EX-12 3 c78997exv12.txt COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES EXHIBIT 12 GATX FINANCIAL CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (UNAUDITED) (IN MILLIONS, EXCEPT FOR RATIOS)
THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 ------------------------------ ----------------------------- 2003 2002 2003 2002 ------------ ------------- ----------- ------------ EARNINGS AVAILABLE FOR FIXED CHARGES: Income from continuing operations before cumulative effect of accounting change $ 34.0 $ 30.2 $ 46.5 $ 58.0 Add (deduct): Income taxes 19.8 16.6 26.8 33.0 Share of affiliates' earnings, net of distributions received (17.0) (11.3) (31.0) (24.0) Interest on indebtedness and amortization of debt discount and expense 45.3 52.5 95.1 103.1 Portion of operating lease expense representative of interest factor (deemed to be one-third) 16.1 16.1 32.2 30.2 ------- ------ ------- ------- TOTAL EARNINGS AVAILABLE FOR FIXED CHARGES $ 98.2 $ 104.1 $ 169.6 $ 200.3 Fixed Charges: Interest on indebtedness and amortization of debt discount and expense $ 45.3 $ 52.5 $ 95.1 $ 103.1 Capitalized interest 1.1 3.7 2.6 7.6 Portion of operating lease expense representative of interest factor (deemed to be one-third) 16.1 16.1 32.2 30.2 ------- --------- -------- -------- TOTAL FIXED CHARGES $ 62.5 $ 72.3 $ 129.9 $ 140.9 Ratio of earnings to fixed charges (a) 1.57x 1.44x 1.31x 1.42x
(a) The ratio of earnings to fixed charges represents the number of times "fixed charges" are covered by "earnings." "Fixed charges" consist of interest on outstanding debt and amortization of debt discount and expense, adjusted for capitalized ..interest and one-third (the proportion deemed representative of the interest factor) of operating lease expense. "Earnings" consist of consolidated income from continuing operations before cumulative effect of accounting change and fixed charges, less share of affiliates' earnings, net of distributions received.