EX-12 7 dex12.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of Earnings to Fixed Charges

Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES

Union Pacific Corporation and Subsidiary Companies

 

 Millions, Except for Ratios    2010     2009     2008     2007     2006  

 Fixed charges:

           

Interest expense including

           

amortization of debt discount

    $ 602     $ 600     $ 511     $ 482     $ 477  

Portion of rentals representing an interest
factor

      136       155       226       237       243  

 

 Total fixed charges

 

   

 

$

 

 

738

 

 

 

 

  

 

$

 

 

755

 

 

 

 

  

 

$

 

 

737

 

 

 

 

  

 

$

 

 

719

 

 

 

 

  

 

$

 

 

720

 

 

 

 

 Earnings available for fixed charges:

           

Net income

    $ 2,780     $ 1,890     $ 2,335     $ 1,848     $ 1,598  

Equity earnings net of distributions

      (44 )      (42 )      (53 )      (69 )      (59 ) 

Income taxes

      1,653       1,084       1,316       1,150       914  

Fixed charges

      738       755       737       719       720  

 

 Earnings available for fixed charges

 

   

 

$

 

 

    5,127

 

 

 

 

  

 

$

 

 

    3,687

 

 

 

 

  

 

$

 

 

    4,335

 

 

 

 

  

 

$

 

 

    3,648

 

 

 

 

  

 

$

 

 

    3,173

 

 

 

 

 

 Ratio of earnings to fixed charges

 

   

 

 

 

 

6.9

 

 

 

 

  

 

 

 

 

4.9

 

 

 

 

  

 

 

 

 

5.9

 

 

 

 

  

 

 

 

 

5.1

 

 

 

 

  

 

 

 

 

4.4