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EXHIBIT 12
DELTA AIR LINES, INC.
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratios)
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2002 (1) 2001 (1) 2000 1999 1998
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Earnings (loss):
Earnings (loss) before income taxes and cumulative
effect of accounting change $(2,002) $(1,864) $ 1,549 $ 2,093 $ 1,776
Add (deduct):
Fixed charges from below 1,340 1,204 1,079 831 703
(Income)/loss from equity investees (41) 12 (59) (30) (15)
Distributed income of equity investees 40 70 32 100 --
Interest capitalized (15) (32) (45) (48) (40)
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Earnings (loss) as adjusted $ (678) $ (610) $ 2,556 $ 2,946 $ 2,424
Fixed charges:
Interest expense $ 660 $ 531 $ 426 $ 250 $ 179
Amortization of debt costs 19 12 1 11 3
Preference security dividend 24 22 22 20 18
Portion of rental expense representative of the
interest factor 637 639 630 550 503
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Total fixed charges $ 1,340 $ 1,204 $ 1,079 $ 831 $ 703
Ratio of earnings to fixed charges (0.51) (0.51) 2.37 3.55 3.45
(1) Fixed charges exceeded our adjusted earnings (loss) by $2.0 billion and
$1.8 billion for the years ended December 31, 2002 and 2001,
respectively.