Exhibit 12(a)
Ratio of Earnings to Fixed Charges
Union Pacific Corporation and Subsidiary Companies
(Unaudited)
| Three Months Ended June 30, |
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| Millions of Dollars, Except Ratios |
2005 |
2004 |
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| Earnings: |
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| Net income |
$ | 233 | $ | 158 | ||||
| Equity earnings net of distributions |
(9 | ) | (11 | ) | ||||
| Total earnings |
224 | 147 | ||||||
| Income taxes |
136 | 79 | ||||||
| Fixed charges: |
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| Interest expense including amortization of debt discount |
128 | 130 | ||||||
| Portion of rentals representing an interest factor |
51 | 51 | ||||||
| Total fixed charges |
179 | 181 | ||||||
| Earnings available for fixed charges |
$ | 539 | $ | 407 | ||||
| Ratio of earnings to fixed charges |
3.0 | 2.2 | ||||||