Exhibit 12.1


               UAL Corporation and Subsidiary Companies
                              
           Computation of Ratio of Earnings to Fixed Charges
                              
                                                     
                                            Six Months Ended
                                                June 30
                                             1996      1995
                                              (In Millions)
                                                
Earnings:
   Earnings before income taxes and                       
     extraordinary item                    $  382     $  257
   Fixed charges, from below                  548        587
   Undistributed earnings of affiliates       (32)       (23)
   Interest capitalized                       (39)       (22)
                                            -----      -----       
   Earnings                                $  859     $  799
                                            =====      =====
                                                          
Fixed charges:                                            
                                                          
   Interest expense                        $  159     $  203
   Portion of rental expense                              
     representative of the 
     interest factor                          389        384
                                            -----      -----
   Fixed charges                           $  548     $  587
                                            =====      =====
                                                          
Ratio of earnings to fixed charges           1.57       1.36
                                            =====      =====