EXHIBIT 12.2 UAL CORPORATION AND SUBSIDIARY COMPANIES CALCULATION OF PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS (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............ 1,359 331 Interest capitalized................. (51) (10) ------ ---- Earnings........................... $1,250 $234 ====== ==== Fixed Charges: Interest expense..................... $ 431 $101 Preferred stock dividend require- ments............................... 182 57 Portion of rental expense representa- tive of the interest factor......... 746 173 ------ ---- Fixed charges and preferred stock dividend requirements............. $1,359 $331 ====== ==== Pro forma ratio of earnings to fixed charges and preferred stock dividend requirements.......................... (a) (a) ====== ==== - -------- (a) Earnings were inadequate to cover fixed charges and preferred stock dividends by $109 million for the twelve months ended December 31, 1993 and $97 million for the three months ended March 31, 1994.