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 Ratios |
2004 |
2003 | |||||
| Earnings: |
|||||||
| Income from continuing operations |
$ | 525 | $ | 723 | |||
| Equity earnings net of distributions |
(47 | ) | 24 | ||||
| Total earnings |
478 | 747 | |||||
| Income taxes |
235 | 413 | |||||
| Fixed charges: |
|||||||
| Interest expense including amortization of debt discount |
397 | 440 | |||||
| Portion of rentals representing an interest factor |
145 | 118 | |||||
| Total fixed charges |
542 | 558 | |||||
| Earnings available for fixed charges |
$ | 1,255 | $ | 1,718 | |||
| Ratio of earnings to fixed charges |
2.3 | 3.1 | |||||