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 | ||||||