United Airlines 2013 Annual Report Download - page 243
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Exhibit 12.2
United Airlines, Inc. and Subsidiary Companies
Computation of Ratio of Earnings to Fixed Charges
(In millions, except ratios) 2013 2012 2011 2010 2009
Earnings (losses):
Earnings (loss) before income taxes
$ 637
$ (657)
$ 848
$ 286
$(644)
Add (deduct):
Fixed charges, from below
1,627
1,514
2,005
1,274
950
Amortization of capitalized interest
11
9
7
5
3
Distributed earnings of affiliates
—
—
1
2
2
Interest capitalized
(49)
(37)
(32)
(15)
(10)
Equity earnings in affiliates
(1)
(4)
(6)
(7)
(4)
Earnings as adjusted
$2,225
$ 825
$2,823
$1,545
$297
Fixed charges:
Interest expensed and capitalized and amortization of premiums, debt discounts,
issuance costs, and capital expenditures (a)
$ 781
$ 823
$ 937
$ 780
$577
Portion of rental expense representative of the interest factor (d)
846
691
1,068
494
373
Fixed charges
$1,627
$1,514
$2,005
$1,274
$950
Ratio of earnings to fixed charges
1.37
(b)
1.41
1.21
(c)
(a) Amortization of debt discounts includes amortization of fresh-start valuation discounts.
(b) Earnings were inadequate to cover fixed charges by $689 million in 2012.
(c) Earnings were inadequate to cover fixed charges by $653 million in 2009.
(d) Imputed interest applied to rent expense.