Exhibit 12.2   UAL Corporation and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

and Preferred Stock Dividend Requirements

	Nine Months Ended
	September 30
	2001	2000
	(In Millions)
Earnings:
Earnings (losses) before income taxes, extraordinary item
and cumulative effect of accounting change	$  (2,874)	$    541
Fixed charges, from below	671	841
Undistributed losses of affiliates	25	4
Interest capitalized	(63)	(57)
Earnings	$  (2,242)	$ 1,329
	=====	=====
Fixed charges:
Interest expense	$   383	$   293
Preferred stock dividend requirements	12	69
Portion of rental expense representative
of the interest factor	276	479
Fixed charges	$    671	$   841
	=====	=====
Ratio of earnings to fixed charges	(a)	1.58
	=====	=====

________

(a)  Earnings were inadequate to cover fixed charges and preferred stock dividend
        requirements by $2.9 billion in 2001.