Attached files
Exhibit 12.2
United Air Lines, Inc. and Subsidiary Companies
Computation of Ratio of Earnings to Fixed Charges
and Ratio of Earnings to Fixed Charges and Preferred Stock Dividend Requirements
Successor | Predecessor | ||||||||||||||||||||||||
Period from February 1 to December 31, |
Period from January 1 to January 31, |
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(In millions, except ratios) |
2009 | 2008 | 2007 | 2006 | 2006 | 2005 | |||||||||||||||||||
Earnings (losses): |
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Earnings (loss) before income taxes & adjustments for minority interest and equity earnings (losses) in affiliates |
$ | (647 | ) | $ | (5,380 | ) | $ | 653 | $ | 44 | $ | 22,620 | $ | (21,038 | ) | ||||||||||
Add (deduct): |
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Fixed charges, from below |
911 | 869 | 938 | 1,071 | 64 | 786 | |||||||||||||||||||
Distributed earnings of affiliates |
2 | 2 | 3 | 4 | | 3 | |||||||||||||||||||
Amortization of capitalized interest |
3 | 1 | 1 | | 1 | 14 | |||||||||||||||||||
Minority interest |
(1 | ) | (2 | ) | (2 | ) | (4 | ) | | | |||||||||||||||
Interest capitalized |
(10 | ) | (20 | ) | (19 | ) | (15 | ) | | 3 | |||||||||||||||
Earnings (loss) as adjusted |
$ | 258 | $ | (4,530 | ) | $ | 1,574 | $ | 1,100 | $ | 22,685 | $ | (20,232 | ) | |||||||||||
Fixed charges: |
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Interest expensed and capitalized and amortization of debt discounts and issuance costs (a) |
$ | 577 | $ | 571 | $ | 703 | $ | 747 | $ | 42 | $ | 495 | |||||||||||||
Portion of rental expense representative of the interest factor |
334 | 298 | 235 | 324 | 22 | 291 | |||||||||||||||||||
Fixed charges, as above |
911 | 869 | 938 | 1,071 | 64 | 786 | |||||||||||||||||||
Preferred stock dividend requirements (pre-tax) (b) |
| 3 | 18 | 29 | | | |||||||||||||||||||
Fixed charges including preferred stock dividends |
$ | 911 | $ | 872 | $ | 956 | $ | 1,100 | $ | 64 | $ | 786 | |||||||||||||
Ratio of earnings to fixed charges |
(c | ) | (d | ) | 1.68 | 1.03 | 354.45 | (d | ) | ||||||||||||||||
Ratio of earnings to fixed charges and preferred dividend requirements |
N/A | (d | ) | 1.65 | 1.00 | N/A | N/A | ||||||||||||||||||
(a) | Amortization of debt discounts includes amortization of fresh-start valuation discounts. |
(b) | Successor Company dividends were adjusted using the effective tax rate for each applicable year, except 2006. In 2006, preferred dividends were grossed-up based on the Companys effective tax rate only to the extent of the Companys income tax provision for the period. |
(c) | Earnings were inadequate to cover fixed charges by $653 million and by $21.0 billion in 2005, respectively. |
(d) | Earnings were inadequate to cover both fixed charges and fixed charges and preferred dividend requirements by $5.4 billion in 2008. |
N/A | Not applicable. |