GATX (GATX) S-3ASR Automatic shelf registration

Exhibit 12.1

GATX Corporation and Subsidiaries
Computation of Ratios of Earnings to Fixed Charges (Unaudited)
(In Millions, Except for Ratios)

	Six Months Ended June 30						Year Ended December 31
	2007			2006			2006			2005			2004			2003			2002
Earnings available for fixed charges:
Income from continuing operations before cumulative effect of accounting change	$	80.5		$	79.1		$	151.4		$	106.0		$	155.7		$	69.4		$	24.2
Add (deduct):
Income taxes		46.2			36.3			76.1			66.6			66.6			19.9			11.3
Share of affiliates’ earnings, net of distributions received		(17.2	)		(24.3	)		(39.9	)		(33.5	)		(23.3	)		(32.5	)		(0.1	)
Interest on indebtedness and amortization of debt discount and expense		60.6			60.7			129.2			105.8			126.4			134.2			148.8
Interest portion of operating lease expense		45.1			54.0			101.0			114.8			112.6			120.5			126.8
Total earnings available for fixed charges	$	215.2		$	205.8		$	417.8		$	359.7		$	438.0		$	311.5		$	311.0
Preferred stock dividends	$	—		$	—		$	0.1		$	0.1		$	0.1		$	0.1		$	0.1
Ratio to convert preferred dividends to pre-tax basis		157	%		146	%		150	%		163	%		143	%		126	%		130	%
Preferred dividends on pre-tax basis		—			—			0.1			0.1			0.1			0.1			0.1
Fixed charges:
Interest on indebtedness and amortization of debt discount and expense	$	60.6		$	60.7		$	129.2		$	105.8		$	126.4		$	134.2		$	148.8
Capitalized interest		0.2			—			0.1			—			—			—			—
Interest portion of operating lease expense		45.1			54.0			101.0			114.8			112.6			120.5			126.8
Combined fixed charges and preferred stock dividends	$	105.9		$	114.7		$	230.4		$	220.7		$	239.1		$	254.8		$	275.7
Ratio of earnings to combined fixed charges and preferred stock dividends (a)		2.03x			1.79x			1.81x			1.63x			1.83x			1.22x			1.13x

(a) The ratio of earnings to fixed charges represents the number of times “fixed charges” are covered by “earnings.” “Fixed charges” consist of interest on outstanding debt and amortization of debt discount and expense, adjusted for capitalized interest and the interest portion of operating lease expense. “Earnings” consist of income from continuing operations before income taxes and fixed charges, less share of affiliates’ earnings, net of distributions received.