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, 2018		2017 (a)		2016 (a)		2015		2014		2013
Earnings:
Earnings before income taxes	$	184	$	3,040	$	3,773	$	4,219	$	1,128	$	539
Add (deduct):
Fixed charges, from below		349		1,417		1,430		1,428		1,648		1,629
Amortization of capitalized interest		2		9		11		12		12		11
Distributed earnings of affiliates		—		—		1		1		1		—
Interest capitalized		(19)		(84)		(72)		(49)		(52)		(49)
Equity earnings in affiliates		(5)		(4)		—		(2)		(1)		(1)
Earnings as adjusted	$	511	$	4,378	$	5,143	$	5,609	$	2,736	$	2,129
Fixed charges:
Interest expense	$	176	$	671	$	674	$	669	$	735	$	783
Portion of rent expense representative of the interest factor (b)		173		746		756		759		913		846
Fixed charges	$	349	$	1,417	$	1,430	$	1,428	$	1,648	$	1,629
Ratio of earnings to fixed charges		1.46		3.09		3.60		3.93		1.66		1.31

(a) Amounts adjusted due to the adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606). See Note 1 to the financial statements contained in Part I, Item 1 of United Continental Holdings, Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2018 for additional information related to the adjusted results.

(b) Imputed interest applied to rent expense.