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EXHIBIT 12
GATX CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
<Table>
<Caption>
YEAR ENDED DECEMBER 31
--------------------------------------------
2003 2002 2001 2000 1999
------ ------ ------ ------ ------
IN MILLIONS, EXCEPT RATIOS
Earnings available for fixed charges:
Income from continuing operations before
cumulative effect of accounting change..... $ 76.9 $ 29.0 $ 7.5 $ 30.8 $126.3
Add (deduct):
Income tax provision (benefit)................ 26.0 10.0 (1.9) 22.7 82.8
Share of affiliates' earnings, net of
distributions received..................... (49.0) (13.1) (22.5) (43.2) (41.7)
Interest on indebtedness and amortization of
debt discount and expense.................. 199.9 224.6 248.8 242.6 179.9
Portion of operating lease expense
representative of interest factor (deemed
to be one-third)........................... 60.8 59.8 61.4 56.3 51.0
------ ------ ------ ------ ------
Total earnings available for fixed charges...... $314.6 $310.3 $293.3 $309.2 $398.3
------ ------ ------ ------ ------
Preferred stock dividends....................... $ .1 $ .1 $ .1 $ .1 $ .1
Ratio to convert preferred dividends to pre-tax
basis......................................... 134% 134% 75% 174% 166%
------ ------ ------ ------ ------
Preferred dividends on pre-tax basis............ .1 .1 .1 .2 .2
Fixed charges:
Interest on indebtedness and amortization of
debt discount and expense.................. $199.9 $224.6 $248.8 $242.6 $179.9
Capitalized interest.......................... 4.2 15.8 14.4 10.4 4.3
Portion of operating lease expense
representative of interest factor (deemed
to be one-third)........................... 60.8 59.8 61.4 56.3 51.0
------ ------ ------ ------ ------
Combined fixed charges and preferred stock
dividends..................................... $265.0 $300.3 $324.7 $309.5 $235.4
------ ------ ------ ------ ------
Ratio of earnings to combined fixed charges and
preferred stock dividends(A).................. 1.19x 1.03x .90x(B) 1.00x 1.69x
</Table>
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(A) The ratio of earnings to fixed charges represents the number of times
"fixed charges" are covered by "earnings." "Fixed charges" consist of
interest on outstanding debt and amortization of debt discount and expense,
adjusted for capitalized interest and one-third (the proportion deemed
representative of the interest factor) of operating lease expense.
"Earnings" consist of consolidated net income before income taxes and fixed
charges, less share of affiliates' earnings, net of distributions received.
(B) For the year ended December 31, 2001, fixed charges and preferred stock
dividends exceeded earnings by $31.4 million.
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