Exhibit 11



            UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

                     COMPUTATION OF EARNINGS PER SHARE

        (Amounts in Thousands, Except Share and Per Share Amounts)
                                (Unaudited)
                                                      

                                                              Six Months
                                                            Ended June 30,      
                                                      -------------------------
                                                        1995             1994   
                                                      --------         --------
                                                                 
Average number of shares outstanding...........        204,914          205,100 

Average shares issuable on exercise of stock
  options less shares repurchasable from 
  proceeds.....................................            663              552 
                                                      --------         --------
Total average number of common and common
  equivalent shares............................        205,577          205,652 
                                                      ========         ======== 

Income from Continuing Operations..............       $280,024         $285,314 

Income from Discontinued Operations............        134,805          218,265 
                                                      --------         --------
Net Income.....................................       $414,829         $503,579 
                                                      ========         ======== 

Earnings per share:

  Income from Continuing Operations............       $   1.36         $   1.39 

  Income from Discontinued Operations..........           0.66             1.06 
                                                      --------         -------- 
  Net Income...................................       $   2.02         $   2.45 
                                                      ========         ========