Exhibit 12.1
UAL Corporation and Subsidiary Companies
Computation of Ratio of Earnings to Fixed Charges
Three Months
Ended
March 31
1997 1996
(In Millions)
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Earnings:
Earnings before income taxes and
extraordinary item $ 171 $ 10
Fixed charges, from below 232 272
Undistributed earnings of affiliates (25) (20)
Interest capitalized (24) (15)
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Earnings $ 354 $ 247
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Fixed charges:
Interest expense $ 69 $ 85
Portion of rental expense
representative of the
interest factor 163 187
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Fixed charges $ 232 $ 272
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Ratio of earnings to fixed charges 1.53 (a)
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(a) Earnings were inadequate to cover fixed charges by $25
million in the first quarter of 1996.