Exhibit 12
UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
RATIO OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars, Except for Ratio)
1991
Excluding
Special
1993 1992 1991 Charge (c) 1990 1989
---------- ---------- ---------- ---------- ---------- ----------
Earnings from continuing
operations (a) $ 705,357 $ 728,217 $ 63,559 $ 638,559 $ 618,138 $ 594,505
Add (deduct) distributions
greater (to extent less)
than income of
unconsolidated affiliates (33,847) (23,188) (25,189) (25,189) (11,878) (15,491)
---------- ---------- ---------- ---------- ---------- ----------
Total 671,510 705,029 38,370 613,370 606,260 579,014
---------- ---------- ---------- ---------- ---------- ----------
Income taxes (b):
Federal 421,806 372,922 48,183 343,183 334,351 298,684
State and local 27,815 3,972 11,906 11,906 20,531 9,009
---------- ---------- ---------- ---------- ---------- ----------
Total 449,621 376,894 60,089 355,089 354,882 307,693
---------- ---------- ---------- ---------- ---------- ----------
Fixed charges:
Interest expense including
amortization of debt
discount 324,018 359,575 388,286 388,286 380,243 368,535
Portion of rentals
representing an interest
factor 44,443 43,948 46,281 46,281 43,362 15,783
---------- ---------- ---------- ---------- ---------- ----------
Total 368,461 403,523 434,567 434,567 423,605 384,318
---------- ---------- ---------- ---------- ---------- ----------
Earnings available for
fixed charges $1,489,592 $1,485,446 $ 533,026 $1,403,026 $1,384,747 $1,271,025
========== ========== ========== ========== ========== ==========
Fixed charges - as above $ 368,461 $ 403,523 $ 434,567 $ 434,567 $ 423,605 $ 384,318
Interest capitalized 10,973 8,504 6,293 6,293 3,483 6,952
---------- ---------- ---------- ---------- ---------- ----------
Total $ 379,434 $ 412,027 $ 440,860 $ 440,860 $ 427,088 $ 391,270
========== ========== ========== ========== ========== ==========
Ratio of earnings to
fixed charges 3.9 3.6 1.2 3.2 3.2 3.2
========== ========== ========== ========== ========== ==========
(a) Before cumulative effect of changes in accounting principles of $175,226 in 1993 (See Note 2 to the Financial
Statements).
(b) In 1993, Income taxes include the impact of the adoption of SFAS 109, "Accounting for Income Taxes", and the
effect of the Omnibus Budget Reconciliation Act of 1993 (See Notes 2 and 7 to the Financial Statements).
(c) See Note 3 to the Financial Statements.