United Airlines 10-Q 2015 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, 2015		2014		2013		2012		2011		2010
Earnings (losses):
Earnings (loss) before income taxes	$	3,314	$	1,128	$	539	$	(724)	$	845	$	253
Add (deduct):
Fixed charges, from below		1,077		1,648		1,629		1,526		2,017		1,292
Amortization of capitalized interest		10		12		11		9		7		5
Distributed earnings of affiliates		—		1		—		—		1		2
Interest capitalized		(38)		(52)		(49)		(37)		(32)		(15)
Equity earnings in affiliates		(1)		(1)		(1)		(4)		(6)		(4)
Earnings as adjusted	$	4,362	$	2,736	$	2,129	$	770	$	2,832	$	1,533
Fixed charges:
Interest expense	$	504	$	735	$	783	$	835	$	949	$	798
Portion of rent expense representative of the interest factor (a)		573		913		846		691		1,068		494
Fixed charges	$	1,077	$	1,648	$	1,629	$	1,526	$	2,017	$	1,292
Ratio of earnings to fixed charges		4.05		1.66		1.31		(b)		1.40		1.19

(a) Imputed interest applied to rent expense.

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