EXHIBIT 12
DELTA AIR LINES, INC.
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
---------------------------
Six Months Six Months
Ended Ended
December 31, December 31,
1993 1992
------------ ------------
(In Thousands)
Earnings (before cumulative effect of accounting
changes):
Income (loss) $(80,691) (269,583)*
Add (deduct):
Income tax provision (64,753) (151,701)
Fixed charges 347,319 299,764
Interest capitalized (18,306) (37,211)
Interest offset on
Guaranteed Serial
ESOP Notes (6,259) (6,580)
-------- --------
Earnings (loss) as adjusted $177,310 (165,311)
======== ========
Fixed charges:
Interest expense $153,316 113,442
1/3 of rentals 187,744 179,742
Additional interest on
Guaranteed Serial
ESOP Notes 6,259 6,580
-------- --------
Total fixed charges $347,319 299,764
======== ========
Ratio of earnings to fixed charges - -
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Earnings for the six months ended December 31, 1993 and 1992 were
inadequate to cover fixed charges. Additional earnings of $170,009
for the six months ended December 31, 1993 and of $465,075 for the
six months ended December 31, 1992 would have been necessary to bring
the ratios to 1.0.
* Restated for accounting changes adopted July 1, 1992 for employers'
accounting for postretirement benefits other than pensions (SFAS 106)
and accounting for income taxes (SFAS 109).