Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES

Union Pacific Corporation and Subsidiary Companies

Millions, Except for Ratios	2014		2013		2012		2011		2010
Fixed charges:
Interest expense including
amortization of debt discount	$	561	$	526	$	535	$	572	$	602
Portion of rentals representing an interest factor		101		121		132		135		136
Total fixed charges	$	662	$	647	$	667	$	707	$	738
Earnings available for fixed charges:
Net income	$	5,180	$	4,388	$	3,943	$	3,292	$	2,780
Equity earnings net of distributions		(59)		(57)		(55)		(38)		(44)
Income taxes		3,163		2,660		2,375		1,972		1,653
Fixed charges		662		647		667		707		738
Earnings available for fixed charges	$	8,946	$	7,638	$	6,930	$	5,933	$	5,127
Ratio of earnings to fixed charges		13.5		11.8		10.4		8.4		6.9