EXHIBIT 12(b)
RATIO OF EARNINGS TO FIXED CHARGES
Union Pacific Corporation and Subsidiary Companies
(Unaudited)
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<Caption>
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Six Months Ended June 30,
Millions of Dollars, Except Ratios 2002 2001
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Earnings:
Net income ................................................ $ 526 $ 424
Undistributed equity earnings ............................. (21) (15)
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Total earnings .................................................. 505 409
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Income taxes .................................................... 309 255
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Fixed charges:
Interest expense including amortization of debt discount .. 322 359
Portion of rentals representing an interest factor ........ 22 20
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Total fixed charges ............................................. 344 379
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Earnings available for fixed charges ............................ $ 1,158 $ 1,043
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Ratio of earnings to fixed charges .............................. 3.4 2.8
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