Exhibit 12.1

UAL Corporation and Subsidiary Companies
Computation of Ratio of Earnings to Fixed Charges

	Year Ended December 31
	2004	2003	2002	2001	2000
Earnings:	(In Millions)
Earnings (loss) before income taxes,
extraordinary item and cumulative effect	$ (1,721)	$ (2,808)	$(3,205)	$(3,357)	$ 431
Undistributed (earnings) losses of affiliates	(5)	(2)	8	30	13
Fixed charges, from below	607	643	775	864	1,046
Interest capitalized	(1)	(3)	(25)	(79)	(77)
Earnings	$ (1,120)	$ (2,170)	$(2,447)	$(2,542)	$ 1,413
Fixed charges:
Interest expense	$ 449	$ 527	$ 590	$ 525	$ 402
Portion of rental expense representative
of the interest factor	158	116	185	339	644
Fixed charges	$ 607	$ 643	$ 775	$ 864	$ 1,046
Ratio of earnings to fixed charges	(a)	(a)	(a)	(a)	1.35

___________

(a) Earnings were inadequate to cover fixed charges by $1.7 billion in 2004, $2.8 billion in 2003 and $3.2 billion in 2002.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Exhibit 12.2
 
 

UAL Corporation and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

and Preferred Stock Dividend Requirements

 

	2004	2003	2002	2001	2000
Earnings:
Earnings (loss) before income taxes,
extraordinary item and cumulative effect	$(1,721)	$(2,808)	$(3,205)	$(3,357)	$ 431
Undistributed (earnings) losses of affiliates	(5)	(2)	8	30	13
Fixed charges and preferred stock
dividend requirements, from below	617	653	785	879	1,119
Interest capitalized	(1)	(3)	(25)	(79)	(77)
Earnings	$(1,110)	$(2,160)	$(2,437)	$(2,527)	$ 1,486
Fixed charges:
Interest expense	$ 449	$ 527	$ 590	$ 525	$ 402
Preferred stock dividend requirements	10	10	10	15	73
Portion of rental expense representative
of the interest factor	158	116	185	339	644
Fixed charges	$ 617	$ 653	$ 785	$ 879	$ 1,119
Ratio of earnings to fixed charges	(a)	(a)	(a)	(a)	1.33

 
 
 
 
 

____________

(a) Earnings were inadequate to cover fixed charges by $1.7 billion in 2004, $2.8 billion in 2003 and $3.2 billion in 2002.