Union Pacific (UNP) 10-Q 2015 Q2 Quarterly report

Exhibit 12(a)

RATIO OF EARNINGS TO FIXED CHARGES (Unaudited)

Union Pacific Corporation and Subsidiary Companies

Millions, Except for Ratios
for the Three Months Ended June 30,	2015		2014
Fixed charges:
Interest expense including amortization of debt discount	$	153	$	138
Portion of rentals representing an interest factor		24		26
Total fixed charges	$	177	$	164
Earnings available for fixed charges:
Net income	$	1,204	$	1,291
Equity earnings net of distributions		(8)		(11)
Income taxes		734		789
Fixed charges		177		164
Earnings available for fixed charges	$	2,107	$	2,233
Ratio of earnings to fixed charges		11.9		13.6

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