EX-12.1 5 dex121.htm UAL CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES UAL Corporation Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

UAL Corporation and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

 

      Six Months Ended
June 30,		  

(In millions)

    2010     2009  

Earnings (loss):

     

Earnings (loss) before income taxes & adjustments for minority interest and equity earnings in affiliates

    $ 190     $ (396 ) 

Add (deduct):

     

Fixed charges, from below

      477       439  

Amortization of capitalized interest

      2       1  

Distributed earnings of affiliates

      2       1  

Minority interest

      (1 )      (1 ) 

Interest capitalized

      (5 )      (5 ) 
                

Earnings as adjusted

    $ 665      $ 39   
                

Fixed charges:

     

Interest expensed and capitalized and amortization
of debt discounts and issuance costs (a)

    $ 349     $ 269  

Portion of rental expense representative of the interest factor

      128       170  
                

Fixed charges, as above

    $ 477     $ 439  
                

Ratio of earnings to fixed charges

      1.39       (b )
                

 

(a) Amortization of debt discounts includes amortization of fresh-start valuation discounts.
(b) Earnings were inadequate to cover fixed charges by $400 million for the six months ended June 30, 2009.