Exhibit 12.1
UAL Corporation and Subsidiary Companies
Computation of Ratio of Earnings to Fixed Charges
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Three Months Ended
March 31
1996 1995
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(In Millions)
Earnings:
Earnings before income taxes
and extraordinary item $ 10 $ 6
Fixed charges, from below 272 282
Undistributed earnings of affiliates (20) (14)
Interest capitalized (15) (12)
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Earnings $ 247 $ 262
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Fixed charges:
Interest expense $ 85 $ 102
Portion of rental expense representative
of the interest factor 187 180
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Fixed charges $ 272 $ 282
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Ratio of earnings to fixed charges (a) (a)
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(a) Earnings were inadequate to cover fixed charges by $25
million in the first quarter of 1996 and $20 million in
the first quarter of 1995.