Research in emotion analysis of text suggest that emotion lexicon based features are superior to corpus based n-gram features. However the static nature of the general purpose emotion lexicons make them less suited to social media analysis, where the need to adopt to changes in vocabulary usage and context is crucial. In this paper we propose a set of methods to extract a word-emotion lexicon automatically from an emotion labelled corpus of tweets. Our results confirm that the features derived from these lexicons outperform the standard Bag-of-words features when applied to an emotion classification task. Furthermore, a comparative analysis with both manually crafted lexicons and a state-of-the-art lexicon generated using Point-Wise Mutual Information, show that the lexicons generated from the proposed methods lead to significantly better classification performance.