United Airlines (UAL) 10-Q 2007 Q2 Quarterly report

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

	Successor						Predecessor
	Six Months Ended June 30,			Period from February 1 to June 30,			Period from January 1 to January 31,
(In millions)	2007			2006			2006
Earnings (losses):
Earnings (loss) before income taxes & adjustments for minority interest and equity earnings/(losses) in affiliates	$	229		$	(100	)	$	22,846
Add (deduct):
Fixed charges, from below		469			494			63
Distributed earnings of affiliates		—			3			—
Amortization of capitalized interest		—			—			1
Interest capitalized		(9	)		(7	)		—
Minority interest		(1	)		—			—
Earnings (loss) as adjusted	$	688		$	390		$	22,910
Fixed charges:
Interest expensed and capitalized and amortization
of debt discounts and issuance costs (a)	$	345		$	345		$	41
Portion of rental expense representative
of the interest factor		124			149			22
Fixed charges, as above		469			494			63
Preferred stock dividend requirements (pre-tax) (b)		10			4			1
Fixed charges including preferred stock dividends	$	479		$	498		$	64
Ratio of earnings to fixed charges		1.47			(c)			363.65
Ratio of earnings to fixed charges and preferred dividend requirements		1.44			(c)			357.97

____________________

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

(b) Successor Company 2007 dividends were adjusted using an estimated 2007 effective tax rate of approximately 47%.

(c) Earnings were inadequate to cover both fixed charges and fixed charges and preferred dividend requirements by $104 million and $108 million, respectively, for the period from February 1 to June 30, 2006.