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Exhibit 12
UAL Corporation and Subsidiary Companies
Computation of Ratio of Earnings to Fixed Charges
<TABLE>
<CAPTION>
Six Months Ended
June 30
2000 1999
---- ----
(In Millions)
<S> <C> <C>
Earnings:
Earnings before income taxes,
extraordinary item and cumulative
effect of accounting change $ 714 $1,176
Fixed charges, from below 509 501
Undistributed (earnings)losses of affiliates 3 (27)
Interest capitalized (40) (36)
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Earnings $1,186 $1,614
===== =====
Fixed charges:
Interest expense $ 192 $ 184
Portion of rental expense representative
of the interest factor 317 317
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Fixed charges $ 509 $ 501
===== =====
Ratio of earnings to fixed charges 2.33 3.22
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</TABLE>
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