Exhibit 12.1

UAL Corporation and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges
and Ratio of Earnings to Fixed Charges and Preferred Stock Dividend Requirements

|                                                                                               |                                                                                            | Three Months Ended
March 31,                      |     
|---------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------ | ------------------------------------------------- | ----
|
|
|Earnings (loss):                                                                               |                                                                                            |                                                   |     
|Loss before income taxes & adjustments for minority interest and equity earnings in affiliates |                                                                                            | $                                                 | (542
|Add (deduct):                                                                                  |                                                                                            |                                                   |     
|                                                                                               | Fixed charges, from below                                                                  |                                                   |     
|                                                                                               | Interest capitalized                                                                       |                                                   |     
|                                                                                               |                                                                                            |                                                   |     
|                                                                                               |                                                                                            | Earnings (loss) as adjusted                       |     
|                                                                                               |                                                                                            |                                                   |     
|Fixed charges:                                                                                 |                                                                                            |                                                   |     
|                                                                                               | Interest expensed and capitalized and amortization of debt discounts and issuance costs(a) |                                                   | $   
|                                                                                               | Portion of rental expense representative of the interest factor                            |                                                   |     
|                                                                                               |                                                                                            |                                                   |     
|                                                                                               |                                                                                            | Fixed charges, as above                           |     
|                                                                                               | Preferred stock dividend requirements (pre-tax)(b)                                         |                                                   |     
|                                                                                               |                                                                                            |                                                   |     
|                                                                                               |                                                                                            | Fixed charges including preferred stock dividends |     
|                                                                                               |                                                                                            |                                                   |     
|Ratio of earnings to fixed charges                                                             |                                                                                            |                                                   | (c) 
|                                                                                               |                                                                                            |                                                   |     
|Ratio of earnings to fixed charges and preferred dividend requirements                         |                                                                                            |                                                   | (c) 
|                                                                                               |                                                                                            |                                                   |     

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