Exhibit 12(a)
Ratio of Earnings to Fixed Charges
Union Pacific Corporation and Subsidiary Companies
(Unaudited)
| Three Months Ended September 30, |
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| Millions of Dollars, Except for Ratios | 2008 | 2007 | ||||
| Fixed charges: |
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| Interest expense, including amortization of debt discount |
$ 130 | $ 124 | ||||
| Portion of rentals representing an interest factor |
54 | 55 | ||||
| Total fixed charges |
$ 184 | $ 179 | ||||
| Earnings available for fixed charges: |
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| Net income |
$ 703 | $ 532 | ||||
| Equity earnings net of distribution |
(14 | ) | (18 | ) | ||
| Income taxes |
405 | 374 | ||||
| Fixed charges |
184 | 179 | ||||
| Earnings available for fixed charges |
$1,278 | $1,067 | ||||
| Ratio of earnings to fixed charges |
6.9 | 6.0 | ||||