Exhibit 12 DELTA AIR LINES, INC. STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (In millions, except ratios) ------- ------- ------- ------- ------- 1998 1997 1996 1995 1994 ------- ------- ------- ------- ------- Earnings (loss): Earnings (loss) before income taxes and cumulative effect of accounting change $ 1,648 $ 1,415 $ 276 $ 494 $ (660) Add (deduct): Fixed charges from below 669 673 582 665 689 Interest capitalized (38) (33) (26) (30) (33) Interest offset on Guaranteed Serial ESOP Notes -- -- (2) (4) (14) ------- ------- ------- ------- ------- Earnings (loss) as adjusted $ 2,279 $ 2,055 $ 830 $ 1,125 $ (18) Fixed charges: Interest expense $ 186 $ 207 $ 269 $ 292 $ 304 Portion of rental expense representative of the interest factor 483 466 311 369 371 Additional interest on Guaranteed Serial ESOP Notes -- -- 2 4 14 ------- ------- ------- ------- ------- Total fixed charges $ 669 $ 673 $ 582 $ 665 $ 689 Ratio of earnings to fixed charges 3.41 3.05 1.43 1.69 -- - ---------------------------------------------------------------------------- Earnings for fiscal years ended June 30, 1994 were inadequate to cover fixed charges. Additional earnings of $707 million for the fiscal year ended June 30, 1994 would have been necessary to bring the ratio to 1.0.