Union Pacific 2002 Annual Report Download - page 97
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71
Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES
Union Pacific Corporation and Subsidiary Companies
Millions of Dollars, Except for Ratio 2002 2001 2000 1999 1998
Earnings from continuing operations.......... $ 1,341 $ 966 $ 842 $ 783 $ (633)
Undistributed equity (earnings) loss ........... (34) (48) 24 (45) (44)
Total earnings ........................................... 1,307 918 866 738 (677)
Income taxes.................................................. 675 567 468 419 (63)
Fixed charges:
Interest expense including
amortization of debt discount ........... 633 701 723 733 714
Portion of rentals representing
an interest factor ................................. 44 42 174 186 181
Total fixed charges.................................... 677 743 897 919 895
Earnings available for fixed charges ............. $ 2,659 $ 2,228 $ 2,231 $ 2,076 $ 155
Ratio of earnings to fixed charges ................ 3.9 3.0 2.5 2.3 - [a]
[a] 1998 earnings were inadequate to cover fixed charges by $740 million.