Union Pacific 2009 Annual Report Download - page 108

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108
Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES
Union Pacific Corporation and Subsidiary Companies
Millions of Dollars, Except for Ratios 2009 2008 2007 2006 2005
Fixed charges:
Interest expense including
amortization of debt discount $ 600 $ 511 $ 482 $ 477 $ 504
Portion of rentals representing an interest factor 155 226 237 243 220
Total fixed charges $ 755 $ 737 $ 719 $ 720 $ 724
Earnings available for fixed charges:
Net income $ 1,898 $ 2,338 $ 1,855 $ 1,606 $ 1,026
Equity earnings net of distributions (42
)
(53
)
(69
)
(59
)
(48
)
Income taxes 1,089 1,318 1,154 919 410
Fixed charges 755 737 719 720 724
Earnings available for fixed charges $ 3,700 $ 4,340 $ 3,659 $ 3,186 $ 2,112
Ratio of earnings to fixed charges 4.9 5.9 5.1 4.4 2.9