United Airlines 10-Q 2017 Q3 Quarterly report

Exhibit 12.2

United Airlines, Inc. and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

(In millions, except ratios)	Nine Months Ended September 30, 2017		2016		2015		2014		2013		2012
Earnings (losses):
Earnings (loss) before income taxes	$	2,400	$	3,822	$	4,221	$	1,110	$	637	$	(657)
Add (deduct):
Fixed charges, from below		1,032		1,370		1,429		1,655		1,627		1,514
Amortization of capitalized interest		7		11		12		12		11		9
Distributed earnings of affiliates		—		1		1		1		—		—
Interest capitalized		(64)		(72)		(49)		(52)		(49)		(37)
Equity earnings in affiliates		—		—		(2)		(1)		(1)		(4)
Earnings as adjusted	$	3,375	$	5,132	$	5,612	$	2,725	$	2,225	$	825
Fixed charges:
Interest expense	$	472	$	614	$	670	$	742	$	781	$	823
Portion of rent expense representative of the interest factor (a)		560		756		759		913		846		691
Fixed charges	$	1,032	$	1,370	$	1,429	$	1,655	$	1,627	$	1,514
Ratio of earnings to fixed charges		3.27		3.75		3.93		1.65		1.37		(b)

(a) Imputed interest applied to rent expense.

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