Exhibit 12.1

UAL Corporation and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

and Ratio of Earnings to Fixed Charges and Preferred Stock Dividend Requirements

	Nine Months Ended
	September 30,
(In millions)	2008			2007
Earnings (loss):
Earnings (loss) before income taxes & adjustments for minority interest and equity earnings in affiliates	$	(4,077	)	$	794
Add (deduct):
Fixed charges, from below		612			683
Amortization of capitalized interest		1			—
Distributed earnings of affiliates		1			2
Interest capitalized		(16	)		(14	)
Minority interest		(2	)		(2	)
Earnings (loss) as adjusted	$	(3,481	)	$	1,463
Fixed charges:
Interest expensed and capitalized and amortization of debt discounts and issuance costs (a)	$	392		$	506
Portion of rental expense representative of the interest factor		220			177
Fixed charges, as above		612			683
Preferred stock dividend requirements (pre-tax) (b)		3			13
Fixed charges including preferred stock dividends	$	615		$	696
Ratio of earnings to fixed charges		(c)			2.14
Ratio of earnings to fixed charges and preferred dividend requirements		(c)			2.10

(a)	Amortization of debt discounts includes amortization of fresh-start valuation discounts.
(b)	2007 dividends were adjusted using an estimated 2007 effective tax rate of approximately 43%. The Company had an immaterial tax rate in the 2008 period.
(c)	Earnings were inadequate to cover both fixed charges and fixed charges and preferred dividend requirements by $4.1 billion for the nine months ended September 30, 2008.