EXHIBIT 12
UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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(Unaudited)
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Three Months Ended March 31,
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Millions, Except Ratios 2000 1999
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Earnings:
Net Income............................................... $185 $129
Undistributed equity earnings............................ (12) (10)
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Total.................................................... 173 119
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Income taxes............................................... 105 72
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Fixed charges:
Interest expense including amortization of debt discount. 182 186
Portion of rentals representing an interest factor....... 45 45
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Total.................................................... 227 231
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Earnings available for fixed charges....................... 505 422
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Total fixed charges -- as above............................ 227 231
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Ratio of earnings to fixed charges (Note 8)................ 2.2 1.8
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