DELTA AIR LINES, INC. EXHIBIT 12 STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (In Millions except ratios) - -------------------------------------------------------------------------------- Nine Months Nine Months Ended Ended March 31, March 31, 1995 1994 --------------- --------------- Earnings (before cumulative effect of accounting changes): Income (loss) $ 43 $ (159) Add (deduct): Income tax (credit) provision 45 (111) Fixed charges 502 520 Interest capitalized (23) (26) Interest offset on Guaranteed Serial ESOP Notes (3) (10) --------------- --------------- Earnings as adjusted $ 564 $ 214 =============== =============== Fixed charges: Interest expense $ 220 $ 229 1/3 of rentals 279 281 Additional interest on Guaranteed Serial ESOP Notes 3 10 --------------- --------------- Total fixed charges $ 502 $ 520 =============== =============== Ratio of earnings to fixed charges 1.12 - ______________________________________________________ Earnings for the nine months March 31, 1994 were inadequate to cover fixed charges. Additional earnings of $306 million would have been necessary to bring the ratio to 1.0.