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 |
|
