Exhibit 12
GATX CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
Year Ended December 31 | |||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
In millions, except ratios | |||||||||||||||||||
Earnings available for fixed charges: | |||||||||||||||||||
Income before income taxes | $ | 143.8 | $ | 107.6 | $ | 59.3 | $ | 78.9 | $ | 177.0 | |||||||||
Add: | |||||||||||||||||||
Dividends from affiliated companies | 35.1 | 29.2 | 36.6 | 36.0 | 56.2 | ||||||||||||||
Total fixed charges | 227.0 | 232.6 | 234.5 | 236.9 | 230.2 | ||||||||||||||
Total earnings available for fixed charges | $ | 405.9 | $ | 369.4 | $ | 330.4 | $ | 351.8 | $ | 463.4 | |||||||||
Fixed charges: | |||||||||||||||||||
Interest expense | 168.5 | $ | 169.6 | $ | 167.3 | $ | 168.0 | $ | 151.6 | ||||||||||
Interest portion of operating lease expense | 58.5 | 62.9 | 67.1 | 68.8 | 78.5 | ||||||||||||||
Preferred dividends on pre-tax basis | — | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||
Total fixed charges | 227.0 | $ | 232.6 | $ | 234.5 | $ | 236.9 | $ | 230.2 | ||||||||||
Ratio of earnings to fixed charges | 1.79 | 1.59 | 1.41 | 1.49 | 2.01 |