Waste Management 2007 Annual Report Download - page 55

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The graph below shows the relative investment performance of Waste Management, Inc. common stock, the
Dow Jones Waste & Disposal Services Index and the S&P 500 Index for the last five years, assuming reinvestment
of dividends at date of payment into the common stock. The graph is presented pursuant to SEC rules and is not
meant to be an indication of our future performance.
Comparison of Cumulative Five Year Total Return
$0
$50
$100
$150
$200
200720062005200420032002
WASTE MANAGEMENT, INC.
S&P 500 INDEX
DOW JONES WASTE & DISPOSAL SERVICES
12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07
Waste Management, Inc. $100 $129 $134 $140 $174 $158
S&P 500 Index $100 $129 $143 $150 $173 $183
Dow Jones Waste & Disposal Services Index $100 $133 $138 $146 $179 $187
In October 2004, the Company announced that its Board of Directors approved a capital allocation program
authorizing up to $1.2 billion of stock repurchases and dividend payments annually for each of 2005, 2006 and
2007. Under this program, we paid quarterly cash dividends of $0.20 per share for a total of $449 million in 2005;
$0.22 per share for a total of $476 million in 2006; and $0.24 per share for a total of $495 million in 2007.
In March 2007, our Board of Directors approved up to $600 million of additional share repurchases for 2007,
and in November 2007 approved up to $300 million of additional share repurchases, increasing the amount of
capital authorized for our share repurchases and dividends for 2007 to $2.1 billion. In 2007, we repurchased
approximately 40 million shares of our common stock for $1,421 million. All of the repurchases were made
pursuant to our capital allocation program. The following table summarizes our fourth quarter 2007 share
repurchase activity:
20