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) | ||||||||||||||||||||||
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Earnings as adjusted | $ | 511 | $ | 4,378 | $ | 5,143 | $ | 5,609 | $ | 2,736 | $ | 2,129 | ||||||||||||||||
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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 | ||||||||||||||||||||||
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Fixed charges | $ | 349 | $ | 1,417 | $ | 1,430 | $ | 1,428 | $ | 1,648 | $ | 1,629 | ||||||||||||||||
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Ratio of earnings to fixed charges | 1.46 | 3.09 | 3.60 | 3.93 | 1.66 | 1.31 | ||||||||||||||||||||||
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(a) Amounts adjusted due to the adoption of Accounting StandardsUpdate 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 Form10-Q for the quarterly period ended March 31, 2018 for additional information related to the adjusted results.
(b) Imputed interest applied to rent expense.