Exhibit 12(a)

Ratio of Earnings to Fixed Charges

Union Pacific Corporation and Subsidiary Companies

(Unaudited)

	Three Months Ended June 30,
Millions of Dollars, Except for Ratios	2006		2005
Earnings:
Net income	$ 390		$ 233
Equity earnings net of distributions	(15	)	(9	)
Total earnings	375		224
Income taxes	236		136
Fixed charges:
Interest expense including amortization of debt discount	120		128
Portion of rentals representing an interest factor	59		51
Total fixed charges	179		179
Earnings available for fixed charges	$ 790		$ 539
Ratio of earnings to fixed charges	4.4		3.0