Exhibit 12.1

         
          UAL Corporation and Subsidiary Companies
                              
      Computation of Ratio of Earnings to Fixed Charges
                              
                                            
                                            Six Months Ended
                                                June 30
                                            1997        1996
                                              (In Millions)
                                            ----------------
                                               
Earnings:                                                 
                                                          
   Earnings before income taxes and                       
     extraordinary item                   $  559      $  382
   Fixed charges, from below                 482         548
   Undistributed earnings of affiliates      (40)        (32)
   Interest capitalized                      (50)        (39)
                                           -----       -----
     Earnings                             $  951      $  859
                                           =====       =====
                                                          
Fixed charges:                                            
                                                          
   Interest expense                       $  140      $  159
   Portion of rental expense 
    representative of the interest factor    342         389
                                           -----       -----
     Fixed charges                        $  482      $  548
                                           =====       =====
                                                          
Ratio of earnings to fixed charges          1.97        1.57
                                           =====       =====