EX-12 2 d335476dex12.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of Earnings to Fixed Charges

Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES (Unaudited)

Union Pacific Corporation and Subsidiary Companies

 

Millions, Except for Ratios

for the Three Months Ended March 31,

    2012      2011  

Fixed charges:

      

Interest expense including

      

amortization of debt discount

    $ 135       $ 141   

Portion of rentals representing an interest factor

      48         36   

 

Total fixed charges

    $ 183       $ 177   
                   

Earnings available for fixed charges:

      

Net income

    $ 863       $ 639   

Equity earnings net of distributions

      (15)         (10)   

Income taxes

      528         372   

Fixed charges

      183         177   

 

Earnings available for fixed charges

    $ 1,559       $ 1,178   
                   

 

Ratio of earnings to fixed charges

      8.5         6.7   
                   

 

36