Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES
Union Pacific Corporation and Subsidiary Companies
| Millions of Dollars, Except for Ratios | 2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||
| Earnings: |
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| Net income |
$ | 1,606 | $ | 1,026 | $ | 604 | $ | 1,056 | $ | 1,265 | |||||||||
| Equity earnings net of distributions |
(59 | ) | (48 | ) | (47 | ) | 15 | (34 | ) | ||||||||||
| Total earnings |
1,547 | 978 | 557 | 1,071 | 1,231 | ||||||||||||||
| Income taxes |
919 | 410 | 252 | 581 | 680 | ||||||||||||||
| Fixed charges: |
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| Interest expense including amortization of debt discount |
477 | 504 | 527 | 574 | 632 | ||||||||||||||
| Portion of rentals representing an interest factor |
243 | 220 | 206 | 169 | 172 | ||||||||||||||
| Total fixed charges |
720 | 724 | 733 | 743 | 804 | ||||||||||||||
| Earnings available for fixed charges |
$ | 3,186 | $ | 2,112 | $ | 1,542 | $ | 2,395 | $ | 2,715 | |||||||||
| Ratio of earnings to fixed charges |
4.4 | 2.9 | 2.1 | 3.2 | 3.4 | ||||||||||||||