Delta Airlines 2012 Annual Report Download - page 419

Exhibit 12.1
Delta Air Lines, Inc.
Computation of Ratio of Earnings to Fixed Charges
The following are included in the results above:
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.
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