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EXHIBIT 12
UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
RATIO OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars, Except for Ratio)
1991
Excluding
Special
1993 1992 1991 Charge (c) 1990 1989
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Earnings from continuing
operations (a) $ 705,357 $ 728,217 $ 63,559 $ 638,559 $ 618,138 $ 594,505
Add (deduct) distributions
greater (to extent less)
than income of
unconsolidated affiliates (33,847) (23,188) (25,189) (25,189) (11,878) (15,491)
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Total 671,510 705,029 38,370 613,370 606,260 579,014
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Income taxes (b):
Federal 421,806 372,922 48,183 343,183 334,351 298,684
State and local 27,815 3,972 11,906 11,906 20,531 9,009
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Total 449,621 376,894 60,089 355,089 354,882 307,693
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Fixed charges:
Interest expense including
amortization of debt
discount 324,018 359,575 388,286 388,286 380,243 368,535
Portion of rentals
representing an interest
factor 44,443 43,948 46,281 46,281 43,362 15,783
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Total 368,461 403,523 434,567 434,567 423,605 384,318
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Earnings available for
fixed charges $1,489,592 $1,485,446 $ 533,026 $1,403,026 $1,384,747 $1,271,025
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Fixed charges - as above $ 368,461 $ 403,523 $ 434,567 $ 434,567 $ 423,605 $ 384,318
Interest capitalized 10,973 8,504 6,293 6,293 3,483 6,952
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Total $ 379,434 $ 412,027 $ 440,860 $ 440,860 $ 427,088 $ 391,270
========== ========== ========== ========== ========== ==========
Ratio of earnings to
fixed charges 3.9 3.6 1.2 3.2 3.2 3.2
========== ========== ========== ========== ========== ==========
(a) Before cumulative effect of changes in accounting principles of $175,226 in 1993.
(b) In 1993, Income taxes include the impact of the adoption of SFAS 109, "Accounting for Income Taxes", and the effect of the 1%
corporate income tax rate increase resulting from the the Omnibus Budget Reconciliation Act of 1993.
(c) In 1991, the Corporation recorded an $870 million ($575 million after-tax) restructuring charge.