Exhibit 12.1

Covanta Holding Corporation

Computation of Ratio of Earnings to Fixed Charges

		00000			00000		00000			00000		00000
	For the Years Ended December 31,
	2011			2010		2009			2008		2007
	(In millions, except ratios)
Earnings as defined in Regulation S-K (1):
Income from continuing operations before income tax expense, equity in net income from unconsolidated investments	$	107		$	57	$	104		$	171	$	100
Capitalized interest		(1	)		—		(1	)		—		—
Dividends from unconsolidated investments		8			5		1			2		1
Fixed Charges		136			136		122			129		148
Total Earnings	$	250		$	198	$	226		$	302	$	249
Fixed Charges as defined in Regulation S-K (2):
Interest expense	$	123		$	122	$	107		$	113	$	131
Capitalized interest		1			—		1			—		—
Imputed interest on operating leases		12			14		14			16		17
Total Fixed Charges	$	136		$	136	$	122		$	129	$	148
Ratio of Earnings to Fixed Charges		1.84x			1.46x		1.85x			2.34x		1.68x

(1) For purposes of computing the ratio of earnings to fixed charges, the term “earnings” shall be defined as income before income tax expense and equity in net income from unconsolidated investments plus dividends from unconsolidated investments and fixed charges less capitalized interest.

(2) For purposes of computing the ratio of earnings to fixed charges, the term “fixed charges” shall be defined as interest expense, capitalized interest and imputed interest for operating leases.