Exhibit 12

GATX CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS

	Year Ended December 31
	2006			2005			2004			2003			2002
	In millions, except ratios
Earnings available for fixed charges:
Income from continuing operations before cumulative effect of accounting change	$	150.5		$	105.6		$	155.4		$	69.3		$	24.0
Add (deduct):
Income taxes		75.6			66.4			66.5			19.9			11.3
Share of affiliates’ earnings, net of distributions received		(39.9	)		(33.5	)		(23.3	)		(32.5	)		(0.1	)
Interest on indebtedness and amortization of debt discount and expense		129.2			105.8			126.4			134.2			148.8
Interest portion of operating lease expense		101.0			114.8			112.6			120.5			126.8
Total earnings available for fixed charges	$	416.4		$	359.1		$	437.6		$	311.4		$	310.8
Preferred stock dividends	$	0.1		$	0.1		$	0.1		$	0.1		$	0.1
Ratio to convert preferred dividends to pre-tax basis		150	%		164	%		143	%		126	%		130	%
Preferred dividends on pre-tax basis		0.1			0.1			0.1			0.1			0.1
Fixed charges:
Interest on indebtedness and amortization of debt discount and expense	$	129.2		$	105.8		$	126.4		$	134.2		$	148.8
Capitalized interest		0.1			—			—			—			—
Interest portion of operating lease expense		101.0			114.8			112.6			120.5			126.8
Combined fixed charges and preferred stock dividends	$	230.4		$	220.7		$	239.1		$	254.8		$	275.7
Ratio of earnings to combined fixed charges and preferred stock dividends(a)		1.81	x		1.63	x		1.83	x		1.22	x		1.13x

(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 the interest portion of operating lease expense. “Earnings” consist of income from continuing operations before income taxes and interest portion of fix charges, less share of affiliates’ earnings, net of distributions received.

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