Exhibit 12.1
GATX Corporation and Subsidiaries
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(In millions, except for ratios)
| Six Months Ended June 30 | Year Ended December 31 | |||||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||
Earnings available for fixed charges: | ||||||||||||||||||||||||
Income before income taxes and share of affiliates’ earnings | $ | 174.1 | $ | 270.3 | $ | 231.2 | $ | 159.0 | $ | 143.8 | $ | 107.6 | ||||||||||||
Add: | ||||||||||||||||||||||||
Dividends from affiliated companies | 0.1 | 32.2 | 40.0 | 34.4 | 35.1 | 29.2 | ||||||||||||||||||
Total fixed charges | 88.8 | 191.5 | 206.6 | 224.1 | 227.0 | 232.6 | ||||||||||||||||||
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Total earnings available for fixed charges | $ | 263.0 | $ | 494.0 | $ | 477.8 | $ | 417.5 | $ | 405.9 | $ | 369.4 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 74.6 | $ | 156.2 | $ | 159.3 | $ | 167.8 | $ | 168.5 | $ | 169.6 | ||||||||||||
Interest portion of operating lease expense | 14.2 | 35.3 | 47.3 | 56.0 | 58.5 | 62.9 | ||||||||||||||||||
Preferred dividends on pre-tax basis | — | — | — | 0.3 | — | 0.1 | ||||||||||||||||||
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Total fixed charges | $ | 88.8 | $ | 191.5 | $ | 206.6 | $ | 224.1 | $ | 227.0 | $ | 232.6 | ||||||||||||
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Ratio of earnings to fixed charges | 2.96 | 2.58 | 2.31 | 1.86 | 1.79 | 1.59 | ||||||||||||||||||
