EX-12.(A) 3 d08251exv12wxay.htm EX-12(A) RATIO OF EARNINGS TO FIXED CHARGES: 3 MOS exv12wxay
 

EXHIBIT 12(a)

Ratio of Earnings to Fixed Charges
Union Pacific Corporation and Subsidiary Companies
(Unaudited)

                   
      Three Months Ended June 30,
     
Millions of Dollars, Except Ratios   2003   2002
 
 
Earnings:
                
 
Income before cumulative effect of accounting change
   $ 288     $ 304  
 
Undistributed equity earnings
     (16 )     (10 )
 
 
    
     
 
Total earnings
     272       294  
 
 
    
     
 
Income taxes
     172       174  
 
 
    
     
 
Fixed charges:
                
 
Interest expense including amortization of debt discount
     150       159  
 
Portion of rentals representing an interest factor
     69       11  
 
 
    
     
 
Total fixed charges
     219       170  
 
 
    
     
 
Earnings available for fixed charges
   $ 663     $ 638  
 
 
    
     
 
Ratio of earnings to fixed charges
     3.0       3.8