Exhibit 12
UNION TANK CAR COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
| Line number | For the Year Ended December 31, | |||||||||||||||||||||
| 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||||
Income Available for Fixed Charges: | ||||||||||||||||||||||
Income from continuing operations | 1 | $ | 142,646 | $ | 69,754 | $ | 96,749 | $ | 116,651 | $ | 145,967 | |||||||||||
Provision for federal income taxes and foreign taxes | 2 | 75,073 | 35,653 | 55,047 | 61,844 | 76,758 | ||||||||||||||||
Provision for state income taxes | 3 | 6,711 | 3,325 | 1,257 | 4,940 | 3,751 | ||||||||||||||||
Fixed charges (line 8) | 4 | 99,576 | 96,516 | 103,218 | 110,995 | 100,047 | ||||||||||||||||
Income available for fixed charges | 5 | $ | 324,006 | $ | 205,248 | $ | 256,271 | $ | 294,430 | $ | 326,523 | |||||||||||
Fixed Charges: | ||||||||||||||||||||||
Interest expenses (including amortization of debt discount) as shown on the consolidated statement of income | 6 | $ | 74,796 | $ | 71,840 | $ | 78,289 | $ | 85,626 | $ | 76,613 | |||||||||||
Add interest portion of rent expense | 7 | 24,780 | 24,676 | 24,929 | 25,369 | 23,434 | ||||||||||||||||
Total fixed charges | 8 | $ | 99,576 | $ | 96,516 | $ | 103,218 | $ | 110,995 | $ | 100,047 | |||||||||||
Number of times fixed charges were earned (line 5/line 8) | 3.25 | x | 2.13 | x | 2.48 | x | 2.65 | x | 3.26 | x | ||||||||||||
