**Exhibit 12.1**

 

**NORTHWEST AIRLINES CORPORATION**

**COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES**

**(Dollars in millions)**

 
|                                                         |   | **Three months ended  March 31** |    |
|--------------------------------------------------------------|--------|----------------------------------|---------|
|                                                         |   | **2003**                         |    | **2002** |   |
| **Earnings:**                                                |   |                             |    |   |   |
|                                                         |   |                             |    |   |   |
| Income (loss) before income taxes                            |   | $                                | (426    | ) | $ | (261 | ) |
| Less:  Income from less than  50% owned investees       |   | 9                                |    | 13 |   |
| Add:                                                         |   |                             |    |   |   |
| Rent expense representative of interest (1)                  |   | 63                               |    | 58 |   |
| Interest expense net of capitalized interest                 |   | 106                              |    | 90 |   |
| Interest of mandatorily redeemable preferred security holder |   | 6                                |    | 5 |   |
| Amortization of debt discount and expense                    |   | 5                                |    | 4 |   |
| Amortization of interest capitalized                         |   | 3                                |    | 1 |   |
|                                                         |   |                             |    |   |   |
| **Adjusted earnings**                                        |   | $                                | (252    | ) | $ | (116 | ) |
|                                                         |   |                             |    |   |   |
| **Fixed charges:**                                           |   |                             |    |   |   |
|                                                         |   |                             |    |   |   |
| Rent expense representative of interest (1)                  |   | $                                | 63      |   | $ | 58 |   |
| Interest expense net of capitalized interest                 |   | 106                              |    | 90 |   |
| Interest of mandatorily redeemable preferred security holder |   | 6                                |    | 5 |   |
| Amortization of debt discount and expense                    |   | 5                                |    | 4 |   |
| Capitalized interest                                         |   | 3                                |    | 7 |   |
|                                                         |   |                             |    |   |   |
| **Fixed charges**                                            |   | $                                | 183     |   | $ | 164 |   |
|                                                         |   |                             |    |   |   |
| **Ratio of earnings to fixed charges**                       |   | **—**                       | **(2)** | **—** | **(2)** |

 

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**(1)**                  Calculated as one-third of rentals, which isconsidered representative of the interest factor.

 

**(2)**                  Earningswere inadequate to cover fixed charges by $435 million and $280 million for thethree months ended March 31, 2003 and March 31, 2002, respectively.

 

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