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


	Six Months Ended
	June 30,
(In millions)	2009			2008
				Adjusted (e)
Earnings (loss):
Loss before income taxes & adjustments for minority interest and equity earnings in affiliates	$	(396	)	$	(3,323	)

Add (deduct):
Fixed charges, from below		439			432
Amortization of capitalized interest		1			—
Distributed earnings of affiliates		1			—
Minority interest		(1	)		(1	)
Interest capitalized		(5	)		(10	)

Earnings (loss) as adjusted	$	39		$	(2,902	)


Fixed charges:
Interest expensed and capitalized and amortization of debt discounts and issuance costs (a)	$	269		$	284
Portion of rental expense representative of the interest factor		170			148

Fixed charges, as above		439			432

Preferred stock dividend requirements (pre-tax) (b)		—			2

Fixed charges including preferred stock dividends	$	439		$	434


Ratio of earnings to fixed charges		(c)			(d)

Ratio of earnings to fixed charges and preferred stock dividend requirements		(c)			(d)


(a)		Amortization of debt discounts includes amortization of fresh-start valuation discounts.

(b)		The Company had an immaterial tax rate in the 2008 period and did not adjust its preferred stock dividends.

(c)		Earnings were inadequate to cover fixed charges by $400 million for the six months ended June 30, 2009.

(d)		Earnings were inadequate to cover fixed charges and fixed charges and preferred stock dividend requirements by $3.3 billion for the six months ended June 30, 2008.

(e)		In accordance with a new accounting standard that became effective January 1, 2009, the amounts reported for 2008 have been retrospectively adjusted. Retrospective adoption was required as discussed in Note 2, “New Accounting Pronouncements,” in Combined Notes to Condensed Consolidated Financial Statements (Unaudited).

UNITED AIR LINES INC 10-Q