Exhibit 12.1

THE GREENBRIER COMPANIES, INC.

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our consolidated ratio of earnings to fixed changes for the periods indicated.

	Fiscal Years Ended August 31,
In thousands, except for ratios	2015		2014		2013		2012		2011
Earnings (loss) before income tax, noncontrolling interest and equity in unconsolidated subsidiaries		375,713		220,825		19,493		93,979		14,925
Interest Expense		18,975		18,306		19,203		22,474		30,155
Estimated interest portion of rent expense		7,532		8,848		9,010		8,832		8,636
		402,220		247,979		47,706		125,285		53,716
Fixed charges		26,507		27,154		28,213		31,306		38,791
Ratio of earnings to fixed charges		15.2		9.1		1.7		4.0		1.4