Exhibit 12
GATX CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
| Year Ended December 31 | ||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
| In millions, except ratios | ||||||||||||||||||||
Earnings available for fixed charges: | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 148.2 | $ | 97.4 | $ | 107.9 | $ | 267.6 | $ | 255.4 | ||||||||||
Add (deduct): | ||||||||||||||||||||
Share of affiliates’ earnings, net of distributions received | (11.4 | ) | (1.5 | ) | 7.0 | (34.4 | ) | (36.3 | ) | |||||||||||
Total fixed charges | 232.6 | 234.5 | 236.9 | 230.2 | 230.7 | |||||||||||||||
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Total earnings available for fixed charges | $ | 369.4 | $ | 330.4 | $ | 351.8 | $ | 463.4 | $ | 449.8 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 169.6 | $ | 167.3 | $ | 168.0 | $ | 151.6 | $ | 141.4 | ||||||||||
Capitalized interest | — | — | — | — | 0.1 | |||||||||||||||
Interest portion of operating lease expense | 62.9 | 67.1 | 68.8 | 78.5 | 89.1 | |||||||||||||||
Preferred dividends on pre-tax basis | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||||
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Total fixed charges | $ | 232.6 | $ | 234.5 | $ | 236.9 | $ | 230.2 | $ | 230.7 | ||||||||||
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Ratio of earnings to fixed charges | 1.59 | 1.41 | 1.49 | 2.01 | 1.95 | |||||||||||||||
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