EX-12.1 22 twelveone.htm Exhibit 11

 

 

Exhibit 12.1

 

 

 

 

UAL Corporation and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

 

 
 

Year Ended December 31
 

2002

2001

2000

1999

1998

Earnings:

(In Millions)
           

Earnings (loss) before income taxes,

         

extraordinary item and cumulative effect

$ (3,205)

$(3,357)

$ 431 

$ 1,942 

$ 1,256 

Undistributed (earnings) losses of affiliates

8 

30 

13 

(20)

(62)

Fixed charges, from below

775 

864 

1,046 

993 

986 

Interest capitalized

(25)

(79)

(77)

(75)

(105)

Earnings

$ (2,447)

$(2,542)

$ 1,413 

$ 2,840 

$ 2,075 
           
           

Fixed charges:

          
           

Interest expense

$ 590 

$ 525 

$ 402 

$ 362 

$ 355 

Portion of rental expense representative

          

of the interest factor

185 

339 

644 

631 

631 

Fixed charges

$ 775 

$ 864 

$1,046 

$ 993 

$ 986 
           
           

Ratio of earnings to fixed charges

(a)

(a) 

1.35 

2.86 

2.10 
           

 

___________

(a) Earnings were inadequate to cover fixed charges by $3.2 billion in 2002 and $3.4 billion in 2001.