Attached files
| file | filename |
|---|---|
| 8-K - 8-K - UNITED AIRLINES, INC. | d312486d8k.htm |
| EX-23.2 - EX-23.2 - UNITED AIRLINES, INC. | d312486dex232.htm |
| EX-99.2 - EX-99.2 - UNITED AIRLINES, INC. | d312486dex992.htm |
| EX-23.1 - EX-23.1 - UNITED AIRLINES, INC. | d312486dex231.htm |
| EX-99.1 - EX-99.1 - UNITED AIRLINES, INC. | d312486dex991.htm |
| EX-99.3 - EX-99.3 - UNITED AIRLINES, INC. | d312486dex993.htm |
Exhibit 12.1
Continental Airlines Inc.
Computation of Ratio of Earnings to Fixed Charges
(In millions, except ratios)
| Successor | Predecessor | |||||||||||||||||||||||||||
| Year Ended December 31, 2011 |
Three Months Ended December 31, 2010 |
Nine Months Ended September 30, 2010 |
Year Ended December 31, 2009 |
Year Ended December 31, 2008 |
Year Ended December 31, 2007 |
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| Earnings: |
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| Earnings (loss) before income taxes and minority interest |
$ | 563 | $ | (99 | ) | $ | 442 | $ | (439 | ) | $ | (695 | ) | $ | 556 | |||||||||||||
| Less: |
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| Undistributed earnings of equity investees |
— | — | — | — | 9 | 18 | ||||||||||||||||||||||
| Plus: |
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| Interest expense |
342 | 86 | 288 | 367 | 376 | 393 | ||||||||||||||||||||||
| Capitalized interest |
(17 | ) | (4 | ) | (17 | ) | (33 | ) | (33 | ) | (27 | ) | ||||||||||||||||
| Amortization of capitalized interest |
— | — | 27 | 36 | 35 | 36 | ||||||||||||||||||||||
| Portion of rent expense representative of interest expense (a) at 60% |
771 | 197 | 684 | 907 | 934 | 917 | ||||||||||||||||||||||
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| $ | 1,659 | $ | 180 | $ | 1,424 | $ | 838 | $ | 608 | $ | 1,857 | |||||||||||||||||
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| Fixed Charges: |
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| Interest expense |
$ | 342 | $ | 86 | $ | 288 | $ | 367 | $ | 376 | $ | 393 | ||||||||||||||||
| Portion of rent expense representative of interest expense |
771 | 197 | 684 | 907 | 934 | 917 | ||||||||||||||||||||||
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| Total fixed charges |
1,113 | 283 | 972 | 1,274 | 1,310 | 1,310 | ||||||||||||||||||||||
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| Coverage adequacy (deficiency) |
$ | 546 | $ | (103 | ) | $ | 452 | $ | (436 | ) | $ | (702 | ) | $ | 547 | |||||||||||||
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| Coverage ratio (b) |
1.49 | NA | 1.47 | NA | NA | 1.42 | ||||||||||||||||||||||
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| (a) | Interest calculated at 60% of rent payments |
| (b) | For purposes of calculating this ratio, earnings consist of income before income taxes and cumulative effect of changes in accounting principles adjusted for undistributed income of companies in which Continental has a minority equity interest plus interest expense (net of capitalized interest), the portion of rental expense representative of interest expense and amortization of previously capitalized interest. Fixed charges consist of interest expenses, the portion of rental expense representative of interest expense, the amount amortized for debt discount, premium and issuance expense and interest previously capitalized. For the three months ended December 31, 2010 and the years ended December 31, 2009 and 2008, earnings were inadequate to cover fixed charges and the coverage deficiency was $103 million, $436 million and $702 million, respectively. |