EXHIBIT 12.3 UNITED AIR LINES, INC. 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... $ (12) $(92) Fixed charges, from below............. 1,145 272 Interest capitalized.................. (51) (10) ------ ---- Earnings............................ $1,082 $170 ====== ==== Fixed Charges: Interest expense...................... $ 420 $ 99 Portion of rental expense representative of the interest factor............................... 725 173 ------ ---- Fixed charges....................... $1,145 $272 ====== ==== Pro forma ratio of earnings to fixed charges................................ (a) (a) ====== ==== - -------- (a) Earnings were inadequate to cover fixed charges by $63 million for the twelve months ended December 31, 1993 and $102 million for the three months ended March 31, 1994.