EXHIBIT 11B
GATX CORPORATION AND SUBSIDIARIES
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COMPUTATION OF NET INCOME PER SHARE OF COMMON STOCK
AND COMMON STOCK EQUIVALENTS
ASSUMING FULL DILUTION
IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Three Months Ended
March 31
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1994 1993
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Average number of shares used to
compute primary earnings per share.................. 20.1 19.8
Common Stock issuable upon assumed
conversion of Preferred Stock....................... 4.0 *
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Total................................................. 24.1 19.8
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Net income, as adjusted per primary computation....... $ 16.9 $ 15.3
Add - Dividends paid and accrued on Preferred Stock... 3.3 *
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Net income, as adjusted............................... $ 20.2 $ 15.3
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Net income per share, assuming full dilution.......... $ .84 $ .77
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* Conversion of Preferred Stock excluded from computation of fully diluted
earnings because of antidilutive effects.
Additional fully diluted computation (1)
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Average number of shares used to
compute primary earnings per share.................. 19.5
Common Stock issuable upon assumed
conversion of Preferred Stock and
stock option exercises.............................. 4.4
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23.9
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Net income, as adjusted per primary computation....... $ 15.3
Add - Dividends paid and accrued on Preferred Stock... 3.3
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$ 18.6
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Net income per share assuming full dilution........... $ .78
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(1) This calculation is submitted in accordance with Regulation S-K item
601(b)(11), although it is contrary to paragraph 40 of APB Opinion
No. 15 because it produces an antidilutive result.
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