. . . EXHIBIT 12 DELTA AIR LINES, INC. STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (In millions, except ratios) ------- ------- ------- ------- ------- 2003 (1) 2002 (1) 2001 (1) 2000 1999 ------- ------- ------- ------- ------- Earnings (loss): Earnings (loss) before income taxes and cumulative effect of accounting change $(1,189) $(2,002) $(1,864) $ 1,549 $ 2,093 Add (deduct): Fixed charges from below 1,448 1,340 1,204 1,079 831 (Income)/loss from equity investees (14) (41) 12 (59) (30) Distributed income of equity investees 44 40 70 32 100 Interest capitalized (12) (15) (32) (45) (48) ------- ------- ------- ------- ------- Earnings (loss) as adjusted $ 277 $ (678) $ (610) $ 2,556 $ 2,946 Fixed charges: Interest expense $ 744 $ 660 $ 531 $ 426 $ 250 Amortization of debt costs 25 19 12 1 11 Preference security dividend 25 24 22 22 20 Portion of rental expense representative of the interest factor 654 637 639 630 550 ------- ------- ------- ------- ------- Total fixed charges $ 1,448 $ 1,340 $ 1,204 $ 1,079 $ 831 Ratio of earnings to fixed charges 0.19 (0.51) (0.51) 2.37 3.55 (1) Fixed charges exceeded our adjusted earnings (loss) by $1.2 billion, $2.0 billion and $1.8 billion for the years ended December 31, 2003, 2002 and 2001 respectively.