EXHIBIT 11A
GATX CORPORATION AND SUBSIDIARIES
---------------------
COMPUTATION OF NET INCOME PER SHARE OF COMMON STOCK
AND COMMON STOCK EQUIVALENTS
IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Three Months Ended
March 31
-----------------------
1994 1993
-------- --------
Average number of shares of Common Stock outstanding.. 19.8 19.5
Shares issuable upon assumed exercise of stock
options, reduced by the number of shares which
could have been purchased with the proceeds
from exercise of such options........................ .3 .3
-------- --------
Total................................................. 20.1 19.8
======== =========
Net income............................................ $ 20.2 $ 18.6
Deduct - Dividends paid and accrued on
Preferred Stock.................................... 3.3 3.3
-------- --------
Net income, as adjusted............................... $ 16.9 $ 15.3
======== ========
Net income per share.................................. $ .84 $ .77
======== ========
-11-