Delta Air Lines (DAL) S-3ASR Automatic shelf registration

Exhibit 12.1

Delta Air Lines, Inc.

Computation of Ratio of Earnings to Fixed Charges

	Six Months Ended June 30,						Year Ended December 31,
(in millions, except for ratio data)	2015			2014			2014			2013			2012			2011			2010
Earnings (loss) before income taxes	$	3,552		$	1,633		$	1,072		$	2,527		$	1,025		$	769		$	608
Add (deduct):
Fixed charges from below		305			397			737			947			1,116			1,202			1,315
Capitalized interest		(15	)		(14	)		(33	)		(29	)		(21	)		(9	)		(6	)
Earnings (loss) as adjusted	$	3,842		$	2,016		$	1,776		$	3,445		$	2,120		$	1,962		$	1,917
Fixed charges:
Interest expense, including capitalized amounts and amortization of debt costs		281			375			691			891			1,044			1,122			1,226
Portion of rental expense representative of the interest factor		24			22			46			56			72			80			89
Fixed charges		305			397			737			947			1,116			1,202			1,315
Ratio of earnings to fixed charges		12.60			5.08			2.41			3.64			1.90			1.63			1.46
The following are included in the results above:
	Six Months Ended June 30,						Year Ended December 31,
(in millions)	2015			2014			2014			2013			2012			2011			2010
MTM adjustments and settlements	$	(1,309	)	$	33		$	2,346		$	(276	)	$	(27	)	$	26		$	—
Restructuring and other		35			79			716			424			452			242			227
Loss on extinguishment of debt		—			129			268			—			118			68			391
Virgin Atlantic MTM adjustments		(44	)		8			134			—			—			—			—
Merger-related items		—			—			—			—			—			—			233
Total (income) loss	$	(1,318	)	$	249		$	3,464		$	148		$	543		$	336		$	851