Exhibit 12.1
United Continental Holdings, Inc. and Subsidiary Companies
Computation of Ratio of Earnings to Fixed Charges
(In millions, except ratios) | Three Months Ended March 31, 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Earnings (losses): | ||||||||||||||||||||||||||
Earnings (loss) before income taxes | $ | (606) | $ | 539 | $ | (724) | $ | 845 | $ | 253 | $ | (668) | ||||||||||||||
Add (deduct): | ||||||||||||||||||||||||||
Fixed charges, from below | 422 | 1,629 | 1,526 | 2,017 | 1,292 | 949 | ||||||||||||||||||||
Amortization of capitalized interest | 3 | 11 | 9 | 7 | 5 | 3 | ||||||||||||||||||||
Distributed earnings of affiliates | — | — | — | 1 | 2 | 2 | ||||||||||||||||||||
Interest capitalized | (14) | (49) | (37) | (32) | (15) | (10) | ||||||||||||||||||||
Equity earnings in affiliates | — | (1) | (4) | (6) | (4) | (4) | ||||||||||||||||||||
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Earnings (loss) as adjusted | $ | (195) | $ | 2,129 | $ | 770 | $ | 2,832 | $ | 1,533 | $ | 272 | ||||||||||||||
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Fixed charges: | ||||||||||||||||||||||||||
Interest expensed and capitalized and amortization of premiums, debt discounts, issuance costs, and capital expenditures (a) | $ | 187 | $ | 783 | $ | 835 | $ | 949 | $ | 798 | $ | 577 | ||||||||||||||
Portion of rent expense representative of the interest factor (e) | 235 | 846 | 691 | 1,068 | 494 | 372 | ||||||||||||||||||||
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Fixed charges | $ | 422 | $ | 1,629 | $ | 1,526 | $ | 2,017 | $ | 1,292 | $ | 949 | ||||||||||||||
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Ratio of earnings to fixed charges | (b) | 1.31 | (c) | 1.40 | 1.19 | (d) | ||||||||||||||||||||
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(a) Amortization of debt discounts includes amortization of fresh-start valuation discounts.
(b) Earnings were inadequate to cover fixed charges by $617 million in the first three months of 2014.
(c) Earnings were inadequate to cover fixed charges by $756 million in 2012.
(d) Earnings were inadequate to cover fixed charges by $677 million in 2009.
(e) Imputed interest applied to rent expense.