EXHIBIT 12.1 UAL CORPORATION AND SUBSIDIARY COMPANIES CALCULATION OF PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN MILLIONS) TWELVE MONTHS ENDED DECEMBER 31, 1993 ------------------ (PRO FORMA) Earnings: Loss before income taxes.................................. $ (283) Fixed charges, from below................................. 1,177 Interest capitalized...................................... (51) ------ Earnings.................................................. $ 843 ====== Fixed Charges: Interest expense.......................................... $ 431 Portion of rental expense representative of the interest factor................................................... 746 ------ Fixed charges........................................... $1,177 ====== Pro forma ratio of earnings to fixed charges................ (a) ====== - -------- (a) Earnings were inadequate to cover fixed charges by $334 million.