Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES

Union Pacific Corporation and Subsidiary Companies

Millions, Except for Ratios	2013		2012		2011		2010		2009
Fixed charges:
Interest expense including	$	526	$	535	$	572	$	602	$	600
amortization of debt discount
Portion of rentals representing an interest factor		121		132		135		136		155
Total fixed charges	$	647	$	667	$	707	$	738	$	755
Earnings available for fixed charges:
Net income	$	4,388	$	3,943	$	3,292	$	2,780	$	1,890
Equity earnings net of distributions		(57)		(55)		(38)		(44)		(42)
Income taxes		2,660		2,375		1,972		1,653		1,084
Fixed charges		647		667		707		738		755
Earnings available for fixed charges	$	7,638	$	6,930	$	5,933	$	5,127	$	3,687
Ratio of earnings to fixed charges		11.8		10.4		8.4		6.9		4.9

95