Exhibit 11
                                                                ----------

        UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

                COMPUTATION OF EARNINGS PER SHARE

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

                                                          Nine Months
                                                      Ended September 30,     
                                                     ---------------------  
                                                       1996          1995   
                                                     -------       -------
                                                            
Average number of shares outstanding (1).......      207,314       204,911 

Average shares issuable on exercise of stock
  options less shares repurchasable from 
  proceeds.....................................        1,135           857 
                                                     -------       -------
Total average number of common and common
  equivalent shares............................      208,449       205,768 
                                                    ========      ======== 

Income from Continuing Operations..............     $504,368      $440,091 

Income from Discontinued Operations............      170,673       211,525 
                                                    --------      --------
Net Income.....................................     $675,041      $651,616 
                                                    ========      ======== 

Earnings per share:

  Income from Continuing Operations............     $   2.42      $   2.14 

  Income from Discontinued Operations..........         0.82          1.03 
                                                    --------      --------
  Net Income...................................     $   3.24      $   3.17 
                                                    ========      ======== 

<FN>

(1) In connection with the Southern Pacific acquisition, on September 11, 1996,
the Corporation issued 38.1 million shares of its common stock in exchange for
60% of Southern Pacific's shares.  As a result, average common stock outstanding
used in the computation of earnings per share will increase in future periods.