EX-12.(B) 4 d761509dex12b.htm EX-12.(B) EX-12.(b)

Exhibit 12(b)

RATIO OF EARNINGS TO FIXED CHARGES (Unaudited)

Union Pacific Corporation and Subsidiary Companies

 

Millions, Except for Ratios

for the Six Months Ended June 30,

    2014      2013  

Fixed charges:

      

Interest expense including

      

amortization of debt discount

    $ 271       $ 261   

Portion of rentals representing an interest factor

      54         58   

 

Total fixed charges

    $ 325       $ 319   
                   

Earnings available for fixed charges:

      

Net income

    $ 2,379       $ 2,063   

Equity earnings net of distributions

      (25)         (17)   

Income taxes

      1,460         1,250   

Fixed charges

      325         319   

 

Earnings available for fixed charges

    $   4,139       $   3,615   
                   

 

Ratio of earnings to fixed charges

      12.7         11.3   
                   

 

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