Exhibit 12
Ratio of Earnings to Fixed Charges
Union Pacific Corporation and Subsidiary Companies
(Unaudited)
| Three Months Ended March 31, |
| |||||
| Millions of Dollars, Except for Ratios |
2006 | 2005 | ||||
| Earnings: |
||||||
| Net income |
$ 311 | $ 128 | ||||
| Equity earnings net of distributions |
(14 | ) | (8 | ) | ||
| Total earnings |
297 | 120 | ||||
| Income taxes |
184 | 73 | ||||
| Fixed charges: |
||||||
| Interest expense including amortization of debt discount |
120 | 132 | ||||
| Portion of rentals representing an interest factor |
60 | 49 | ||||
| Total fixed charges |
180 | 181 | ||||
| Earnings available for fixed charges |
$ 661 | $ 374 | ||||
| Ratio of earnings to fixed charges |
3.7 | 2.1 | ||||