Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES

Union Pacific Corporation and Subsidiary Companies

Millions of Dollars, Except for Ratios	2006			2005			2004			2003		2002
Earnings:
Net income	$	1,606		$	1,026		$	604		$	1,056	$	1,265
Equity earnings net of distributions		(59	)		(48	)		(47	)		15		(34	)
Total earnings		1,547			978			557			1,071		1,231
Income taxes		919			410			252			581		680
Fixed charges:
Interest expense including amortization of debt discount		477			504			527			574		632
Portion of rentals representing an interest factor		243			220			206			169		172
Total fixed charges		720			724			733			743		804
Earnings available for fixed charges	$	3,186		$	2,112		$	1,542		$	2,395	$	2,715
Ratio of earnings to fixed charges		4.4			2.9			2.1			3.2		3.4