Union Pacific (UNP) 10-Q 2016 Q1 Quarterly report

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,	2016		2015
Fixed charges:
Interest expense including amortization of debt discount	$	167	$	148
Portion of rentals representing an interest factor		24		25
Total fixed charges	$	191	$	173
Earnings available for fixed charges:
Net income	$	979	$	1,151
Equity earnings net of distributions		(21)		(13)
Income taxes		587		704
Fixed charges		191		173
Earnings available for fixed charges	$	1,736	$	2,015
Ratio of earnings to fixed charges		9.1		11.6

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