EX-12.1 6 dal12312012ex121.htm EXHIBIT - RATIO OF EARNINGS TO FIXED CHARGES DAL 12.31.2012 EX 12.1


Exhibit 12.1

Delta Air Lines, Inc.
Computation of Ratio of Earnings to Fixed Charges
 
Year Ended December 31,
(in millions, except for ratio data)
2012
2011
2010
2009
2008
Earnings (loss) before income taxes
$
1,025

$
769

$
608

$
(1,581
)
$
(9,041
)
Add (deduct):
 
 
 
 
 
Fixed charges from below
1,116

1,202

1,315

1,416

805

Capitalized interest
(21
)
(9
)
(6
)
(12
)
(23
)
Earnings (loss) as adjusted
$
2,120

$
1,962

$
1,917

$
(177
)
$
(8,259
)
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
Interest expense, including capitalized amounts and amortization of debt costs
$
1,044

$
1,122

$
1,226

$
1,290

$
728

Portion of rental expense representative of the interest factor
72

80

89

126

77

Fixed charges
$
1,116

$
1,202

$
1,315

$
1,416

$
805

 
 
 
 
 
 
Ratio of earnings to fixed charges(1)
1.90
1.63

1.46

(0.13
)
(10.26
)


(1) 
For the years ended December 31, 2009 and 2008, earnings were not sufficient to cover fixed charges by $1.6 billion and $9.1 billion, respectively.

The following are included in the results above:
 
Year Ended December 31,
(in millions)
2012
2011
2010
2009
2008
Severance, impairment charges and other
$
452

$
242

$
227

$
132

$
173

Merger-related items
—

—

233

275

978

Loss on extinguishment of debt
118

68

391

83

—

Impairment of goodwill and other intangible assets
—

—

—

—

7,296

MTM adjustments
(27
)
26

—

—

91

Total
$
543

$
336

$
851

$
490

$
8,538