**Exhibit 12.2**

 

**NORTHWEST AIRLINES CORPORATION**

**COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ANDPREFERRED STOCK REQUIREMENTS**

**(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 (loss)**                                             |   | $                                 | (28    | ) | $ | (252 | ) |
|                                                                     |   |                              |   |   |   |
| **Fixed charges and preferred stock  requirements:**                     |   |                              |   |   |   |
|                                                                     |   |                              |   |   |   |
| Rent expense representative of interest (1)                              |   | $                                 | 62     |   | $ | 63 |   |
| Interest expense net of capitalized  interest                            |   | 124                               |   | 106 |   |
| Interest of mandatorily redeemable  preferred security holder            |   | —                            |   | 6 |   |
| Preferred stock requirements                                             |   | 7                                 |   | — |   |
| Amortization of debt discount and expense                                |   | 8                                 |   | 5 |   |
| Capitalized interest                                                     |   | 2                                 |   | 3 |   |
|                                                                     |   |                              |   |   |   |
| **Fixed charges and preferred stock  requirements**                      |   | $                                 | 203    |   | $ | 183 |   |
|                                                                     |   |                              |   |   |   |
| **Ratio of earnings to fixed charges and  preferred stock requirements** |   | —                            | (2)    | — | (2) |

 

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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 and preferred stock requirements by $231 million and $435 million forthe three months ended March 31, 2004 and March 31, 2003, respectively.

 

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