EX-12 3 h10002exv12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12
 

EXHIBIT 12

WASTE MANAGEMENT, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN MILLIONS, EXCEPT RATIOS)
(UNAUDITED)

                   
      Nine Months Ended
      September 30,
     
      2003   2002
     
 
Income before income taxes, cumulative effect of changes in accounting principles and minority interests
   $ 791     $ 927  
 
    
     
 
Fixed charges deducted from income:
                
 
Interest expense
     329       352  
 
Implicit interest in rents
     52       45  
 
    
     
 
 
     381       397  
 
    
     
 
 
Earnings available for fixed charges
   $ 1,172     $ 1,324  
 
    
     
 
Interest expense
   $ 329     $ 352  
Capitalized interest
     16       14  
Implicit interest in rents
     52       45  
 
    
     
 
 
Total fixed charges
   $ 397     $ 411  
 
    
     
 
 
Ratio of earnings to fixed charges
     3.0       3.2