**Exhibit 12.1**

 

**NORTHWEST AIRLINES CORPORATION**

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

**(Dollars in millions)**

 
|                                                        |   | **Three  months ended** |   | **Six Months  Ended** |   |
|-------------------------------------------------------------|--------|-------------------------|--------|-----------------------|--------|
|                                                        |   | **June 30**             |   | **June 30**           |   |
|                                                        |   | **2003**                |   | **2002**              |   | **2003** |   | **2002** |   |
| **Earnings:**                                               |   |                    |   |                  |   |   |   |   |   |
|                                                        |   |                    |   |                  |   |   |   |   |   |
| Income before income taxes                                  |   | $                       | 227    |                  | $      | (141 | ) | $ | (199 | ) | $ | (402 | ) |
| Less:  Income from less than  50%owned  investees      |   | 5                       |   | 12                    |   | 14 |   | 25 |   |
| Add:                                                        |   |                    |   |                  |   |   |   |   |   |
| Rent expense representative of interest (1)                 |   | 63                      |   | 63                    |   | 126 |   | 122 |   |
| Interest expense net of capitalized interest                |   | 108                     |   | 96                    |   | 213 |   | 186 |   |
| Interest of mandatorily redeemablepreferred security holder |   | 6                       |   | 7                     |   | 12 |   | 12 |   |
| Amortization of debt discount and expense                   |   | 6                       |   | 4                     |   | 11 |   | 8 |   |
| Amortization of interest capitalized                        |   | 2                       |   | 2                     |   | 5 |   | 3 |   |
|                                                        |   |                    |   |                  |   |   |   |   |   |
| **Adjusted earnings**                                       |   | $                       | 407    |                  | $      | 19 |   | $ | 154 |   | $ | (96 | ) |
|                                                        |   |                    |   |                  |   |   |   |   |   |
| **Fixed charges:**                                          |   |                    |   |                  |   |   |   |   |   |
|                                                        |   |                    |   |                  |   |   |   |   |   |
| Rent expense representative of interest (1)                 |   | $                       | 63     |                  | $      | 63 |   | $ | 126 |   | $ | 122 |   |
| Interest expense net of capitalized interest                |   | 108                     |   | 96                    |   | 213 |   | 186 |   |
| Interest of mandatorily redeemablepreferred security holder |   | 6                       |   | 7                     |   | 12 |   | 12 |   |
| Amortization of debt discount and expense                   |   | 6                       |   | 4                     |   | 11 |   | 8 |   |
| Capitalized interest                                        |   | 2                       |   | 6                     |   | 5 |   | 13 |   |
|                                                        |   |                    |   |                  |   |   |   |   |   |
| **Fixed charges**                                           |   | $                       | 185    |                  | $      | 176 |   | $ | 367 |   | $ | 341 |   |
|                                                        |   |                    |   |                  |   |   |   |   |   |
| **Ratio of earnings to fixed charges**                      |   | 2.19                    |   | —                | (3)    | — | (2) | — | (3) |

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(1)                                  Calculated asone-third of rentals, which is considered representative of the interestfactor.

 

(2)                               Earnings wereinadequate to cover fixed charges by $213 million for the six months ended June30, 2003.

 

(3)                                  Earnings wereinadequate to cover fixed charges by $157 million and $437 million for thethree and six months ended June 30, 2002 respectively.

 

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