United Airlines (UAL) 10-Q 2012 Q2 Quarterly report

Exhibit 12.2

United Air Lines, Inc. and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

and Ratio of Earnings to Fixed Charges and Preferred Stock Dividend Requirements

(In millions, except ratios)	Six Months Ended June 30, 2012			2011			2010			2009			2008			2007
Earnings (losses):
Earnings (loss) before income taxes & adjustments for minority interest	$	(492	)	$	285		$	389		$	(643	)	$	(5,375	)	$	658
Add (deduct):
Fixed charges, from below		427			892			992			950			911			956
Amortization of capitalized interest		4			7			5			3			2			1
Distributed earnings of affiliates		—			1			2			2			2			4
Interest capitalized		(6	)		(15	)		(11	)		(10	)		(20	)		(19	)
Equity earnings in affiliates		(4	)		(3	)		(3	)		(4	)		(6	)		(5	)
Minority interest		(1	)		(1	)		(2	)		(1	)		(2	)		(2	)
Earnings (loss) as adjusted	$	(72	)	$	1,166		$	1,372		$	297		$	(4,488	)	$	1,593
Fixed charges:
Interest expensed and capitalized and amortization of premiums, debt discounts, issuance costs, and capital expenditures (a)	$	273		$	595		$	695		$	577		$	571		$	703
Portion of rental expense representative of the interest factor		154			297			297			373			340			253
Fixed charges, as above		427			892			992			950			911			956
Preferred stock dividend requirements (pre-tax) (b)		—			—			—			—			3			18
Fixed charges including preferred stock dividends	$	427		$	892		$	992		$	950		$	914		$	974
Ratio of earnings to fixed charges		(c	)		1.31			1.38			(d	)		(e	)		1.67
Ratio of earnings to fixed charges and preferred stock dividends		N/A			N/A			N/A			N/A			(e	)		1.64

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

(b) Dividends were adjusted using the effective tax rate for each applicable year.

(c) Earnings were inadequate to cover fixed charges by $499 million in the first six months of 2012.

(d) Earnings were inadequate to cover fixed charges by $653 million in 2009.

(e) Earnings were inadequate to cover both fixed charges and fixed charges and preferred stock and dividend requirements by $5.4 billion in 2008.

N/A Not applicable, as there were no preferred stock dividends in this period.