EX-12 3 h19350exv12.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,
    2004
   2003
Income before income taxes, cumulative effect of changes in
accounting principles, equity in losses of unconsolidated
entities and minority interests
   $ 939     $ 791  
 
    
 		      
 		  
Fixed charges deducted from income:
                
Interest expense
     344       329  
Implicit interest in rents
     38       52  
 
    
 		      
 		  
 
     382       381  
 
    
 		      
 		  
Earnings available for fixed charges
   $ 1,321     $ 1,172  
 
    
 		      
 		  
Interest expense
   $ 344     $ 329  
Capitalized interest
     16       16  
Implicit interest in rents
     38       52  
 
    
 		      
 		  
Total fixed charges
   $ 398     $ 397  
 
    
 		      
 		  
Ratio of earnings to fixed charges
     3.3 x       3.0 x