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EXHIBIT 12
DELTA AIR LINES, INC.
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS (LOSS) TO FIXED CHARGES
(in millions, except ratios)
Three Months Ended Six Months Ended
June 30, June 30,
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2003 2002 2003 2002
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Earnings (loss)
Income (loss) before income taxes $ 301 $(287) $(423) $(889)
Add (deduct)
Fixed charges from below 363 340 714 665
(Income)/loss from equity investees (11) (14) (18) (29)
Distributed income of equity investees 20 -- 44 --
Interest capitalized (3) (4) (6) (10)
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Earnings (loss) as adjusted $ 670 $ 35 $ 311 $(263)
Fixed charges
Interest expense, including capitalized amounts $ 187 $ 168 $ 361 $ 325
Amortization of debt costs 8 4 13 9
Preference security dividend 6 6 12 11
Portion of rental expense representative of the
interest factor 162 162 328 320
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Total fixed charges $ 363 $ 340 $ 714 $ 665
RATIO OF EARNINGS (LOSS) TO FIXED CHARGES (1) 1.85 0.10 0.44 (0.40)
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(1) Fixed charges exceeded our adjusted loss by $403 million for the six months
ended June 30, 2003 and by $305 million and $928 million for the three and
six months ended June 30, 2002, respectively.