EXHIBIT 12
DELTA AIR LINES, INC.
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS (LOSS) TO FIXED CHARGES
(IN MILLIONS, EXCEPT RATIOS)
- -------------------------------------------------------------------------------
Three Months Three Months
Ended Ended
March 31, March 31,
2003 2002
------------ ------------
Loss
Loss before income taxes $ (724) $ (602)
Add (deduct)
Fixed charges from below 351 327
Income from equity investees (7) (15)
Distributed income from equity investees 24 --
Interest capitalized (3) (5)
------------ ------------
Loss as adjusted $ (359) $ (295)
Fixed charges
Interest expense $ 174 $ 157
Amortization of debt costs 5 5
Preference security dividend 6 6
Portion of rental expense representative of the
interest factor 166 159
------------ ------------
Total fixed charges $ 351 $ 327
RATIO OF LOSS TO FIXED CHARGES (1) (1.02) (0.90)
(1) Fixed charges exceeded our adjusted loss by $710 million and $622 million
for the three months ended March 31, 2003 and 2002, respectively.