EX-12 4 exhibit12.htm EXHIBIT 12 Exhibit 12


Exhibit 12

GATX CORPORATION AND SUBSIDIARIES

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


 
Year Ended December 31
 
2012
 
2011
 
2010
 
2009
 
2008
 
In millions, except ratios
Earnings available for fixed charges:
 
 
 
 
 
 
 
 
 
Income before income taxes
$
143.8

 
$
107.6

 
$
59.3

 
$
78.9

 
$
177.0

Add:
 
 
 
 
 
 
 
 
 
Dividends from affiliated companies
35.1

 
29.2

 
36.6

 
36.0

 
56.2

Total fixed charges
227.0

 
232.6

 
234.5

 
236.9

 
230.2

Total earnings available for fixed charges
$
405.9

 
$
369.4

 
$
330.4

 
$
351.8

 
$
463.4

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
168.5

 
$
169.6

 
$
167.3

 
$
168.0

 
$
151.6

Interest portion of operating lease expense
58.5

 
62.9

 
67.1

 
68.8

 
78.5

Preferred dividends on pre-tax basis
—

 
0.1

 
0.1

 
0.1

 
0.1

Total fixed charges
227.0

 
$
232.6

 
$
234.5

 
$
236.9

 
$
230.2

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.79

 
1.59

 
1.41

 
1.49

 
2.01