Union Pacific (UNP) 10-Q 2010 Q3 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 September 30,	2010		2009
			(Adjusted)*
Fixed charges:
Interest expense including
amortization of debt discount	$	153	$	156
Portion of rentals representing an interest factor		33		35
Total fixed charges	$	186	$	191
Earnings available for fixed charges:
Net income	$	778	$	514
Equity earnings net of distributions		(23)		(12	)
Income taxes		495		305
Fixed charges		186		191
Earnings available for fixed charges	$	1,436	$	998
Ratio of earnings to fixed charges		7.7		5.2

* Certain amounts have been adjusted for the retrospective change in accounting principle for rail grinding (See Note 3 in Item I, Notes to the Condensed Consolidated Financial Statements).

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