Exhibit 12.1
GATX Corporation and Subsidiaries
Computation of Ratios of Earnings to Fixed Charges (Unaudited)
(In Millions, Except for Ratios)
Computation of Ratios of Earnings to Fixed Charges (Unaudited)
(In Millions, Except for Ratios)
Six Months Ended June 30 | Year Ended December 31 | |||||||||||||||||||||||||||
2010 | 2009 | 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||||||
Earnings available for fixed charges: | ||||||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 51.5 | $ | 59.2 | $ | 107.9 | $ | 267.6 | $ | 255.4 | $ | 220.9 | $ | 166.3 | ||||||||||||||
Add (deduct): | ||||||||||||||||||||||||||||
Total fixed charges | 117.7 | 119.6 | 236.9 | 230.2 | 230.7 | 244.8 | 229.4 | |||||||||||||||||||||
Share of affiliates’ earnings, net of distributions received | 1.8 | (1.0 | ) | 7.0 | (34.4 | ) | (36.3 | ) | (39.9 | ) | (33.5 | ) | ||||||||||||||||
Total earnings available for fixed charges | $ | 171.0 | $ | 177.8 | $ | 351.8 | $ | 463.4 | $ | 449.8 | $ | 425.8 | $ | 362.2 | ||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 83.9 | $ | 85.1 | $ | 168.0 | $ | 151.6 | $ | 141.4 | $ | 143.6 | $ | 114.5 | ||||||||||||||
Capitalized interest | — | — | — | — | 0.1 | 0.1 | — | |||||||||||||||||||||
Interest portion of operating lease expense | 33.8 | 34.5 | 68.8 | 78.5 | 89.1 | 101.0 | 114.8 | |||||||||||||||||||||
Preferred dividends on pre-tax basis | — | — | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||||||||||
Total fixed charges | $ | 117.7 | $ | 119.6 | $ | 236.9 | $ | 230.2 | $ | 230.7 | $ | 244.8 | $ | 229.4 | ||||||||||||||
Ratio of earnings to fixed charges | 1.45 | 1.49 | 1.49 | 2.01 | 1.95 | 1.74 | 1.58 |