EX-12.2 23 twelvetwo.htm

Exhibit 12.2

 

 

UAL Corporation and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

and Preferred Stock Dividend Requirements

 
           
 

2002

2001

2000

1999

1998

Earnings:

          
           

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 and preferred stock

          

dividend requirements, from below

785 

879 

1,119 

1,195 

1,150 

Interest capitalized

(25)

(79)

(77)

(75)

(105)

Earnings

$ (2,437)

$(2,527)

$ 1,486 

$ 3,042 

$ 2,239 
           
           

Fixed charges:

          
           

Interest expense

$ 590 

$ 525 

$ 402 

$ 362 

$ 355 

Preferred stock dividend requirements

10 

15 

73 

202 

164 

Portion of rental expense representative

          

of the interest factor

185 

339 

644 

631 

631 

Fixed charges

$ 785 

$ 879 

$ 1,119 

$ 1,195 

$ 1,150 
           
           

Ratio of earnings to fixed charges

(a)

(a) 

1.33 

2.55 

1.95 
           

 

 

 

____________

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