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EXHIBIT 11
UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995
(In Thousands, Except Per Share Amounts)
1997 1996 1995
-------- -------- --------
Weighted-average number of shares
outstanding (a) . . . . . . . . . . . . . . . . . . . . . . . . . . 245,737 216,685 204,930
Average shares issuable on exercise of
stock options . . . . . . . . . . . . . . . . . . . . . . . . . . 2,382 1,345 636
-------- -------- --------
Weighted-average number of shares used
in computation of earnings per share . . . . . . . . . . . . . . . 248,119 218,030 205,566
======== ======== ========
Income from continuing operations . . . . . . . . . . . . . . . . . . $432,207 $732,860 $619,289
Income from discontinued operations (b) . . . . . . . . . . . . . . . - 170,673 326,542
-------- -------- --------
Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $432,207 $903,533 $945,831
======== ======== ========
Earnings per share:
Basic:
Income from continuing operations . . . . . . . . . . . . . . . . $ 1.76 $ 3.38 $ 3.02
Income from discontinued operations (b) . . . . . . . . . . . . . - 0.79 1.60
-------- -------- --------
Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.76 $ 4.17 $ 4.62
======== ======== ========
Diluted:
Income from continuing operations. . . . . . . . . . . . . . . . $ 1.74 $ 3.36 $ 3.01
Income from discontinued operations (b). . . . . . . . . . . . . - 0.78 1.59
-------- -------- --------
Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.74 $ 4.14 $ 4.60
======== ======== ========
(a) In connection with the Corporation's acquisition of Southern Pacific, on
September 11, 1996, UPC issued 38.1 million shares of its common stock in
exchange for 60% of SP's shares. See Note 2 to the Financial Statements.
(b) All computations reflect Resources as discontinued operations (See Note 3
to the Financial Statements).