Exhibit 12
DELTA AIR LINES, INC.
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS (LOSS) TO FIXED CHARGES
(in millions, except ratios)
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
2004 |
| 2003 | 2004 | 2003 | |||||||||||||||
| |||||||||||||||||||
Earnings (loss) | |||||||||||||||||||
Income (loss) before income taxes | $ | (429 | ) | $ | 301 | $ | (1,027 | ) | $ | (423 | ) | ||||||||
Add (deduct) | |||||||||||||||||||
Fixed charges from below | 370 | 363 | 735 | 714 | |||||||||||||||
Income from equity investees | - | (11 | ) | (3 | ) | (18 | ) | ||||||||||||
Distributed income of equity investees | - | 20 | - | 44 | |||||||||||||||
Interest capitalized | (3 | ) | (3 | ) | (5 | ) | (6 | ) | |||||||||||
Earnings (loss) as adjusted | $ | (62 | ) | $ | 670 | $ | (300 | ) | $ | 311 | |||||||||
Fixed charges | |||||||||||||||||||
Interest expense, including capitalized amounts and | |||||||||||||||||||
amortization of debt costs | $ | 200 | $ | 195 | $ | 397 | $ | 374 | |||||||||||
Preference security dividend | 5 | 6 | 9 | 12 | |||||||||||||||
Portion of rental expense representative of the | |||||||||||||||||||
interest factor | 165 | 162 | 329 | 328 | |||||||||||||||
Total fixed charges | $ | 370 | $ | 363 | $ | 735 | $ | 714 | |||||||||||
Ratio of earnings (loss) to fixed charges (1) | (0.17 | ) | 1.85 | (0.41 | ) | 0.44 |
(1) Fixed charges exceeded our adjusted earnings (loss) by $432 million and $1 billion for the three and six months ended
June 30, 2004, respectively and by $403 million for the six months ended June 30, 2003.