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Content analysis
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Exhibit 12
DELTA AIR LINES, INC.STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS (LOSS) TO FIXED CHARGES
(in millions, except ratios)
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| Three Months Ended |
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| 2004 |
| 2003 |
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Earnings (loss) |
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| Loss before income taxes |
| $ | (598 | ) | $ | (724 | ) |
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Add (deduct) |
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| Fixed charges from below |
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| 367 |
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| 351 |
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| Income from equity investees |
|
| (3 | ) |
| (7 | ) |
| Distributed income of equity investees |
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| - |
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| 24 |
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| Interest capitalized |
|
| (3 | ) |
| (3 | ) |
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Earnings (loss) as adjusted |
| $ | (237 | ) | $ | (359 | ) | |
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Fixed charges |
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| Interest expense, including capitalized amounts and |
| $ | 197 |
| $ | 179 |
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| Preference security dividend |
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| 6 |
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| 6 |
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| Portion of rental expense representative of the |
|
| 164 |
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| 166 |
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Total fixed charges |
| $ | 367 |
| $ | 351 |
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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.