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EXHIBIT 12
DELTA AIR LINES, INC.
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions except ratio)
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1991 1992 1993 1994 1995
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Earnings (before cumulative effect of accounting changes):
Net income (loss) $ (324) $ (506) $ (415) $ (409) $ 294
Add (deduct):
Income tax (credit) provision (163) (271) (236) (251) 200
Fixed charges 402 569 616 689 665
Interest capitalized (65) (70) (62) (33) (30)
Interest offset on
Guaranteed Serial
ESOP Notes (16) (15) (15) (14) (4)
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Earnings (loss) as adjusted $ (166) $ (293) $ (113) $ (17) $1,125
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Fixed charges:
Interest expense $ 162 $ 221 $ 239 $ 304 $ 292
1/3 of rentals 224 333 362 371 369
Additional interest on
Guaranteed Serial
ESOP Notes 16 15 15 14 4
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Total fixed charges $ 402 $ 569 $ 616 $ 689 $ 665
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Ratio of earnings to fixed charges - - - - 1.69
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Earnings for the fiscal years ended June 30, 1991, 1992, 1993 and 1994 were
inadequate to cover fixed charges. Additional earnings of $568 million for the
fiscal year ended June 30, 1991, of $862 million for the fiscal year ended June
30, 1992, of $729 million for the fiscal year ended June 30, 1993 and of $706
million for the fiscal year ended June 30, 1994, would have been necessary to
bring the ratio to 1.0.