. . . 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, ------------------- -------------------- 2004 2003 2004 2003 ----- ----- ------- ------- Earnings (loss) Loss before income taxes $(652) $(254) $(1,679) $ (677) Add (deduct) Fixed charges from below 381 361 1,116 1,074 Income (loss) from equity investees 1 - (2) (18) Distributed income of equity investees - - - 44 Interest capitalized (2) (3) (8) (9) ----- ----- ------- ------- Earnings (loss) as adjusted $(272) $ 104 $ (573) $ 414 Fixed charges Interest expense, including capitalized amounts and amortization of debt costs $ 212 $ 192 $ 609 $ 566 Preference security dividend 5 6 14 18 Portion of rental expense representative of the interest factor 164 163 493 490 ----- ----- ------- ------- Total fixed charges $ 381 $ 361 $ 1,116 $ 1,074 RATIO OF EARNINGS (LOSS) TO FIXED CHARGES (1) (0.71) 0.29 (0.51) 0.39 (1) Fixed charges exceeded our adjusted earnings (loss) by $653 million and $1.7 billion for the three and nine months ended September 30, 2004, respectively and by $257 million and $660 million for the three and nine months ended September 30, 2003, respectively.