Exhibit 12.1
CONTINENTAL AIRLINES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN MILLIONS)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN MILLIONS)
Years Ended December 31, | ||||||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Earnings (Loss) Before Income Taxes and Minority Interest | (68 | ) | (449 | ) | 186 | (649 | ) | (146 | ) | |||||||||||
Less: | ||||||||||||||||||||
Undistributed Earnings (Losses) of Equity Investees | 62 | 66 | 23 | 8 | (14 | ) | ||||||||||||||
Plus: | ||||||||||||||||||||
Interest Expense | 410 | 389 | 393 | 372 | 311 | |||||||||||||||
Capitalized Interest | (12 | ) | (14 | ) | (24 | ) | (36 | ) | (57 | ) | ||||||||||
Amortization of Capitalized Interest | 40 | 39 | 38 | 35 | 28 | |||||||||||||||
Portion of Rent Expense | ||||||||||||||||||||
Representative of Interest Expense | 906 | 856 | 847 | 860 | 842 | |||||||||||||||
1,214 | 755 | 1,417 | 574 | 992 | ||||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest Expense | 410 | 389 | 393 | 372 | 311 | |||||||||||||||
Portion of Rent Expense Representative of Interest Expense | 906 | 856 | 847 | 860 | 842 | |||||||||||||||
Total Fixed Charges | 1,316 | 1,245 | 1,240 | 1,232 | 1,153 | |||||||||||||||
Coverage Adequacy (Deficiency) | (102 | ) | (490 | ) | 177 | (658 | ) | (161 | ) | |||||||||||
Coverage Ratio | NA | NA | 1.14 | NA | NA | |||||||||||||||