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DELTA AIR LINES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratios) EXHIBIT 12
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Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
March 31 March 31 March 31 March 31
1999 1998 1999 1998
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Earnings:
Earnings before income taxes $ 358 $ 322 $ 1,216 $ 1,053
Add (deduct):
Fixed charges from below 208 192 618 590
Interest capitalized (12) (10) (34) (29)
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Earnings as adjusted $ 554 $ 504 $ 1,800 $ 1,614
Fixed charges:
Interest expense $ 47 $ 44 $ 139 $ 143
Portion of rental expense representative of the
interest factor 161 148 479 447
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Total fixed charges $ 208 $ 192 $ 618 $ 590
Ratio of earnings to fixed charges 2.66 2.63 2.91 2.74