EXHIBIT 11A


                        GATX CORPORATION AND SUBSIDIARIES

        COMPUTATION OF BASIC NET (LOSS) INCOME PER SHARE OF COMMON STOCK
                     (IN MILLIONS, EXCEPT PER SHARE AMOUNTS)





                                                      THREE MONTHS ENDED     NINE MONTHS ENDED
                                                         SEPTEMBER 30           SEPTEMBER 30
                                                     -------------------    -------------------
                                                      2001         2000       2001       2000
                                                     -------     -------    -------     -------
                                                                            
Average number of shares of common stock
  outstanding                                           48.6        47.5       48.5        47.9

(Loss) income from continuing operations             $  (7.3)    $  37.6    $  19.6     $ 107.6
Income from discontinued operations                      -           7.5      165.4        19.6
                                                     -------     -------    -------     -------
Net (loss) income                                       (7.3)       45.1      185.0       127.2
Deduct - dividends paid and accrued on preferred
  stock                                                  -           -          -           -
                                                     -------     -------    -------     -------

Net (loss) income, as adjusted                       $  (7.3)    $  45.1    $ 185.0     $ 127.2
                                                     =======     =======    =======     =======

Basic net (loss) income per share:
  (Loss) income from continuing operations           $  (.15)    $   .79    $   .41     $  2.24
  Income from discontinued operations                    -           .16       3.41         .41
                                                     -------     -------    -------     -------
Basic net (loss) income per share                    $  (.15)    $   .95    $  3.82     $  2.65
                                                     =======     =======    =======     =======