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 for Ratios | 2006 | 2005 | ||||
| Earnings: |
||||||
| Net income |
$ 1,121 | $ 730 | ||||
| Equity earnings net of distributions |
(48 | ) | (38 | ) | ||
| Total earnings |
1,073 | 692 | ||||
| Income taxes |
655 | 239 | ||||
| Fixed charges: |
||||||
| Interest expense including amortization of debt discount |
359 | 384 | ||||
| Portion of rentals representing an interest factor |
182 | 163 | ||||
| Total fixed charges |
541 | 547 | ||||
| Earnings available for fixed charges |
$ 2,269 | $ 1,478 | ||||
| Ratio of earnings to fixed charges |
4.2 | 2.7 | ||||