  

Earnings from continuing operations

    $ 1,056    $ 1,265      $ 934      $ 810    $ 765  

Undistributed equity (earnings) loss

      15      (34 )      (48 )      24      (45 )
  

Total earnings

      1,071      1,231        886        834      720  
  

Income taxes

      581      680        545        446      416  
  

Fixed charges:

                                         

Interest expense including amortization of debt discount

      574      632        700        722      732  

Portion of rentals representing an interest factor

      169      172        177        171      183  
  

Total fixed charges

      743      804        877        893      915  
  

Earnings available for fixed charges

    $ 2,395    $ 2,715      $ 2,308      $ 2,173    $ 2,051  
  

Ratio of earnings to fixed charges

      3.2      3.4        2.6        2.4      2.2  

 

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