EX-12 2 c51130exv12.htm EX-12 EX-12
Revision to GATX 2008 Annual Report
Exhibit 12
GATX CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
     The following table has been revised to reflect the adoption of Financial Accounting Standards Board Staff Position No. APB 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement), as of January 1, 2009. The provisions of this Staff Position have been applied retrospectively to all periods presented.
                                         
    Year Ended December 31  
    2008     2007     2006     2005     2004  
    In millions, except ratios  
 
                                        
Earnings available for fixed charges:
                                        
Income from continuing operations before income taxes
   $ 267.6     $ 255.4     $ 220.9     $ 166.3     $ 216.0  
Add (deduct):
                                        
Share of affiliates’ earnings, net of distributions received
     (34.4 )     (36.3 )     (39.9 )     (33.5 )     (23.3 )
Total fixed charges
     230.2       230.7       244.8       229.4       247.1  
 
                              
Total earnings available for fixed charges
   $ 463.4     $ 449.8     $ 425.8     $ 362.2     $ 439.8  
 
                              
 
                                        
Fixed charges:
                                        
Interest expense
   $ 151.6     $ 141.4     $ 143.6     $ 114.5     $ 134.4  
Capitalized interest
     —       0.1       0.1       —       —  
Interest portion of operating lease expense
     78.5       89.1       101.0       114.8       112.6  
Preferred dividends on pre-tax basis
     0.1       0.1       0.1       0.1       0.1  
 
                              
Total fixed charges
   $ 230.2     $ 230.7     $ 244.8     $ 229.4     $ 247.1  
 
                              
 
                                        
Ratio of earnings to fixed charges
     2.01       1.95       1.74       1.58       1.78