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Exhibit 12.1
UAL Corporation and Subsidiary Companies
Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements
<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 574 598
Undistributed (earnings) losses of affiliates 3 (27)
Interest capitalized (40) (36)
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Earnings $1,251 $1,711
===== =====
Fixed charges:
Interest expense $ 192 $ 184
Preferred stock dividend requirements 65 97
Portion of rental expense representative
of the interest factor 317 317
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Fixed charges $ 574 $ 598
===== =====
Ratio of earnings to fixed charges 2.18 2.86
===== =====
</TABLE>
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