Exhibit 12.1

United Continental Holdings, Inc. and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

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

(In millions, except ratios)	2012		2011		2010		2009		2008
Earnings (losses):
Earnings (loss) before income taxes & adjustments for minority interest	$	(723)	$	846	$	255	$	(667)	$	(5,419)
Add (deduct):
Fixed charges, from below		1,526		2,017		1,292		949		910
Amortization of capitalized interest		9		7		5		3		2
Distributed earnings of affiliates		—		1		2		2		2
Interest capitalized		(37)		(32)		(15)		(10)		(20)
Equity earnings in affiliates		(4)		(6)		(4)		(4)		(6)
Minority interest		(1)		(1)		(2)		(1)		(2)
Earnings (loss) as adjusted	$	770	$	2,832	$	1,533	$	272	$	(4,533)
Fixed charges:
Interest expensed and capitalized and amortization of premiums, debt discounts, issuance costs, and capital expenditures (a)	$	835	$	949	$	798	$	577	$	571
Portion of rental expense representative of the interest factor		691		1,068		494		372		339
Fixed charges, as above		1,526		2,017		1,292		949		910
Preferred stock dividend requirements (pre-tax) (b)		—		—		—		—		3
Fixed charges including preferred stock dividends	$	1,526	$	2,017	$	1,292	$	949	$	913
Ratio of earnings to fixed charges		(c)		1.40		1.19		(d)		(e)
Ratio of earnings to fixed charges and preferred stock dividends		N/A		N/A		N/A		N/A		(e)

(a) Amortization of debt discounts includes amortization of fresh-start valuation discounts.

(b) Dividends were adjusted using the effective tax rate for each applicable year.

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

(d) Earnings were inadequate to cover fixed charges by $677 million in 2009.

(e) Earnings were inadequate to cover both fixed charges and fixed charges and preferred stock and dividend requirements by $5.4 billion in 2008.

N/A Not applicable, as there were no preferred stock dividends in this period.