EX-12 3 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    2004     2003    2002     2001     2000

Income from continuing operations

    $ 604     $ 1,056    $ 1,265     $ 934     $ 810

Equity earnings net of distributions

      (47 )     15      (34 )     (48 )     24

Total earnings

      557       1,071      1,231       886       834

Income taxes

      252       581      680       545       446

Fixed charges:

                                      

Interest expense including amortization of debt discount

      527       574      632       700       722

Portion of rentals representing an interest factor

      206       169      172       177       171

Total fixed charges

      733       743      804       877       893

Earnings available for fixed charges

    $ 1,542     $ 2,395    $ 2,715     $ 2,308     $ 2,173

Ratio of earnings to fixed charges

      2.1       3.2      3.4       2.6       2.4