Union Pacific 2011 Annual Report Download - page 96

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96
Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES
Union Pacific Corporation and Subsidiary Companies
Millions, Except for Ratios 2011 2010 2009 2008 2007
Fixed charges:
Interest expense including
amortization of debt discount $ 572 $ 602 $ 600 $ 511 $ 482
Portion of rentals representing an interest factor 135 136 155 226 237
Total fixed charges $ 707 $ 738 $ 755 $ 737 $ 719
Earnings available for fixed charges:
Net income $ 3,292 $ 2,780 $ 1,890 $ 2,335 $ 1,848
Equity earnings net of distributions (38) (44) (42) (53) (69)
Income taxes 1,972 1,653 1,084 1,316 1,150
Fixed charges 707 738 755 737 719
Earnings available for fixed charges $ 5,933 $ 5,127 $ 3,687 $ 4,335 $ 3,648
Ratio of earnings to fixed charges 8.4 6.9 4.9 5.9 5.1