Exhibit 11
UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF EARNINGS PER SHARE
---------------------------------
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
Three Months
Ended March 31,
----------------------
1995 1994
-------- --------
Average number of shares outstanding........... 205,073 205,108
Average shares issuable on exercise of stock
options less shares repurchasable from
proceeds..................................... 459 592
-------- --------
Total average number of common and common
equivalent shares............................ 205,532 205,700
======== ========
Income from continuing operations.............. $190,681 $285,437
Loss from discontinued operations (Note 4)..... -- (2,139)
-------- --------
Net Income..................................... $190,681 $283,298
======== ========
Earnings per share:
Income from continuing operations............ $ 0.93 $ 1.39
Loss from discontinued operations............ -- (0.01)
-------- --------
Net Income................................... $ 0.93 $ 1.38
======== ========