Exhibit 12.1

 

UAL Corporation and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

	Nine Months Ended
	September 30
	2004	2003
	(In Millions)
Earnings:
Loss before income taxes	$(980)	$(2,332)
Fixed charges, from below	459	514
Undistributed earnings of affiliates	-	2
Interest capitalized	(1)	(2)
Loss	$ (522)	$(1,818)
Fixed charges:
Interest expense	$  337	$  409
Portion of rental expense representative
of the interest factor	122	105
Fixed charges	$  459	$  514
Ratio of earnings to fixed charges	(a)	(a)

___________
(a)  Earnings were inadequate to cover fixed charges by $981 million in 2004 and $2.3 billion in 2003.