Union Pacific 2007 Annual Report Download - page 94
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Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES
Union Pacific Corporation and Subsidiary Companies
Millions of Dollars, Except for Ratios 2007 2006 2005 2004 2003
Fixed charges:
Interest expense including
amortization of debt discount................................. $ 482 $ 477 $ 504 $ 527 $ 574
Portion of rentals representing an interest factor ..... 237 243 220 206 169
Total fixed charges ........................................................ $ 719 $ 720 $ 724 $ 733 $ 743
Earnings available for fixed charges:
Net income .................................................................. $1,855 $1,606 $1,026 $ 604 $1,056
Equity earnings net of distributions........................... (69) (59) (48) (47) 15
Income taxes................................................................ 1,154 919 410 252 581
Fixed charges ............................................................... 719 720 724 733 743
Earnings available for fixed charges............................. $3,659 $3,186 $2,112 $1,542 $2,395
Ratio of earnings to fixed charges ................................ 5.1 4.4 2.9 2.1 3.2