Exhibit 12

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Exhibit 12.1

UAL Corporation and Subsidiary Companies
Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements

Three Months Ended

March 31

2001 2000

(In Millions)

Earnings:

Earnings (loss) before income taxes
$ (489)

$ 177

Fixed charges, from below
234

308

Undistributed losses of affiliates
9

3

Interest capitalized
(22)

(20)

Earnings
$ (268)

$ 468

Fixed charges:

Interest expense
$ 129

$ 98

Preferred stock dividend requirements
4

61

Portion of rental expense representative

of the interest factor
101

149

Fixed charges
$ 234

$ 308

Ratio of earnings to fixed charges
(a)

1.52

__________

(a) Earnings were inadequate to cover fixed charges and preferred stock dividend requirements by $502 million in 2001.

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	Three Months Ended
	March 31

	2001	2000
	(In Millions)
Earnings:

Earnings (loss) before income taxes	$ (489)	$ 177
Fixed charges, from below	234	308
Undistributed losses of affiliates	9	3
Interest capitalized	(22)	(20)

Earnings	$ (268)	$ 468

Fixed charges:

Interest expense	$ 129	$ 98
Preferred stock dividend requirements	4	61
Portion of rental expense representative
of the interest factor	101	149

Fixed charges	$ 234	$ 308

Ratio of earnings to fixed charges	(a)	1.52