United Airlines 10-Q 2018 Q2 Quarterly report

Exhibit 12.2

United Airlines, Inc. and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

(In millions, except ratios)	Six Months Ended June 30, 2018			2017 (a)			2016 (a)			2015			2014			2013
Earnings:
Earnings before income taxes	$	1,041		$	3,042		$	3,775		$	4,221		$	1,110		$	637
Add (deduct):
Fixed charges, from below	702			1,417			1,430			1,429			1,655			1,627
Amortization of capitalized interest	5			9			11			12			12			11
Distributed earnings of affiliates	—			—			1			1			1			—
Interest capitalized	(33		)	(84		)	(72		)	(49		)	(52		)	(49		)
Equity earnings in affiliates	(8		)	(4		)	—			(2		)	(1		)	(1		)
Earnings as adjusted	$	1,707		$	4,380		$	5,145		$	5,612		$	2,725		$	2,225
Fixed charges:
Interest expense	$	353		$	671		$	674		$	670		$	742		$	781
Portion of rent expense representative of the interest factor (b)	349			746			756			759			913			846
Fixed charges	$	702		$	1,417		$	1,430		$	1,429		$	1,655		$	1,627
Ratio of earnings to fixed charges	2.43			3.09			3.60			3.93			1.65			1.37

(a) Amounts adjusted due to the adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606). See Note 1 to the financial statements contained in Part I, Item 1 of United Airlines, Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2018 for additional information related to the adjusted results.

(b) Imputed interest applied to rent expense.