. . . EXHIBIT 12 DELTA AIR LINES, INC. STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS (LOSS) TO FIXED CHARGES (IN MILLIONS, EXCEPT RATIOS) Three Months Ended Nine Months Ended September 30 September 30 ------------ ------------ 2003 2002 2003 2002 ---- ---- ---- ---- Earnings (loss) Loss before income taxes $ (254) $ (527) $ (677) $ (1,416) Add (deduct) Fixed charges from below 361 337 1,074 1,004 Income from equity investees -- (10) (18) (39) Distributed income of equity investees -- 40 44 40 Interest capitalized (3) (4) (9) (13) -------- -------- -------- -------- Earnings (loss) as adjusted $ 104 $ (164) $ 414 $ (424) Fixed charges Interest expense, including capitalized amounts $ 189 $ 169 $ 550 $ 495 Amortization of debt costs 3 4 16 13 Preference security dividend 6 6 18 17 Portion of rental expense representative of the interest factor 163 158 490 479 -------- -------- -------- -------- Total fixed charges $ 361 $ 337 $ 1,074 $ 1,004 RATIO OF EARNINGS (LOSS) TO FIXED CHARGES (1) 0.29 (0.49) 0.39 (0.42) (1) Fixed charges exceeded our adjusted earnings (loss) by $257 million and $660 million for three and nine months ended September 30, 2003, respectively, and by $501 million and $1.4 billion for the three and nine months ended September 30, 2002, respectively.