Exhibit 12
UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
RATIO OF EARNINGS TO FIXED CHARGES (a)
(Thousands of Dollars, Except for Ratio)
1991
Excluding
Special
1994 1993 1992 1991 Charge 1990
---------- ---------- ---------- ---------- ---------- ----------
Earnings from continuing
operations (b) $ 958,654 $ 714,639 $ 728,275 $ 82,929 $ 641,429 $ 614,076
Add (deduct) distributions
greater (to extent less)
than income of
unconsolidated affiliates (50,479) (33,327) (23,188) (25,189) (25,189) (11,878)
---------- ---------- ---------- ---------- ---------- ----------
Total 908,175 681,312 705,087 57,740 616,240 602,198
---------- ---------- ---------- ---------- ---------- ----------
Income taxes (c):
Federal 428,096 427,100 369,126 54,094 340,594 327,594
State and local 32,248 28,043 3,393 11,388 11,388 19,602
---------- ---------- ---------- ---------- ---------- ----------
Total 460,344 455,143 372,519 65,482 351,982 347,196
---------- ---------- ---------- ---------- ---------- ----------
Fixed charges:
Interest expense including
amortization of debt
discount 336,012 314,841 353,920 381,310 381,310 375,859
Portion of rentals
representing an interest
factor 48,588 39,751 39,663 42,358 42,358 40,155
---------- ---------- ---------- ---------- ---------- ----------
Total 384,600 354,592 393,583 423,668 423,668 416,014
---------- ---------- ---------- ---------- ---------- ----------
Earnings available for
fixed charges $1,753,119 $1,491,047 $1,471,189 $ 546,890 $1,391,890 $1,365,408
========== ========== ========== ========== ========== ==========
Fixed charges - as above $ 384,600 $ 354,592 $ 393,583 $ 423,668 $ 423,668 $ 416,014
Interest capitalized 1,034 1,699 315 1,684 1,684 2,052
---------- ---------- ---------- ---------- ---------- ----------
Total $ 385,634 $ 356,291 $ 393,898 $ 425,352 $ 425,352 $ 418,066
========== ========== ========== ========== ========== ==========
Ratio of earnings to
fixed charges 4.5 4.2 3.7 1.3 3.3 3.3
========== ========== ========== ========== ========== ==========
(a) All prior year information has been restated to reflect USPCI, Inc. as discontinued operations (See Note 2
to the Financial Statements).
(b) Before cumulative effect of changes in accounting principles of $175,226 in 1993 (See Note 3 to the
Financial Statements).
(c) In 1993, income taxes included 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 3 and 7 to the Financial Statements).