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 Six Months
Ended June 30 Ended June 30
--------------- ---------------
1997 1996 1997 1996
------ ------ ------ ------
Average number of shares of
Common Stock outstanding ............................ 21.4 20.2 20.9 20.2
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 .................................. .4 .3 .4 .3
------ ------ ----- -----
Total shares .......................................... 21.8 20.5 21.3 20.5
====== ====== ===== ======
Net income ............................................ $ 30.2 $ 25.7 $ 61.4 $ 50.4
Deduct - Dividends paid and accrued on
preferred stock .................................. 3.3 3.3 6.6 6.6
------ ------ ------ ------
Net income, as adjusted ............................... $ 26.9 $ 22.4 $ 54.8 $ 43.8
====== ====== ====== ======
Net income per share .................................. $ 1.23 $ 1.09 $ 2.57 $ 2.14
====== ====== ====== ======
<FN>
Note: In February 1997, the Financial Accounting Standards Board issued
Statement No. 128 (FAS 128), Earnings per Share, which is required to
be adopted on December 31, 1997. At that time, the Company will be
required to change the method currently used to compute earnings per
share and to restate all prior periods. In addition to changes in the
computation, the terms "primary" and "fully diluted" earnings per share
will be replaced with the terms "basic" and "diluted," respectively.
Under the new requirements for calculating primary/basic earnings per
share, the dilutive effect of stock options will be excluded. The
impact is expected to result in an increase in primary/basic earnings
per share of approximately $.03 and $.02 per share for each of the
quarters ended June 30, 1997 and June 30, 1996, respectively. The
impact of FAS 128 on the calculation of fully diluted/diluted earnings
per share for these quarters is expected to result in no change.
</FN>
-13-