United Airlines (UAL) 10-Q 2005 Q2 Quarterly report

Exhibit 12.2

UAL Corporation and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

and Preferred Stock Dividend Requirements

	Six Months Ended
	June 30
	2005	2004
	(In Millions)
Earnings:
Loss before income taxes	$(2,500)	$(706)
Fixed charges, from below	367	322
Undistributed losses of affiliates	4	(2)
Interest capitalized	(5)	1
Loss	$(2,134)	$(385)
Fixed charges:
Interest expense	$ 220	$ 237
Preferred stock dividend requirements	5	5
Portion of rental expense representative
of the interest factor	142	80
Fixed charges	$ 367	$ 322
Ratio of earnings to fixed charges	(a)	(a)

__________

(a) Earnings were inadequate to cover fixed charges and preferred stock dividend requirements by $2.5 billion in 2005 and $707 million in 2004.