EX-12 5 g81186exv12.txt EX-12 STATEMENT REGARDING COMPUTATION OF RATIO . . . EXHIBIT 12 DELTA AIR LINES, INC. STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (In millions, except ratios)
------- ------- ------- ------- ------- 2002 (1) 2001 (1) 2000 1999 1998 ------- ------- ------- ------- ------- Earnings (loss): Earnings (loss) before income taxes and cumulative effect of accounting change $(2,002) $(1,864) $ 1,549 $ 2,093 $ 1,776 Add (deduct): Fixed charges from below 1,340 1,204 1,079 831 703 (Income)/loss from equity investees (41) 12 (59) (30) (15) Distributed income of equity investees 40 70 32 100 -- Interest capitalized (15) (32) (45) (48) (40) ------- ------- ------- ------- ------- Earnings (loss) as adjusted $ (678) $ (610) $ 2,556 $ 2,946 $ 2,424 Fixed charges: Interest expense $ 660 $ 531 $ 426 $ 250 $ 179 Amortization of debt costs 19 12 1 11 3 Preference security dividend 24 22 22 20 18 Portion of rental expense representative of the interest factor 637 639 630 550 503 ------- ------- ------- ------- ------- Total fixed charges $ 1,340 $ 1,204 $ 1,079 $ 831 $ 703 Ratio of earnings to fixed charges (0.51) (0.51) 2.37 3.55 3.45
(1) Fixed charges exceeded our adjusted earnings (loss) by $2.0 billion and $1.8 billion for the years ended December 31, 2002 and 2001, respectively.