Exhibit 12
UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
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Three Months Ended March 31,
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Millions of Dollars Except Ratios 1999 1998
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Earnings
Net Income (Loss).......................................... $129 $(62)
Undistributed equity earnings.............................. (10) (9)
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Total...................................................... 119 (71)
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Income Taxes................................................. 72 (43)
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Fixed Charges:
Interest expense including amortization of debt discount... 192 161
Portion of rentals representing an interest factor......... 45 45
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Total...................................................... 237 206
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Earnings Available for Fixed Charges......................... 428 92
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Total Fixed Charges -- as above.............................. $237 $206
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Ratio of earnings to fixed charges (Note 9)................. 1.8 0.4
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