Attached files
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, 2015 |
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Earnings (losses): |
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Earnings (loss) before income taxes | $ | 511 | $ | 1,128 | $ | 539 | $ | (724) | $ | 845 | $ | 253 | ||||||||||||||
Add (deduct): |
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Fixed charges, from below |
368 | 1,648 | 1,629 | 1,526 | 2,017 | 1,292 | ||||||||||||||||||||
Amortization of capitalized interest |
3 | 12 | 11 | 9 | 7 | 5 | ||||||||||||||||||||
Distributed earnings of affiliates |
| 1 | | | 1 | 2 | ||||||||||||||||||||
Interest capitalized |
(12) | (52) | (49) | (37) | (32) | (15) | ||||||||||||||||||||
Equity earnings in affiliates |
| (1) | (1) | (4) | (6) | (4) | ||||||||||||||||||||
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Earnings as adjusted |
$ | 870 | $ | 2,736 | $ | 2,129 | $ | 770 | $ | 2,832 | $ | 1,533 | ||||||||||||||
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Fixed charges: |
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Interest expense | $ | 173 | $ | 735 | $ | 783 | $ | 835 | $ | 949 | $ | 798 | ||||||||||||||
Portion of rent expense representative of the interest factor (a) | 195 | 913 | 846 | 691 | 1,068 | 494 | ||||||||||||||||||||
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Fixed charges |
$ | 368 | $ | 1,648 | $ | 1,629 | $ | 1,526 | $ | 2,017 | $ | 1,292 | ||||||||||||||
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Ratio of earnings to fixed charges |
2.36 | 1.66 | 1.31 | (b) | 1.40 | 1.19 | ||||||||||||||||||||
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(a) Imputed interest applied to rent expense.
(b) Earnings were inadequate to cover fixed charges by $756 million in 2012.