Exhibit 12.1
United Continental Holdings, Inc. and Subsidiary Companies
Computation of Ratio of Earnings to Fixed Charges
(In millions, except ratios) | Six Months Ended June 30, 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Earnings (losses): | ||||||||||||||||||||||||||
Earnings (loss) before income taxes | $ | 1,425 | $ | 4,219 | $ | 1,128 | $ | 539 | $ | (724) | $ | 845 | ||||||||||||||
Add (deduct): | ||||||||||||||||||||||||||
Fixed charges, from below | 697 | 1,428 | 1,648 | 1,629 | 1,526 | 2,017 | ||||||||||||||||||||
Amortization of capitalized interest | 6 | 12 | 12 | 11 | 9 | 7 | ||||||||||||||||||||
Distributed earnings of affiliates | — | 1 | 1 | — | — | 1 | ||||||||||||||||||||
Interest capitalized | (28) | (49) | (52) | (49) | (37) | (32) | ||||||||||||||||||||
Equity earnings in affiliates | 2 | (2) | (1) | (1) | (4) | (6) | ||||||||||||||||||||
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Earnings as adjusted | $ | 2,102 | $ | 5,609 | $ | 2,736 | $ | 2,129 | $ | 770 | $ | 2,832 | ||||||||||||||
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Fixed charges: | ||||||||||||||||||||||||||
Interest expense | $ | 316 | $ | 669 | $ | 735 | $ | 783 | $ | 835 | $ | 949 | ||||||||||||||
Portion of rent expense representative of the interest factor (a) | 381 | 759 | 913 | 846 | 691 | 1,068 | ||||||||||||||||||||
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Fixed charges | $ | 697 | $ | 1,428 | $ | 1,648 | $ | 1,629 | $ | 1,526 | $ | 2,017 | ||||||||||||||
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Ratio of earnings to fixed charges | 3.02 | 3.93 | 1.66 | 1.31 | (b) | 1.40 | ||||||||||||||||||||
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(a) Imputed interest applied to rent expense.
(b) Earnings were inadequate to cover fixed charges by $756 million in 2012.