Exhibit 12
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UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
RATIO OF EARNINGS TO FIXED CHARGES (a)
(Thousands of Dollars, Except for Ratio)
1996 1995 1994 1993 1992
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Earnings from continuing
operations (b/c) $ 732,860 $ 619,289 $ 568,631 $ 411,775 $ 455,967
Undistributed equity earnings (50,235) (23,893) (43,663) (32,426) (22,278)
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Total 682,625 595,396 524,968 379,349 433,689
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Income taxes (c) 380,560 313,590 329,586 317,913 265,536
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Fixed charges:
Interest expense
including amortization
of debt discount 500,580 450,182 347,188 311,698 342,479
Portion of rentals
representing an interest
factor 135,615 65,258 41,975 33,224 34,897
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Total 636,195 515,440 389,163 344,922 377,376
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Earnings available for
fixed charges $1,699,380 $1,424,426 $1,243,717 $1,042,184 $1,076,601
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Fixed charges - as above $ 636,195 $ 515,440 $ 389,163 $ 344,922 $ 377,376
Interest capitalized -- -- -- 224 50
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Total $ 636,195 $ 515,440 $ 389,163 $ 345,146 $ 377,426
========== ========== ========== ========== ==========
Ratio of earnings to
fixed charges 2.7 2.8 3.2 3.0 2.9
========== ========== ========== ========== ==========
(a) All information presented reflects Resources and USPCI as discontinued
operations (See Note 3 to the Financial Statements).
(b) Amount for 1993 is before a cumulative effect adjustment for changes
in accounting principles for income taxes, postretirement benefits
other than pensions and revenue recognition. The net after-tax
adjustment related to these items was $116 million.
(c) In 1993, income from continuing operations and income taxes included
the one-time impact on deferred income taxes from the adoption of the
Omnibus Budget Reconciliation Act of 1993, which reduced income from
continuing operations and increased income taxes by $56 million.