Exhibit 12.1

Covanta Holding Corporation

Computation of Ratio of Earnings to Fixed Charges

	For the Years Ended December 31,
	2012			2011			2010		2009			2008
	(In millions, except ratios)
Earnings as defined in Regulation S-K (1):
Income from continuing operations before income tax expense, equity in net income from unconsolidated investments	$	134		$	107		$	57	$	104		$	171
Capitalized interest	(1		)	(1		)	—		(1		)	—
Dividends from unconsolidated investments	8			8			5		1			2
Fixed Charges	158			136			136		122			129
Total Earnings	$	299		$	250		$	198	$	226		$	302
Fixed Charges as defined in Regulation S-K (2):
Interest expense	$	146		$	123		$	122	$	107		$	113
Capitalized interest	1			1			—		1			—
Imputed interest on operating leases	11			12			14		14			16
Total Fixed Charges	$	158		$	136		$	136	$	122		$	129
Ratio of Earnings to Fixed Charges	1.89x			1.84x			1.46x		1.85x			2.34x

(1) For purposes of computing the ratio of earnings to fixed charges, the term “earnings” shall be defined as income from continuing operations before income tax expense and equity in net income from unconsolidated investments plus dividends from unconsolidated investments and fixed charges less capitalized interest.

(2) For purposes of computing the ratio of earnings to fixed charges, the term “fixed charges” shall be defined as interest expense, capitalized interest and imputed interest for operating leases.