EXHIBIT 12(a)
RATIO OF EARNINGS TO FIXED CHARGES
Union Pacific Corporation and Subsidiary Companies
(Unaudited)
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<Caption>
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Three Months Ended June 30,
Millions of Dollars, Except Ratios 2002 2001
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Earnings:
Net income ............................................. $ 304 $ 243
Undistributed equity earnings .......................... (10) (1)
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Total earnings ............................................... 294 242
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Income taxes ................................................. 174 148
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Fixed charges:
Interest expense including amortization of debt discount 159 178
Portion of rentals representing an interest factor ..... 11 10
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Total fixed charges .......................................... 170 188
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Earnings available for fixed charges ......................... $ 638 $ 578
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Ratio of earnings to fixed charges ........................... 3.8 3.1
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