Delta Airlines 2013 Annual Report Download - page 146

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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) 2013 2012 2011 2010 2009
Earnings (loss) before income taxes
2,527
$
1,025
$
769
$
608
$
(1,581
)
Add (deduct):
Fixed charges from below
947
1,116
1,202
1,315
1,416
Capitalized interest
(29
)
(21
)
(9
)
(6
)
(12
)
Earnings (loss) as adjusted
3,445
$
2,120
$
1,962
$
1,917
$
(177
)
Fixed charges:
Interest expense, including capitalized amounts and amortization of debt
costs
891
$
1,044
$
1,122
$
1,226
$
1,290
Portion of rental expense representative of the interest factor
56
72
80
89
126
Fixed charges
947
$
1,116
$
1,202
$
1,315
$
1,416
Ratio of earnings to fixed charges
(1)
3.64
1.90
1.63
1.46
(0.13
)
(1)
For the year ended December 31, 2009, earnings were not sufficient to cover fixed charges by $1.6 billion.
Year Ended December 31,
(in millions) 2013 2012 2011 2010 2009
Severance, impairment charges and other
$
424
452
$
242
$
227
132
MTM adjustments
(276
)
(27
)
26
—
—
Loss on extinguishment of debt —
118
68
391
83
Merger-related items —
—
—
233
275
Total
$
148
543
$
336
$
851
490