EX-12.1 4 h34847exv12w1.htm CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12w1
 

Exhibit 12.1
CONTINENTAL AIRLINES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN MILLIONS)
                                         
    Years Ended December 31,
    2005   2004   2003   2002   2001
     
Earnings:
                                        
Earnings (Loss) Before Income Taxes and Minority Interest
     (68 )     (449 )     186       (649 )     (146 )
Less:
                                        
Undistributed Earnings (Losses) of Equity Investees
     62       66       23       8       (14 )
Plus:
                                        
Interest Expense
     410       389       393       372       311  
Capitalized Interest
     (12 )     (14 )     (24 )     (36 )     (57 )
Amortization of Capitalized Interest
     40       39       38       35       28  
Portion of Rent Expense
                                        
Representative of Interest Expense
     906       856       847       860       842  
     
 
     1,214       755       1,417       574       992  
     
 
                                        
Fixed Charges:
                                        
Interest Expense
     410       389       393       372       311  
Portion of Rent Expense Representative of Interest Expense
     906       856       847       860       842  
     
Total Fixed Charges
     1,316       1,245       1,240       1,232       1,153  
     
Coverage Adequacy (Deficiency)
     (102 )     (490 )     177       (658 )     (161 )
     
Coverage Ratio
   NA   NA     1.14     NA   NA