EX-12.1 2 a06-17108_1ex12d1.htm EX-12.1

 

Exhibit 12.1

 

UAL Corporation and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

 

 

 

Successor

 

Predecessor

 

(In Millions)

 

Period from
February 1
to June 30,

 

Period from
January 1
to January 31,

 


Six Months
Ended June 30,

 

 

 

2006

 

2006

 

2005

 

Earnings (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) before income taxes & adjustments for minority interest and equity earnings/(losses) in affiliates

 

$

(100

)

$

22,846

 

$

(2,503

)

 

 

 

 

 

 

 

 

Add (deduct):

 

 

 

 

 

 

 

Fixed charges, from below

 

494

 

63

 

367

 

Distributed earnings of affiliates

 

3

 

—

 

—

 

Amortization of capitalized interest

 

—

 

1

 

7

 

Interest capitalized

 

(7

)

—

 

5

 

Earnings (loss) as adjusted

 

$

390

 

$

22,910

 

$

(2,124

)

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, including capitalized amounts and amortization of debt costs

 

$

345

 

$

41

 

$

224

 

Portion of rental expense representative of the interest factor

 

149

 

22

 

143

 

Fixed charges

 

$

494

 

$

63

 

$

367

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

(a)

 

363.65

 

(a)

 

(a)  Earnings were inadequate to cover fixed charges by $104 million and $2.5 billion for the period of February 1 to June 30, 2006 and for the first six months of 2005, respectively.