Exhibit 12(b)
RATIO OF EARNINGS TO FIXED CHARGES (Unaudited)
Union Pacific Corporation and Subsidiary Companies
| Millions, Except for Ratios for the Six Months Ended June 30, |
2011 | 2010 | ||||||
| Fixed charges: |
||||||||
| Interest expense including |
||||||||
| amortization of debt discount |
$ | 289 | $ | 307 | ||||
| Portion of rentals representing an interest factor |
68 | 69 | ||||||
|
Total fixed charges |
$ | 357 | $ | 376 | ||||
| Earnings available for fixed charges: |
||||||||
| Net income |
$ | 1,424 | $ | 1,227 | ||||
| Equity earnings net of distributions |
(12) | (15) | ||||||
| Income taxes |
857 | 753 | ||||||
| Fixed charges |
357 | 376 | ||||||
|
Earnings available for fixed charges |
$ | 2,626 | $ | 2,341 | ||||
|
Ratio of earnings to fixed charges |
7.4 | 6.2 | ||||||
1