**Exhibit 12.1**

 

**NORTHWEST AIRLINES CORPORATION**

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

**(Dollars in millions)**

 
|                                                    |   | **Three months ended  September 30** |   | **Nine Months Ended  September 30** |    |
|---------------------------------------------------------|--------|--------------------------------------|--------|-------------------------------------|---------|
|                                                    |   | **2003**                             |   | **2002**                            |    | **2003** |   | **2002** |   |
| **Earnings:**                                           |   |                                 |   |                                |    |   |   |   |   |
|                                                    |   |                                 |   |                                |    |   |   |   |   |
| Income before income taxes                              |   | $                                    | 47     |                                | $       | (73 | ) | $ | (152 | ) | $ | (475 | ) |
| Less:  Income from less than  50% owned investees  |   | 1                                    |   | 11                                  |    | 15 |   | 36 |   |
| Add:                                                    |   |                                 |   |                                |    |   |   |   |   |
| Rent expense representative of interest **(1)**         |   | 62                                   |   | 62                                  |    | 188 |   | 184 |   |
| Interest expense net of capitalized interest            |   | 111                                  |   | 95                                  |    | 324 |   | 281 |   |
| Interest on mandatorily redeemable preferred securities |   | 7                                    |   | 7                                   |    | 19 |   | 19 |   |
| Amortization of debt discount and expense               |   | 6                                    |   | 4                                   |    | 17 |   | 12 |   |
| Amortization of interest capitalized                    |   | 3                                    |   | 1                                   |    | 8 |   | 4 |   |
|                                                    |   |                                 |   |                                |    |   |   |   |   |
| **Adjusted earnings**                                   |   | $                                    | 235    |                                | $       | 85 |   | $ | 389 |   | $ | (11 | ) |
|                                                    |   |                                 |   |                                |    |   |   |   |   |
| **Fixed charges:**                                      |   |                                 |   |                                |    |   |   |   |   |
|                                                    |   |                                 |   |                                |    |   |   |   |   |
| Rent expense representative of interest **(1)**         |   | $                                    | 62     |                                | $       | 62 |   | $ | 188 |   | $ | 184 |   |
| Interest expense net of capitalized interest            |   | 111                                  |   | 95                                  |    | 324 |   | 281 |   |
| Interest on mandatorily redeemable preferred securities |   | 7                                    |   | 7                                   |    | 19 |   | 19 |   |
| Amortization of debt discount and expense               |   | 6                                    |   | 4                                   |    | 17 |   | 12 |   |
| Capitalized interest                                    |   | 2                                    |   | 6                                   |    | 7 |   | 19 |   |
|                                                    |   |                                 |   |                                |    |   |   |   |   |
| **Fixed charges**                                       |   | $                                    | 188    |                                | $       | 174 |   | $ | 555 |   | $ | 515 |   |
|                                                    |   |                                 |   |                                |    |   |   |   |   |
| **Ratio of earnings to fixed charges**                  |   | 1.25                                 |   | —                              | **(3)** | — | **(2)** | — | **(3)** |

 

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

 

**(2) **Earnings were inadequate to cover fixedcharges by $166 million for the nine months ended September 30, 2003.

 

**(3) **Earningswere inadequate to cover fixed charges by $89 million and $526 million for thethree and nine months ended September 30, 2002, respectively.

 

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