Exhibit 12.1
United Continental Holdings, Inc. and Subsidiary Companies
Computation of Ratio of Earnings to Fixed Charges
(In millions, except ratios) | Nine Months Ended September 30, 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Earnings (losses): | ||||||||||||||||||||||||||||
Earnings (loss) before income taxes | $ | 2,399 | $ | 3,819 | $ | 4,219 | $ | 1,128 | $ | 539 | $ | (724) | ||||||||||||||||
Add (deduct): | ||||||||||||||||||||||||||||
Fixed charges, from below | 1,032 | 1,370 | 1,428 | 1,648 | 1,629 | 1,526 | ||||||||||||||||||||||
Amortization of capitalized interest | 7 | 11 | 12 | 12 | 11 | 9 | ||||||||||||||||||||||
Distributed earnings of affiliates | — | 1 | 1 | 1 | — | — | ||||||||||||||||||||||
Interest capitalized | (64) | (72) | (49) | (52) | (49) | (37) | ||||||||||||||||||||||
Equity earnings in affiliates | — | — | (2) | (1) | (1) | (4) | ||||||||||||||||||||||
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Earnings as adjusted | $ | 3,374 | $ | 5,129 | $ | 5,609 | $ | 2,736 | $ | 2,129 | $ | 770 | ||||||||||||||||
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Fixed charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 472 | $ | 614 | $ | 669 | $ | 735 | $ | 783 | $ | 835 | ||||||||||||||||
Portion of rent expense representative of the interest factor (a) | 560 | 756 | 759 | 913 | 846 | 691 | ||||||||||||||||||||||
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Fixed charges | $ | 1,032 | $ | 1,370 | $ | 1,428 | $ | 1,648 | $ | 1,629 | $ | 1,526 | ||||||||||||||||
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Ratio of earnings to fixed charges | 3.27 | 3.74 | 3.93 | 1.66 | 1.31 | (b) | ||||||||||||||||||||||
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(a) Imputed interest applied to rent expense.
(b) Earnings were inadequate to cover fixed charges by $756 million in 2012.