NORTHWEST AIRLINES CORP, 10-Q, 2000-05-12

Exhibit 12.1

NORTHWEST AIRLINES CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions)

	Three months ended March 31
	2000			1999
Earnings:
Income (loss) before income taxes	$	4		$	(48	)
Less: Income from less than 50% owned investees		39			17
Add:
Rent expense representative of interest(1)		55			48
Interest expense net of capitalized interest		84			89
Interest of preferred security holder		7			7
Amortization of debt discount and expense		3			3
Amortization of interest capitalized		1			1

Adjusted earnings	$	115		$	83

Fixed charges:
Rent expense representative of interest(1)	$	55		$	48
Interest expense net of capitalized interest		84			89
Interest of preferred security holder		7			7
Amortization of debt discount		3			3
Capitalized interest		4			5

Fixed charges	$	153		$	152

Ratio of earnings to fixed charges		—	(2)		—	(2)

(1): Calculated as one-third of rentals, which is considered representative of the interest factor.
(2): Earnings were inadequate to cover fixed charges by $38 million and $69 million for the three months ended March 31, 2000 and March 31, 1999, respectively.