Union Pacific 2012 Annual Report Download - page 95

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95
Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES
Union Pacific Corporation and Subsidiary Companies
Millions, Except for Ratios 2012 2011 2010 2009 2008
Fixed charges:
Interest expense including
amortization of debt discount $ 535 $ 572 $ 602 $ 600 $ 511
Portion of rentals representing an interest factor 132 135 136 155 226
Total fixed charges $ 667 $ 707 $ 738 $ 755 $ 737
Earnings available for fixed charges:
Net income $ 3,943 $ 3,292 $ 2,780 $ 1,890 $ 2,335
Equity earnings net of distributions (55) (38) (44) (42) (53)
Income taxes 2,375 1,972 1,653 1,084 1,316
Fixed charges 667 707 738 755 737
Earnings available for fixed charges $ 6,930 $ 5,933 $ 5,127 $ 3,687 $ 4,335
Ratio of earnings to fixed charges 10.4 8.4 6.9 4.9 5.9