Union Pacific (UNP) 10-Q 2006 Q2 Quarterly report

Exhibit 12(a)

Ratio of Earnings to Fixed Charges

Union Pacific Corporation and Subsidiary Companies

(Unaudited)

	Three Months Ended June 30,
Millions of Dollars, Except for Ratios	2006		2005
Earnings:
Net income	$ 390		$ 233
Equity earnings net of distributions	(15	)	(9	)
Total earnings	375		224
Income taxes	236		136
Fixed charges:
Interest expense including amortization of debt discount	120		128
Portion of rentals representing an interest factor	59		51
Total fixed charges	179		179
Earnings available for fixed charges	$ 790		$ 539
Ratio of earnings to fixed charges	4.4		3.0