Exhibit 12

EX-12.1 19 twelveon.htm Exhibit 12
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Exhibit 12.1

UAL Corporation and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

and Preferred Stock Dividend Requirements

2000 1999 1998 1997 1996

Earnings:

Earnings before income taxes, extraordinary

item and cumulative effect
$ 431

$ 1,942

$ 1,256

$ 1,524

$ 970

Undistributed (earnings) losses of affiliates
13

(20)

(62)

(16)

(49)

Fixed charges and preferred stock

dividend requirements, from below
1,119

1,195

1,150

1,116

1,209

Interest capitalized
(77)

(75)

(105)

(104)

(77)

Earnings
$ 1,486

$ 3,042

$ 2,239

$ 2,520

$ 2,053

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Fixed charges:

Interest expense
$ 402

$ 362

$ 355

$ 286

$ 295

Preferred stock dividend requirements
73

202

164

125

97

Portion of rental expense representative

of the interest factor
644

631

631

705

817

Fixed charges
$ 1,119

$ 1,195

$ 1,150

$ 1,116

$ 1,209

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Ratio of earnings to fixed charges
1.33

2.55

1.95

2.26

1.70

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	2000	1999	1998	1997	1996
Earnings:

Earnings before income taxes, extraordinary
item and cumulative effect	$ 431	$ 1,942	$ 1,256	$ 1,524	$ 970
Undistributed (earnings) losses of affiliates	13	(20)	(62)	(16)	(49)
Fixed charges and preferred stock
dividend requirements, from below	1,119	1,195	1,150	1,116	1,209
Interest capitalized	(77)	(75)	(105)	(104)	(77)
Earnings	$ 1,486	$ 3,042	$ 2,239	$ 2,520	$ 2,053
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Fixed charges:

Interest expense	$ 402	$ 362	$ 355	$ 286	$ 295
Preferred stock dividend requirements	73	202	164	125	97
Portion of rental expense representative
of the interest factor	644	631	631	705	817
Fixed charges	$ 1,119	$ 1,195	$ 1,150	$ 1,116	$ 1,209
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Ratio of earnings to fixed charges	1.33	2.55	1.95	2.26	1.70
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