EX-12 4 h16976exv12.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)

                 
    Six Months Ended
    June 30,
    2004
   2003
Income before income taxes, cumulative effect of changes in accounting principles, net losses in equity investments and minority interests
   $ 564     $ 460  
 
    
 		      
 		  
Fixed charges deducted from income:
                
Interest expense
     232       219  
Implicit interest in rents
     25       34  
 
    
 		      
 		  
 
     257       253  
 
    
 		      
 		  
Earnings available for fixed charges
   $ 821     $ 713  
 
    
 		      
 		  
Interest expense
   $ 232     $ 219  
Capitalized interest
     10       10  
Implicit interest in rents
     25       34  
 
    
 		      
 		  
Total fixed charges
   $ 267     $ 263  
 
    
 		      
 		  
Ratio of earnings to fixed charges
     3.1x       2.7x