Exhibit 12.1

United Continental Holdings, Inc. and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

(In millions, except ratios)	2015		2014		2013		2012		2011
Earnings (losses):
Earnings (loss) before income taxes	$	4,219	$	1,128	$	539	$	(724)	$	845
Add (deduct):
Fixed charges, from below		1,428		1,648		1,629		1,526		2,017
Amortization of capitalized interest		12		12		11		9		7
Distributed earnings of affiliates		1		1		—		—		1
Interest capitalized		(49)		(52)		(49)		(37)		(32)
Equity earnings in affiliates		(2)		(1)		(1)		(4)		(6)
Earnings as adjusted	$	5,609	$	2,736	$	2,129	$	770	$	2,832
Fixed charges:
Interest expense	$	669	$	735	$	783	$	835	$	949
Portion of rent expense representative of the interest factor (a)		759		913		846		691		1,068
Fixed charges	$	1,428	$	1,648	$	1,629	$	1,526	$	2,017
Ratio of earnings to fixed charges		3.93		1.66		1.31		(b)		1.40

(a) Imputed interest applied to rent expense.

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