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 Nine Months Ended
September 30 September 30
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1997 1996 1997 1996
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Average number of shares of
Common Stock outstanding ............. 24.4 20.2 22.0 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 ......................... .5 .3 .4 .3
------ ------ ------ ------
Total shares ............................. 24.9 20.5 22.4 20.5
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Net income ............................... $ 28.0 $ 33.4 $ 89.4 $ 83.8
Deduct - Dividends paid and accrued on
Preferred Stock ...................... -- 3.3 6.6 9.9
Net income, as adjusted .................. $ 28.0 $ 30.1 $ 82.8 $ 73.9
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Net income per share ..................... $ 1.12 $ 1.47 $ 3.70 $ 3.61
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<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
September 30, 1997 and September 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>