Delta Airlines 2003 Annual Report Download - page 281
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EXHIBIT 12
DELTA AIR LINES, INC.
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratios)
------- ------- ------- ------- -------
2003 (1) 2002 (1) 2001 (1) 2000 1999
------- ------- ------- ------- -------
Earnings (loss):
Earnings (loss) before income
taxes and cumulative effect of
accounting change $(1,189) $(2,002) $(1,864) $ 1,549 $ 2,093
Add (deduct):
Fixed charges from below 1,448 1,340 1,204 1,079 831
(Income)/loss from equity investees (14) (41) 12 (59) (30)
Distributed income of equity
investees 44 40 70 32 100
Interest capitalized (12) (15) (32) (45) (48)
------- ------- ------- ------- -------
Earnings (loss) as adjusted $ 277 $ (678) $ (610) $ 2,556 $ 2,946
Fixed charges:
Interest expense $ 744 $ 660 $ 531 $ 426 $ 250
Amortization of debt costs 25 19 12 1 11
Preference security dividend 25 24 22 22 20
Portion of rental expense
representative of
the interest factor 654 637 639 630 550
------- ------- ------- ------- -------
Total fixed charges $ 1,448 $ 1,340 $ 1,204 $ 1,079 $ 831
Ratio of earnings to fixed charges 0.19 (0.51) (0.51) 2.37 3.55
(1) Fixed charges exceeded our adjusted earnings (loss) by $1.2 billion,
$2.0 billion and $1.8 billion for the years ended December 31,
2003, 2002 and 2001 respectively.