United Airlines 10-Q 2014 Q3 Quarterly report

Exhibit 12.1

United Continental Holdings, Inc. and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

(In millions, except ratios)	Nine Months Ended September  30, 2014		2013		2012		2011		2010		2009
Earnings (losses):
Earnings (loss) before income taxes	$	1,105	$	539	$	(724)	$	845	$	253	$	(668)
Add (deduct):
Fixed charges, from below		1,244		1,629		1,526		2,017		1,292		949
Amortization of capitalized interest		8		11		9		7		5		3
Distributed earnings of affiliates		—		—		—		1		2		2
Interest capitalized		(40)		(49)		(37)		(32)		(15)		(10)
Equity earnings in affiliates		(1)		(1)		(4)		(6)		(4)		(4)
Earnings as adjusted	$	2,316	$	2,129	$	770	$	2,832	$	1,533	$	272
Fixed charges:
Interest expensed and capitalized and amortization of premiums, debt discounts, issuance costs, and capital expenditures (a)	$	559	$	783	$	835	$	949	$	798	$	577
Portion of rent expense representative of the interest factor (d)		685		846		691		1,068		494		372
Fixed charges	$	1,244	$	1,629	$	1,526	$	2,017	$	1,292	$	949
Ratio of earnings to fixed charges		1.86		1.31		(b)		1.40		1.19		(c)

(a) Amortization of debt discounts includes amortization of fresh-start valuation discounts.

(b) Earnings were inadequate to cover fixed charges by $756 million in 2012.

(c) Earnings were inadequate to cover fixed charges by $677 million in 2009.

(d) Imputed interest applied to rent expense.