1
EXHIBIT 11B
GATX CORPORATION AND SUBSIDIARIES
COMPUTATION OF DILUTED NET INCOME (LOSS) PER SHARE
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
YEAR ENDED DECEMBER 31
-----------------------------------------------------
1999 1998 1997 1996 1995
-------- -------- -------- -------- --------
Average number of shares used to compute basic
net income (loss) per share 49.3 49.2 45.1 40.4 40.0
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 .9 1.1 * .6 .7
Common stock issuable upon assumed conversion
of preferred stock .1 .1 * 7.9 8.0
-------- -------- -------- -------- --------
Total 50.3 50.4 45.1 48.9 48.7
Net income (loss) as adjusted per basic computation $ 151.2 $ 131.8 $ (57.6) $ 89.5 $ 87.6
Add - Dividends paid on preferred stock .1 .1 * 13.2 13.2
-------- -------- -------- -------- --------
Net income (loss), as adjusted $ 151.3 $ 131.9 $ (57.6) $ 102.7 $ 100.8
======== ======== ======== ======== ========
Diluted net income (loss) per share $ 3.01 $ 2.62 $ (1.28) $ 2.10 $ 2.07
======== ======== ======== ======== ========
* Exercise of options and conversion of preferred stock is excluded from
computation of diluted loss per share because of antidilutive effects.
Additional diluted computation (1)
Average number of shares used to compute basic
net income (loss) per share 45.1
Common stock issuable upon assumed conversion
of preferred stock, and stock option exercises 4.6
------
49.7
======
Net (loss) as adjusted per basic computation $(57.6)
Add - Dividends paid on preferred stock 6.7
------
$(50.9)
======
Diluted net (loss) per share $(1.02)
======
(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.
23