Exhibit 12.1

United Continental Holdings, Inc. and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

(In millions, except ratios)	Six Months Ended June 30, 2017		2016		2015		2014		2013		2012
Earnings (losses):
Earnings (loss) before income taxes	$	1,419	$	3,819	$	4,219	$	1,128	$	539	$	(724)
Add (deduct):
Fixed charges, from below		684		1,370		1,428		1,648		1,629		1,526
Amortization of capitalized interest		4		11		12		12		11		9
Distributed earnings of affiliates		—		1		1		1		—		—
Interest capitalized		(44)		(72)		(49)		(52)		(49)		(37)
Equity (earnings) loss in affiliates		3		—		(2)		(1)		(1)		(4)
Earnings as adjusted	$	2,066	$	5,129	$	5,609	$	2,736	$	2,129	$	770
Fixed charges:
Interest expense	$	308	$	614	$	669	$	735	$	783	$	835
Portion of rent expense representative of the interest factor (a)		376		756		759		913		846		691
Fixed charges	$	684	$	1,370	$	1,428	$	1,648	$	1,629	$	1,526
Ratio of earnings to fixed charges		3.02		3.74		3.93		1.66		1.31		(b)

(a) Imputed interest applied to rent expense.

(b) Earnings were inadequate to cover fixed charges by $756 million in 2012.