EXHIBIT 12
WASTE MANAGEMENT, INC.
Ratio of Earnings to Fixed Charges
(Unaudited)
(millions of dollars, except ratio)
Restated
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Six Months
Ended June 30
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1996 1997
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Income from continuing operations before
income taxes, undistributed earnings from
affiliated companies and minority interest $ 528.0 $ 519.0
Interest expense 236.2 239.7
Capitalized interest (15.8) (13.5)
One-third of rents payable in the next year 26.9 24.4
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Income from continuing operations before
income taxes, undistributed earnings from
affiliated companies, minority interest,
interest and one-third of rents $ 775.3 $ 769.6
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Interest expense 236.2 239.7
One third of rents payable in the next year 26.9 24.4
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Interest expense plus one-third of rents $ 263.1 $ 264.1
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Ratio of earnings to fixed charges 2.95 to 1 2.91 to 1