Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES
Union Pacific Corporation and Subsidiary Companies
| Millions, Except for Ratios |
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
| Fixed charges: |
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| Interest expense including |
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| amortization of debt discount |
$ | 561 | $ | 526 | $ | 535 | $ | 572 | $ | 602 | ||||||||||
| Portion of rentals representing an interest factor |
101 | 121 | 132 | 135 | 136 | |||||||||||||||
|
Total fixed charges |
$ | 662 | $ | 647 | $ | 667 | $ | 707 | $ | 738 | ||||||||||
| Earnings available for fixed charges: |
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| Net income |
$ | 5,180 | $ | 4,388 | $ | 3,943 | $ | 3,292 | $ | 2,780 | ||||||||||
| Equity earnings net of distributions |
(59) | (57) | (55) | (38) | (44) | |||||||||||||||
| Income taxes |
3,163 | 2,660 | 2,375 | 1,972 | 1,653 | |||||||||||||||
| Fixed charges |
662 | 647 | 667 | 707 | 738 | |||||||||||||||
|
Earnings available for fixed charges |
$ | 8,946 | $ | 7,638 | $ | 6,930 | $ | 5,933 | $ | 5,127 | ||||||||||
| Ratio of earnings to fixed charges |
13.5 | 11.8 | 10.4 | 8.4 | 6.9 | |||||||||||||||