EXHIBIT 12(a)
Ratio of Earnings to Fixed Charges
Union Pacific Corporation and Subsidiary Companies
(Unaudited)
| Three Months Ended September 30, |
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| Millions of Dollars, Except Ratios |
2004 |
2003 |
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| Earnings: |
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| Income from continuing operations |
$ | 202 | $ | 300 | ||||
| Equity earnings net of distributions |
(21 | ) | (14 | ) | ||||
| Total earnings |
181 | 286 | ||||||
| Income taxes |
114 | 167 | ||||||
| Fixed charges: |
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| Interest expense including amortization of debt discount |
132 | 140 | ||||||
| Portion of rentals representing an interest factor |
51 | 40 | ||||||
| Total fixed charges |
183 | 180 | ||||||
| Earnings available for fixed charges |
$ | 478 | $ | 633 | ||||
| Ratio of earnings to fixed charges |
2.6 | 3.5 | ||||||