EX-12 2 d14629_ex12.htm

Exhibit 12

DELTA AIR LINES, INC.
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS (LOSS) TO FIXED CHARGES
(in millions, except ratios)

 

 

Three Months Ended
March 31

 

 

 

 

 

 

2004

 

2003

 

 

 

 

 

 

 

 

 

Earnings (loss)

 

 

 

 

 

 

 

 

Loss before income taxes

 

$

(598

)

$

(724

)

 

 

 

 

 

 

 

 

 

Add (deduct)

 

 

 

 

 

 

 

 

Fixed charges from below

 

 

367

 

 

351

 

 

Income from equity investees

 

 

(3

)

 

(7

)

 

Distributed income of equity investees

 

 

-

 

 

24

 

 

Interest capitalized

 

 

(3

)

 

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) as adjusted

 

$

(237

)

$

(359

)

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

Interest expense, including capitalized amounts and
    amortization of debt costs

 

$

197

 

$

179

 

 

Preference security dividend

 

 

6

 

 

6

 

 

Portion of rental expense representative of the
   interest factor

 

 

164

 

 

166

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

367

 

$

351

 

 

 

 

 

 

 

 

 

Ratio of earnings (loss) to fixed charges (1)

 

 

(0.65

)

 

(1.02

)

(1) Fixed charges exceeded our adjusted earnings (loss) by $604 million and $710 million for three months ended March 31, 2004 and 2003, respectively.