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EXHIBIT 12
UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
RATIO OF EARNINGS TO FIXED CHARGES (a)
(Thousands of Dollars, Except for Ratio)
1997 1996 1995 1994 1993
---- ---- ---- ---- ----
Earnings from continuing
operations (b/c) $ 432,207 $ 732,860 $ 619,289 $ 568,631 $ 411,775
Undistributed equity earnings (39,885) (50,235) (23,893) (43,663) (32,426)
---------- ---------- ---------- ---------- ----------
Total 392,322 682,625 595,396 524,968 379,349
---------- ---------- ---------- ---------- ----------
Income taxes (c) 243,455 380,560 313,590 329,586 317,913
---------- ---------- ---------- ---------- ----------
Fixed charges:
Interest expense including
amortization of debt discount 604,835 500,580 450,182 347,188 311,698
Portion of rentals representing
an interest factor 166,190 135,615 65,258 41,975 33,224
---------- ---------- ---------- ---------- ----------
Total 771,025 636,195 515,440 389,163 344,922
---------- ---------- ---------- ---------- ----------
Earnings available for
fixed charges $1,406,802 $1,699,380 $1,424,426 $1,243,717 $1,042,184
========== ========== ========== ========== ==========
Fixed charges - as above $ 771,025 $ 636,195 $ 515,440 $ 389,163 $ 344,922
Interest capitalized -- -- -- -- 224
---------- ---------- ---------- ---------- ----------
Total $ 771,025 $ 636,195 $ 515,440 $ 389,163 $ 345,146
========== ========== ========== ========== ==========
Ratio of earnings to
fixed charges 1.8 2.7 2.8 3.2 3.0
========== ========== ========== ========== ==========
(a) All information presented reflects Resources as discontinued operations
(See Note 3 to the Financial Statements).
(b) Amount for 1993 is before a cumulative effect adjustment for changes in
accounting principles for income taxes, postretirement benefits other than
pensions and revenue recognition. The net after-tax adjustment related to
these items was $116 million.
(c) In 1993, income from continuing operations and income taxes included the
one-time impact on deferred income taxes from the adoption of the Omnibus
Budget Reconciliation Act of 1993, which reduced income from continuing
operations and increased income taxes by $56 million.