EXHIBIT 12.1 UAL CORPORATION AND SUBSIDIARY COMPANIES CALCULATION OF PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN MILLIONS) PRO FORMA PRO FORMA TWELVE MONTHS ENDED THREE MONTHS ENDED DECEMBER 31, 1993 MARCH 31, 1994 ------------------- ------------------ Earnings: Earnings (loss) before income taxes.... $ (58) $(87) Fixed charges, from below.............. 1,177 274 Interest capitalized................... (51) (10) ------ ---- Earnings............................... $1,184 $177 ====== ==== Fixed Charges: Interest expense....................... $ 431 $101 Portion of rental expense representative of the interest factor. 746 173 ------ ---- Fixed charges........................ $1,177 $274 ====== ==== Pro forma ratio of earnings to fixed charges................................ (a) (a) ====== ==== - -------- (a) Earnings were inadequate to cover fixed charges by $109 million for the twelve months ended December 31, 1993 and $97 million for the three months ended March 31, 1994.