Exhibit 12(a)
Ratio of Earnings to Fixed Charges
Union Pacific Corporation and Subsidiary Companies
(Unaudited)
| Three Months Ended September 30, |
| |||||
| Millions of Dollars, Except for Ratios | 2006 | 2005 | ||||
| Earnings: |
||||||
| Net income |
$ 420 | $ 369 | ||||
| Equity earnings net of distributions |
(19 | ) | (21 | ) | ||
| Total earnings |
401 | 348 | ||||
| Income taxes |
235 | 30 | ||||
| Fixed charges: |
||||||
| Interest expense including amortization of debt discount |
119 | 124 | ||||
| Portion of rentals representing an interest factor |
62 | 59 | ||||
| Total fixed charges |
181 | 183 | ||||
| Earnings available for fixed charges |
$ 817 | $ 561 | ||||
| Ratio of earnings to fixed charges |
4.5 | 3.1 | ||||