Exhibit 12.1

United Air Lines, Inc. and Subsidiary Companies
Computation of Ratio of Earnings to Fixed Charges

 
 
 

	Three Months Ended
	March 31
	2003	2002
	(In Millions)
Earnings:
Loss before income taxes	$(1,385)	$ (776)
Fixed charges, from below	179	201
Interest capitalized	(1)	(11)
Loss	$(1,207)	$ (586)
Fixed charges:
Interest expense	$ 135	$ 146
Portion of rental expense representative
of the interest factor	44	55
Fixed charges	$ 179	$ 201
Ratio of earnings to fixed charges	(a)	(a)

___________
(a) Earnings were inadequate to cover fixed charges by $1.4 billion in 2003 and $787 million in 2002.