Exhibit 12.1

United Air Lines, Inc. and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

 
 
 

	Nine Months Ended
	September 30
	2004	2003
	(In Millions)
Earnings:
Loss before income taxes	$ (1,183)	$ (2,455)
Fixed charges, from below	469	525
Interest capitalized	(1)	(2)
Earnings	$  (715)	$   (1,932)
	=====	=====
Fixed charges:
Interest expense	$   347	$  420
Portion of rental expense representative
of the interest factor	122	105
Fixed charges	$  469	$  525
	=====	=====
Ratio of earnings to fixed charges	(a)	(a)
	=====	=====

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(a) Earnings were inadequate to cover fixed charges by $1.2 billion in 2004 and $2.5 billion in 2003.