EX-12.1 2 g93459exv12w1.txt EX-12.1 STATEMENT RE: COMPUTATION OF EARNINGS . . . 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.