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 | 2008 | 2007 | ||||
| Fixed charges: |
||||||
| Interest expense, including amortization of debt discount |
$ 384 | $ 357 | ||||
| Portion of rentals representing an interest factor |
168 | 177 | ||||
| Total fixed charges |
$ 552 | $ 534 | ||||
| Earnings available for fixed charges: |
||||||
| Net income |
$1,677 | $1,364 | ||||
| Equity earnings net of distribution |
(40 | ) | (49 | ) | ||
| Income taxes |
940 | 866 | ||||
| Fixed charges |
552 | 534 | ||||
| Earnings available for fixed charges |
$3,129 | $2,715 | ||||
| Ratio of earnings to fixed charges |
5.7 | 5.1 | ||||