EXHIBIT 12(b)
UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
Nine Months Ended Sept. 30,
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Millions, Except Ratios 2001 2000
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Earnings:
Net income ............................................. $ 691 $ 685
Undistributed equity earnings .......................... (34) 44
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Total earnings .............................................. 657 729
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Income taxes ................................................ 418 397
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Fixed charges:
Interest expense including amortization of debt discount 534 543
Portion of rentals representing an interest factor ..... 30 131
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Total fixed charges ......................................... 564 674
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Earnings available for fixed charges ........................ $ 1,639 $ 1,800
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Ratio of earnings to fixed charges .......................... 2.9 2.7
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