United Airlines 10-Q 2014 Q1 Quarterly report

Exhibit 12.2

United Airlines, 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	$	(577)	$	637	$	(657)	$	848	$	286	$	(644)
Add (deduct):
Fixed charges, from below		424		1,627		1,514		2,005		1,274		950
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)		(7)		(4)
Earnings (loss) as adjusted	$	(164)	$	2,225	$	825	$	2,823	$	1,545	$	297
Fixed charges:
Interest expensed and capitalized and amortization of premiums, debt discounts, issuance costs, and capital expenditures (a)	$	189	$	781	$	823	$	937	$	780	$	577
Portion of rent expense representative of the interest factor (e)		235		846		691		1,068		494		373
Fixed charges	$	424	$	1,627	$	1,514	$	2,005	$	1,274	$	950
Ratio of earnings to fixed charges		(b)		1.37		(c)		1.41		1.21		(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 $588 million in the first three months of 2014.

(c) Earnings were inadequate to cover fixed charges by $689 million in 2012.

(d) Earnings were inadequate to cover fixed charges by $653 million in 2009.

(e) Imputed interest applied to rent expense.