Attached files
Exhibit 12.1
United Continental Holdings, Inc. and Subsidiary Companies
Computation of Ratio of Earnings to Fixed Charges
| (In millions, except ratios) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||
| Earnings (losses): |
||||||||||||||||||||||
| Earnings (loss) before income taxes | $ | 4,219 | $ | 1,128 | $ | 539 | $ | (724) | $ | 845 | ||||||||||||
| Add (deduct): |
||||||||||||||||||||||
| Fixed charges, from below |
1,428 | 1,648 | 1,629 | 1,526 | 2,017 | |||||||||||||||||
| Amortization of capitalized interest |
12 | 12 | 11 | 9 | 7 | |||||||||||||||||
| Distributed earnings of affiliates |
1 | 1 | — | — | 1 | |||||||||||||||||
| Interest capitalized |
(49) | (52) | (49) | (37) | (32) | |||||||||||||||||
| Equity earnings in affiliates |
(2) | (1) | (1) | (4) | (6) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Earnings as adjusted |
$ | 5,609 | $ | 2,736 | $ | 2,129 | $ | 770 | $ | 2,832 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Fixed charges: |
||||||||||||||||||||||
| Interest expense | $ | 669 | $ | 735 | $ | 783 | $ | 835 | $ | 949 | ||||||||||||
| Portion of rent expense representative of the interest factor (a) | 759 | 913 | 846 | 691 | 1,068 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Fixed charges |
$ | 1,428 | $ | 1,648 | $ | 1,629 | $ | 1,526 | $ | 2,017 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Ratio of earnings to fixed charges |
3.93 | 1.66 | 1.31 | (b) | 1.40 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(a) Imputed interest applied to rent expense.
(b) Earnings were inadequate to cover fixed charges by $756 million in 2012.