**Exhibit 12.1**

 

**NORTHWEST AIRLINES CORPORATION**

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

**(Dollars in millions)**

 
|                                                          |   | **Three  months ended  March 31** |   |
|---------------------------------------------------------------|--------|-----------------------------------|--------|
|                                                          |   | **2004**                          |   | **2003** |   |
| **Earnings:**                                                 |   |                              |   |   |   |
|                                                          |   |                              |   |   |   |
| Income (loss) before income taxes                             |   | $                                 | (223   | ) | $ | (426 | ) |
| Less:   Income from less than 50% owned investees        |   | 1                                 |   | 9 |   |
| Add:                                                          |   |                              |   |   |   |
| Rent expense representative of interest (1)                   |   | 62                                |   | 63 |   |
| Interest expense net of capitalized  interest                 |   | 124                               |   | 106 |   |
| Interest of mandatorily redeemable  preferred security holder |   | —                            |   | 6 |   |
| Amortization of debt discount and expense                     |   | 8                                 |   | 5 |   |
| Amortization of interest capitalized                          |   | 2                                 |   | 3 |   |
|                                                          |   |                              |   |   |   |
| **Adjusted earnings**                                         |   | $                                 | (28    | ) | $ | (252 | ) |
|                                                          |   |                              |   |   |   |
| **Fixed charges:**                                            |   |                              |   |   |   |
|                                                          |   |                              |   |   |   |
| Rent expense representative of interest (1)                   |   | $                                 | 62     |   | $ | 63 |   |
| Interest expense net of capitalized  interest                 |   | 124                               |   | 106 |   |
| Interest of mandatorily redeemable  preferred security holder |   | —                            |   | 6 |   |
| Amortization of debt discount and expense                     |   | 8                                 |   | 5 |   |
| Capitalized interest                                          |   | 2                                 |   | 3 |   |
|                                                          |   |                              |   |   |   |
| **Fixed charges**                                             |   | $                                 | 196    |   | $ | 183 |   |
|                                                          |   |                              |   |   |   |
| **Ratio of earnings to fixed charges**                        |   | —                            | (2)    | — | (2) |

 

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(1)           Calculated as one-third of rentals, which is consideredrepresentative of the interest factor.

 

(2)                                  Earningswere inadequate to cover fixed charges by $224 million and $435 million for thethree months ended March 31, 2004 and March 31, 2003, respectively.

 

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