Exhibit 12.1

UAL Corporation and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

and Ratio of Earnings to Fixed Charges and Preferred Stock Dividend Requirements

	Successor									Predecessor
							Period from			Period from
							February 1 to			January 1 to
							December 31,			January 31,
(In millions, except ratios)	2008			2007			2006			2006		2005			2004
Earnings (losses):
Earnings (loss) before income taxes & adjustments for minority interest and equity earnings/(losses) in affiliates	$	(5,376	)	$	697		$	47		$	22,846	$	(21,178	)	$	(1,724	)
Add (deduct):
Fixed charges, from below		820			895			1,051			63		775			606
Distributed earnings of affiliates		2			3			4			—		3			2
Amortization of capitalized interest		1			1			—			1		14			16
Minority interest		(2	)		(2	)		(4	)		—		—			—
Interest capitalized		(20	)		(19	)		(15	)		—		3			(1	)
Earnings (loss) as adjusted	$	(4,575	)	$	1,575		$	1,083		$	22,910	$	(20,383	)	$	(1,101	)
Fixed charges:
Interest expensed and capitalized and amortization of debt discounts and issuance costs (a)	$	523		$	661		$	728		$	42	$	484		$	448
Portion of rental expense representative of the interest factor		297			234			323			21		291			158
Fixed charges, as above		820			895			1,051			63		775			606
Preferred stock dividend requirements (pre-tax) (b)		3			18			18			1		10			10
Fixed charges including preferred stock dividends	$	823		$	913		$	1,069		$	64	$	785		$	616
Ratio of earnings to fixed charges		(c	)		1.76			1.03			363.65		(c	)		(c	)
Ratio of earnings to fixed charges and preferred dividend requirements		(c	)		1.73			1.01			357.97		(c	)		(c	)

(a)	Amortization of debt discounts includes amortization of fresh-start valuation discounts.
(b)	Successor Company dividends were adjusted using 2007 and 2006 effective tax rates of approximately 43% and 49%, respectively.
(c)	Earnings were inadequate to cover both fixed charges and fixed charges and preferred dividend requirements by $5.4 billion in 2008, $21.2 billion in 2005 and $1.7 billion in 2004.