Attached files
Exhibit 12.1
UAL Corporation and Subsidiary Companies
Computation of Ratio of Earnings to Fixed Charges
| Three Months Ended March 31, |
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| (In millions) |
2010 | 2009 | ||||||
| Earnings (loss): |
||||||||
| Loss before income taxes & adjustments for minority interest and equity earnings in affiliates |
$ | (81 | ) | $ | (412 | ) | ||
| Add (deduct): |
||||||||
| Fixed charges, from below |
241 | 222 | ||||||
| Amortization of capitalized interest |
1 | — | ||||||
| Distributed earnings of affiliates |
1 | 1 | ||||||
| Interest capitalized |
(2 | ) | (3 | ) | ||||
| Earnings (loss) as adjusted |
$ | 160 | $ | (192 | ) | |||
| Fixed charges: |
||||||||
| Interest expensed and capitalized and amortization of debt discounts and issuance costs (a) |
$ | 178 | $ | 134 | ||||
| Portion of rental expense representative of the interest factor |
63 | 88 | ||||||
| Fixed charges, as above |
$ | 241 | $ | 222 | ||||
| Ratio of earnings to fixed charges |
(b | ) | (c | ) | ||||
| (a) | Amortization of debt discounts includes amortization of fresh-start valuation discounts. |
| (b) | Earnings were inadequate to cover fixed charges by $81 million for the three months ended March 31, 2010. |
| (c) | Earnings were inadequate to cover fixed charges by $414 million for the three months ended March 31, 2009. |