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EXHIBIT 12.1
DELTA AIR LINES, INC.
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratios)
-------- -------- -------- -------- --------
2004 (1) 2003 (1) 2002 (1) 2001 (1) 2000
-------- -------- -------- -------- --------
Earnings (loss):
Earnings (loss) before income taxes and cumulative
effect of accounting change $ (3,992) $ (1,189) $ (2,002) $ (1,864) $ 1,549
Add (deduct):
Fixed charges from below 1,504 1,448 1,340 1,204 1,079
(Income)/loss from equity investees -- (14) (41) 12 (59)
Distributed income of equity investees -- 44 40 70 32
Interest capitalized (10) (12) (15) (32) (45)
-------- -------- -------- -------- --------
Earnings (loss) as adjusted $ (2,498) $ 277 $ (678) $ (610) $ 2,556
Fixed charges:
Interest expense, including capitalized amounts and $ 834 $ 769 $ 679 $ 543 $ 427
amortization of debt costs
Preference security dividend 19 25 24 22 22
Portion of rental expense representative of the
interest factor 651 654 637 639 630
-------- -------- -------- -------- --------
Total fixed charges $ 1,504 $ 1,448 $ 1,340 $ 1,204 $ 1,079
Ratio of earnings to fixed charges (1.66) 0.19 (0.51) (0.51) 2.37
(1) Fixed charges exceeded our adjusted earnings (loss) by $4.0 billion, $1.2
billion, $2.0 billion and $1.8 billion for the years ended December
31, 2004, 2003, 2002 and 2001, respectively.