Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES

Union Pacific Corporation and Subsidiary Companies

Millions of Dollars, Except for Ratios	2005			2004			2003		2002			2001
Earnings:
Income from continuing operations	$	1,026		$	604		$	1,056	$	1,265		$	934
Equity earnings net of distributions		(48	)		(47	)		15		(34	)		(48	)
Total earnings		978			557			1,071		1,231			886
Income taxes		410			252			581		680			545
Fixed charges:
Interest expense including amortization of debt discount		504			527			574		632			700
Portion of rentals representing an interest factor		220			206			169		172			177
Total fixed charges		724			733			743		804			877
Earnings available for fixed charges	$	2,112		$	1,542		$	2,395	$	2,715		$	2,308
Ratio of earnings to fixed charges		2.9			2.1			3.2		3.4			2.6