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17
PART II
Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters, and Issuer
Purchases of Equity Securities
Our common stock is traded on the NYSE under the symbol “UNP”. The following table presents the
dividends declared and the high and low closing prices of our common stock for each of the indicated
quarters.
2007 - Dollars Per Share Q1 Q2 Q3 Q4
Dividends ......................................................................... $ 0.35 $ 0.35 $ 0.35 $ 0.44
Common stock price:
High ............................................................................. 105.84 122.79 129.36 137.56
Low .............................................................................. 89.58 100.41 99.38 110.07
2006 - Dollars Per Share
Dividends ......................................................................... $ 0.30 $ 0.30 $ 0.30 $ 0.30
Common stock price:
High ............................................................................. 93.73 97.49 92.96 96.16
Low .............................................................................. 77.62 83.83 78.65 86.27
At January 31, 2008, there were 260,700,527 shares of outstanding common stock and 35,295 common
shareholders of record. At that date, the closing price of the common stock on the NYSE was $124.76. We have
paid dividends to our common shareholders during each of the past 108 years. We declared dividends totaling
$396 million in 2007 and $323 million in 2006. On November 15, 2007, we increased the quarterly dividend to
$0.44 per share, payable beginning on January 2, 2008, to shareholders of record on November 29, 2007. We
are subject to certain restrictions regarding retained earnings with respect to the payment of cash dividends to
our shareholders. The amount of retained earnings available for dividends increased to $11.5 billion at
December 31, 2007, from $7.8 billion at December 31, 2006. See discussion of this restriction in Management’s
Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources,
Item 7. We do not believe the restriction on retained earnings will affect our ability to pay dividends, and we
currently expect to pay dividends in 2008 comparable to 2007.
Comparison Over One- and Three-Year Periods – The following table presents the cumulative total
shareholder returns, assuming reinvested dividends, over one- and three-year periods for the Corporation, a
peer group index (comprised of Burlington Northern Santa Fe Corporation, CSX Corporation, and Norfolk
Southern Corporation), the Dow Jones Transportation Index (Dow Jones), and the Standard & Poor’s 500
Stock Index (S&P 500).
Period UPC
Peer
Group
Dow
Jones
S&P
500
1 Year (2007)..................................................................... 37.9% 12.6% 1.4% 5.5%
3 Year (2005-2007) ........................................................... 94.6 74.7 24.2 28.2