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
| Successor | Predecessor | ||||||||||||||||||||||||
| (In millions, except ratios) | Period from | Period from | |||||||||||||||||||||||
| February 1 to | January 1 to | ||||||||||||||||||||||||
| December 31, | January 31, | ||||||||||||||||||||||||
| 2008 | 2007 | 2006 | 2006 | 2005 | 2004 | ||||||||||||||||||||
| Earnings (losses): | |||||||||||||||||||||||||
| Earnings (loss) before income taxes & adjustments for minority interest and equity earnings/(losses) in affiliates | $ | (5,380 | ) | $ | 653 | $ | 44 | $ | 22,620 | $ | (21,038 | ) | $ | (1,682 | ) | ||||||||||
| Add (deduct): | |||||||||||||||||||||||||
| Fixed charges, from below | 869 | 938 | 1,071 | 64 | 786 | 620 | |||||||||||||||||||
| Distributed earnings of affiliates | 2 | 3 | 4 | — | 3 | 2 | |||||||||||||||||||
| Amortization of capitalized interest | 1 | 1 | — | 1 | 14 | 16 | |||||||||||||||||||
| Minority interest | (2 | ) | (2 | ) | (4 | ) | — | — | — | ||||||||||||||||
| Interest capitalized | (20 | ) | (19 | ) | (15 | ) | — | 3 | (1 | ) | |||||||||||||||
| Earnings (loss) as adjusted | $ | (4,530 | ) | $ | 1,574 | $ | 1,100 | $ | 22,685 | $ | (20,232 | ) | $ | (1,045 | ) | ||||||||||
| Fixed charges: | |||||||||||||||||||||||||
| Interest expensed and capitalized and amortization of debt discounts and issuance costs (a) | $ | 571 | $ | 703 | $ | 747 | $ | 42 | $ | 495 | $ | 462 | |||||||||||||
| Portion of rental expense representative of the interest factor | 298 | 235 | 324 | 22 | 291 | 158 | |||||||||||||||||||
| Fixed charges, as above | 869 | 938 | 1,071 | 64 | 786 | 620 | |||||||||||||||||||
| Preferred stock dividend requirements (pre-tax) (b) | 3 | 18 | 29 | — | — | — | |||||||||||||||||||
| Fixed charges including preferred stock dividends | $ | 872 | $ | 956 | $ | 1,100 | $ | 64 | $ | 786 | $ | 620 | |||||||||||||
| Ratio of earnings to fixed charges | (c | ) | 1.68 | 1.03 | 354.45 | (c | ) | (c | ) | ||||||||||||||||
| Ratio of earnings to fixed charges and preferred dividend requirements | (c | ) | 1.65 | 1.00 | (b | ) | (b | ) | (b | ) | |||||||||||||||
| (a) | Amortization of debt discounts includes amortization of fresh-start valuation discounts. | |
| (b) | Successor Company dividends in 2007 were adjusted using an effective tax rate of 45.5%. In 2006, preferred dividends were grossed-up based on the Company’s effective tax rate only to the extent of the Company’s income tax provision for the period. Preferred dividend requirements were nonexistent for the Predecessor Company as push down accounting was not applied prior to the adoption of fresh-start reporting. | |
| (c) | Earnings were inadequate to cover both fixed charges and fixed charges and preferred dividend requirements by $5.4 billion in 2008. Earnings were inadequate to cover fixed charges by $21.0 billion in 2005 and $1.7 billion in 2004. |