Exhibit 12.3

Continental Airlines, Inc.

Computation of Ratio of Earnings to Fixed Charges

(In millions, except ratios)

	Successor						Predecessor
	Year Ended December 31, 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
Earnings:
Earnings (loss) before income taxes and minority interest	$	522	$	563	$	(99)	$	442	$	(439)	$	(695)
Less:
Undistributed earnings of equity investees		—		—		—		—		—		9
Plus:
Interest expense		326		342		86		288		367		376
Capitalized interest		(22)		(17)		(4)		(17)		(33)		(33)
Amortization of capitalized interest		1		—		—		27		36		35
Portion of rent expense representative of interest expense		397		771		197		684		907		934
	$	1,224	$	1,659	$	180	$	1,424	$	838	$	608
Fixed charges:
Interest expense	$	326	$	342	$	86	$	288	$	367	$	376
Portion of rent expense representative of interest expense		397		771		197		684		907		934
Total fixed charges		723		1,113		283		972		1,274		1,310
Coverage adequacy (deficiency)	$	501	$	546	$	(103)	$	452	$	(436)	$	(702)
Coverage ratio (a)		1.69		1.49		N/A		1.47		N/A		N/A

(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.