Exhibit 12(b)
Ratio of Earnings to Fixed Charges
Union Pacific Corporation and Subsidiary Companies
(Unaudited)
| Six 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 |
$ | 361 | $ | 323 | ||||
| Equity earnings net of distributions |
(17 | ) | (26 | ) | ||||
| Total earnings |
344 | 297 | ||||||
| Income taxes |
209 | 121 | ||||||
| Fixed charges: |
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| Interest expense including amortization of debt discount |
260 | 265 | ||||||
| Portion of rentals representing an interest factor |
101 | 94 | ||||||
| Total fixed charges |
361 | 359 | ||||||
| Earnings available for fixed charges |
$ | 914 | $ | 777 | ||||
| Ratio of earnings to fixed charges |
2.5 | 2.2 | ||||||