Exhibit 12
UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands, Except Ratios)
(Unaudited)
Three Months
Ended March 31,
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1995 1994
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Earnings:
Income from continuing operations.............. $190,681 $285,437
Add (deduct) distributions greater (to
extent less) than income of unconsolidated
affiliates................................. (13,187) (13,809)
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Total................................ 177,494 271,628
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Income Taxes:
Federal, state and local....................... 97,095 143,614
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Fixed Charges:
Interest expense including amortization of
debt discount.............................. 88,818 76,454
Portion of rentals representing an interest
factor..................................... 14,995 12,267
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Total................................ 103,813 88,721
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Earnings available for fixed charges............. $378,402 $503,963
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Fixed Charges -- as above........................ $103,813 $ 88,721
Interest capitalized............................. 394 545
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Total fixed charges.................. $104,207 $ 89,266
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Ratio of earnings to fixed charges (Note 6)...... 3.6 5.6
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