Exhibit 11B
GATX CORPORATION AND SUBSIDIARIES
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
----------------------
1996 1995
-------- ------
Average number of shares used to
compute primary earnings per share...................... 20.5 20.3
Common stock issuable upon assumed
conversion of preferred stock........................... 4.0 4.0
-------- ------
Total shares............................................ 24.5 24.3
======= =======
Net income, as adjusted per primary computation ......... $ 21.4 $ 22.4
Add - Dividends paid and accrued on preferred stock ...... 3.3 3.3
------- -------
Net income, as adjusted................................... $ 24.7 $ 25.7
====== =======
Net income per share, assuming full dilution ............ $ 1.01 $ 1.06
====== =======
-12-