Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES

Union Pacific Corporation and Subsidiary Companies

Millions of Dollars, Except for Ratios	2009		2008		2007		2006		2005
Fixed charges:
Interest expense including amortization of debt discount	$	600	$	511	$	482	$	477	$	504
Portion of rentals representing an interest factor		155		226		237		243		220
Total fixed charges	$	755	$	737	$	719	$	720	$	724
Earnings available for fixed charges:
Net income	$	1,898	$	2,338	$	1,855	$	1,606	$	1,026
Equity earnings net of distributions		(42)		(53)		(69)		(59)		(48)
Income taxes		1,089		1,318		1,154		919		410
Fixed charges		755		737		719		720		724
Earnings available for fixed charges	$	3,700	$	4,340	$	3,659	$	3,186	$	2,112
Ratio of earnings to fixed charges		4.9		5.9		5.1		4.4		2.9