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, |
2014 | 2013 | ||||||
| Fixed charges: |
||||||||
| Interest expense including |
||||||||
| amortization of debt discount |
$ | 271 | $ | 261 | ||||
| Portion of rentals representing an interest factor |
54 | 58 | ||||||
|
Total fixed charges |
$ | 325 | $ | 319 | ||||
| Earnings available for fixed charges: |
||||||||
| Net income |
$ | 2,379 | $ | 2,063 | ||||
| Equity earnings net of distributions |
(25) | (17) | ||||||
| Income taxes |
1,460 | 1,250 | ||||||
| Fixed charges |
325 | 319 | ||||||
|
Earnings available for fixed charges |
$ | 4,139 | $ | 3,615 | ||||
|
Ratio of earnings to fixed charges |
12.7 | 11.3 | ||||||
41