EX-12 2 twelve.htm Exhibit 12 <DOCUMENT>
<TYPE> EX-12
<TEXT>
<HTML>


                                                                                  Exhibit 12





UAL Corporation and Subsidiary Companies
Computation of Ratio of Earnings to Fixed Charges


 
 
 
 
Three Months Ended
 
March 31
     
 
2001
2000
 
(In Millions)
Earnings:    
     
Earnings (loss) before income taxes
$ (489)
$ 177 
Fixed charges, from below
230 
247 
Undistributed losses of affiliates
9 
3 
Interest capitalized
(22)
(20)
     
Earnings (loss)
$ (272)
$ 407
     
Fixed charges:    
   
Interest expense
$ 129 
$ 98 
Portion of rental expense representative    
of the interest factor
101
149
     
Fixed charges
$ 230 
$ 247
     
Ratio of earnings to fixed charges
(a)
1.65
     
     

___________

(a) Earnings were inadequate to cover fixed charges by $502 million in 2001.
 
 

</HTML>
</TEXT>
</DOCUMENT>