Exhibit 12.3

Continental Airlines, Inc.

Computation of Ratio of Earnings to Fixed Charges

(In millions, except ratios)

	Successor									Predecessor
	Six Months Ended June 30, 2012			Year Ended December 31, 2011			Three Months Ended December 31, 2010			Nine Months Ended September 30, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008			Year Ended December 31, 2007
Earnings:
Earnings (loss) before income taxes and minority interest	$	433		$	563		$	(99	)	$	442		$	(439	)	$	(695	)	$	556
Less:
Undistributed earnings of equity investees		—			—			—			—			—			9			18
Plus:
Interest expense		160			342			86			288			367			376			393
Capitalized interest		(11	)		(17	)		(4	)		(17	)		(33	)		(33	)		(27	)
Amortization of capitalized interest		—			—			—			27			36			35			36
Portion of rent expense representative of interest expense		194			771			197			684			907			934			917
	$	776		$	1,659		$	180		$	1,424		$	838		$	608		$	1,857
Fixed charges:
Interest expense	$	160		$	342		$	86		$	288		$	367		$	376		$	393
Portion of rent expense representative of interest expense		194			771			197			684			907			934			917
Total fixed charges		354			1,113			283			972			1,274			1,310			1,310
Coverage adequacy (deficiency)	$	422		$	546		$	(103	)	$	452		$	(436	)	$	(702	)	$	547
Coverage ratio (a)		2.19			1.49			N/A			1.47			N/A			N/A			1.42

(a) For purposes of calculating this ratio, earnings consist of income before income taxes and cumulative effect of changes in accounting principles adjusted for undistributed income of companies in which Continental has a minority equity interest plus interest expense (net of capitalized interest), the portion of rental expense representative of interest expense and amortization of previously capitalized interest. Fixed charges consist of interest expense, the portion of rental expense representative of interest expense, the amount amortized for debt discount, premium and issuance expense and interest previously capitalized. For the three months ended December 31, 2010 and the years ended December 31, 2009 and 2008, earnings were inadequate to cover fixed charges and the coverage deficiency was $103 million, $436 million and $702 million, respectively.

N/A Not applicable, as earnings are inadequate to cover fixed charges.