Exhibit 12.1

United Continental Holdings, Inc. and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

(In millions, except ratios)	Three Months Ended March  31, 2016		2015		2014		2013		2012		2011
Earnings (losses):
Earnings (loss) before income taxes	$	494	$	4,219	$	1,128	$	539	$	(724)	$	845
Add (deduct):
Fixed charges, from below		351		1,428		1,648		1,629		1,526		2,017
Amortization of capitalized interest		3		12		12		11		9		7
Distributed earnings of affiliates		—		1		1		—		—		1
Interest capitalized		(14)		(49)		(52)		(49)		(37)		(32)
Equity earnings in affiliates		—		(2)		(1)		(1)		(4)		(6)
Earnings as adjusted	$	834	$	5,609	$	2,736	$	2,129	$	770	$	2,832
Fixed charges:
Interest expense	$	159	$	669	$	735	$	783	$	835	$	949
Portion of rent expense representative of the interest factor (a)		192		759		913		846		691		1,068
Fixed charges	$	351	$	1,428	$	1,648	$	1,629	$	1,526	$	2,017
Ratio of earnings to fixed charges		2.38		3.93		1.66		1.31		(b)		1.40

(a) Imputed interest applied to rent expense.

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