Exhibit 12.1

United Air Lines, Inc. and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

 
 
 

	Six Months Ended
	June 30
	2002	2001
	(In Millions)
Earnings:
Earnings (loss) before income taxes and
cumulative effect of accounting change	$ (1,345)	$    (973)
Fixed charges, from below	399	460
Undistributed (earnings) losses of affiliates	-	(3)
Interest capitalized	(17)	(45)
Earnings	$   (963)	$    (561)
	=====	=====
Fixed charges:
Interest expense	$    296	$   262
Portion of rental expense representative
of the interest factor	103	198
Fixed charges	$   399	$   460
	=====	=====
Ratio of earnings to fixed charges	(a)	(a)
	=====	=====

________

(a) Earnings were inadequate to cover fixed charges by $1.4 billion in 2002 and $1.0 billion in 2001.