United Airlines (UAL) 10-Q 2007 Q3 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
	Nine Months			Period from			Period from
	Ended			February 1 to			January 1 to
(In millions)	September 30,			September 30,			January 31,
	2007			2006			2006
Earnings:
Earnings before income taxes & adjustments for minority interest and equity earnings in affiliates	$	794		$	145		$	22,846
Add (deduct):
Fixed charges, from below		683			730			63
Distributed earnings of affiliates		2			3			-
Amortization of capitalized interest		-			-			1
Interest capitalized		(14	)		(10	)		-
Minority interest		(2	)		-			-
Earnings as adjusted	$	1,463		$	868		$	22,910
Fixed charges:
Interest expensed and capitalized and amortization
of debt discounts and issuance costs (a)	$	506		$	507		$	41
Portion of rental expense representative
of the interest factor		177			223			22
Fixed charges, as above		683			730			63
Preferred stock dividend requirements (pre-tax) (b)		13			11			1
Fixed charges including preferred stock dividends	$	696		$	741		$	64
Ratio of earnings to fixed charges		2.14			1.19			363.65
Ratio of earnings to fixed charges and preferred dividend requirements		2.10			1.17			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 43%.