Exhibit 12(b)

 

Ratio of Earnings to Fixed Charges

Union Pacific Corporation and Subsidiary Companies

(Unaudited)

 

     Nine Months Ended
September 30,
 
 
Millions of Dollars, Except for Ratios    2006     2005  

Earnings:

            

Net income

   $ 1,121     $   730  

Equity earnings net of distributions

   (48 )   (38 )

Total earnings

   1,073     692  

Income taxes

   655     239  

Fixed charges:

            

Interest expense including amortization of debt discount

   359     384  

Portion of rentals representing an interest factor

   182     163  

Total fixed charges

   541     547  

Earnings available for fixed charges

   $ 2,269     $ 1,478  

Ratio of earnings to fixed charges

   4.2     2.7