Exhibit 12.1

United Continental Holdings, Inc. and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

(In millions, except ratios)	2014		2013		2012		2011		2010
Earnings (losses):
Earnings (loss) before income taxes	$	1,128	$	539	$	(724)	$	845	$	253
Add (deduct):
Fixed charges, from below		1,648		1,629		1,526		2,017		1,292
Amortization of capitalized interest		12		11		9		7		5
Distributed earnings of affiliates		1		—		—		1		2
Interest capitalized		(52)		(49)		(37)		(32)		(15)
Equity earnings in affiliates		(1)		(1)		(4)		(6)		(4)
Earnings as adjusted	$	2,736	$	2,129	$	770	$	2,832	$	1,533
Fixed charges:
Interest expensed and capitalized and amortization of premiums, debt discounts, issuance costs, and capital expenditures (a)	$	735	$	783	$	835	$	949	$	798
Portion of rent expense representative of the interest factor (b)		913		846		691		1,068		494
Fixed charges	$	1,648	$	1,629	$	1,526	$	2,017	$	1,292
Ratio of earnings to fixed charges		1.66		1.31		(c)		1.40		1.19

(a) Amortization of debt discounts includes amortization of fresh-start valuation discounts.

(b) Imputed interest applied to rent expense.

(c) Earnings were inadequate to cover fixed charges by $756 million in 2012.