EX-12.1 2 h13858a6exv12w1.txt CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 CONTINENTAL AIRLINES, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (IN MILLIONS)
THREE MONTHS ENDED YEARS ENDED DECEMBER 31, MARCH 31, ---------------------------------------------------------- 2004 2003 2002 2001 2000 1999 ------------ ------ ------ ------ ------ ------ Earnings: Earnings (Loss) Before Income Taxes and Minority Interest (193) 201 (631) (130) 560 798 Less: Undistributed Earnings (Losses) of Equity Investees 13 23 8 (14) (1) (3) Plus: Interest Expense 97 393 372 311 253 233 Capitalized Interest (4) (24) (36) (57) (57) (55) Amortization of Capitalized Interest 10 38 35 28 21 16 Portion of Rent Expense Representative of Interest Expense 211 839 852 834 778 714 ----- ----- ----- ----- ----- ----- 108 1,424 584 1,000 1,556 1,709 ----- ----- ----- ----- ----- ----- Fixed Charges: Interest Expense 97 393 372 311 253 233 Portion of Rent Expense Representative of Interest Expense 211 839 852 834 778 714 ----- ----- ----- ----- ----- ----- Total Fixed Charges 308 1,232 1,224 1,145 1,031 947 ----- ----- ----- ----- ----- ----- Coverage Adequacy (Deficiency) (200) 192 (640) (145) 525 762 ===== ===== ===== ===== ===== ===== Coverage Ratio NA 1.16 NA NA 1.51 1.80 ===== ===== ===== ===== ===== =====