1
EXHIBIT 11B
GATX CORPORATION AND SUBSIDIARIES
COMPUTATION OF DILUTED NET INCOME PER SHARE OF COMMON STOCK
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
Three Months Ended
March 31
-------------------------
1999 1998
--------- ---------
Average number of shares used to compute basic earnings
per share 49.4 49.0
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 1.0 1.2
Common stock issuable upon assumed conversion of preferred stock .1 .2
--------- ---------
Total shares 50.5 50.4
========= =========
Net income, as adjusted per basic computation $ 39.2 $ 37.4
Add - Dividends paid and accrued on preferred stock - -
--------- ---------
Net income, as adjusted $ 39.2 $ 37.4
========= =========
Diluted net income per share $ .78 $ .74
========= =========
Note: 1998 amounts have been restated to reflect a two-for-one stock split
effected in June 1998.
16