Union Pacific 2006 Annual Report Download - page 90

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Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES
Union Pacific Corporation and Subsidiary Companies
Millions of Dollars, Except for Ratios 2006 2005 2004 2003 2002
Earnings:
Net income ......................................... $1,606 $1,026 $ 604 $1,056 $1,265
Equity earnings net of distributions ...................... (59) (48) (47) 15 (34)
Total earnings ......................................... 1,547 978 557 1,071 1,231
Income taxes .......................................... 919 410 252 581 680
Fixed charges:
Interest expense including amortization of debt discount ..... 477 504 527 574 632
Portion of rentals representing an interest factor ............ 243 220 206 169 172
Total fixed charges ...................................... 720 724 733 743 804
Earnings available for fixed charges ........................ $3,186 $2,112 $1,542 $2,395 $2,715
Ratio of earnings to fixed charges .......................... 4.4 2.9 2.1 3.2 3.4
84