EX-12 2 d711505dex12.htm EX-12 EX-12

Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES (Unaudited)

Union Pacific Corporation and Subsidiary Companies

 

Millions, Except for Ratios

for the Three Months Ended March 31,

    2014      2013  

Fixed charges:

      

Interest expense including

      

amortization of debt discount

    $ 133       $ 128   

Portion of rentals representing an interest factor

      28         30   

 

Total fixed charges

    $ 161       $ 158   
                   

Earnings available for fixed charges:

      

Net income

    $ 1,088       $ 957   

Equity earnings net of distributions

      (14)         (1)   

Income taxes

      671         588   

Fixed charges

      161         158   

 

Earnings available for fixed charges

    $     1,906       $     1,702   
                   

 

Ratio of earnings to fixed charges

      11.8         10.8   
                   

 

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