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DELTA AIR LINES, INC. EXHIBIT 12
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Millions except ratios)
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Nine Months Nine Months
Ended Ended
March 31, March 31,
1997 1996
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Earnings:
Net income (loss) $ 552 $ (6)
Add (deduct):
Income tax provision 368 19
Fixed charges 391 446
Interest capitalized (25) (20)
Interest offset on
Guaranteed Serial
ESOP Notes -- (2)
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Earnings as adjusted $ 1,286 $ 437
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Fixed charges:
Interest expense $ 158 $ 204
1/3 of rentals 233 240
Additional interest on
Guaranteed Serial
ESOP Notes -- 2
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Total fixed charges $ 391 $ 446
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Ratio of earnings to fixed charges 3.29 --
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Earnings for the nine months ended March 31, 1996 were inadequate to cover fixed
charges. Additional earnings of $9 million would have been necessary to bring
the ratio to 1.0.