Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES
Union Pacific Corporation And Subsidiary Companies
| Millions of Dollars, Except for Ratio | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||
| Earnings from continuing operations |
$ | 1,056 | $ | 1,265 | $ | 934 | $ | 810 | $ | 765 | ||||||||
| Undistributed equity (earnings) loss |
15 | (34 | ) | (48 | ) | 24 | (45 | ) | ||||||||||
| Total earnings |
1,071 | 1,231 | 886 | 834 | 720 | |||||||||||||
| Income taxes |
581 | 680 | 545 | 446 | 416 | |||||||||||||
| Fixed charges: |
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| Interest expense including amortization of debt discount |
574 | 632 | 700 | 722 | 732 | |||||||||||||
| Portion of rentals representing an interest factor |
169 | 172 | 177 | 171 | 183 | |||||||||||||
| Total fixed charges |
743 | 804 | 877 | 893 | 915 | |||||||||||||
| Earnings available for fixed charges |
$ | 2,395 | $ | 2,715 | $ | 2,308 | $ | 2,173 | $ | 2,051 | ||||||||
| Ratio of earnings to fixed charges |
3.2 | 3.4 | 2.6 | 2.4 | 2.2 | |||||||||||||
76