<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>5
<FILENAME>c67993ex12.txt
<DESCRIPTION>STATEMENT RE: COMPUTATION OF RATIOS OF EARNINGS
<TEXT>
<PAGE>

                                                                      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
                                                              --------------------------
                                                               2001       2000     1999
                                                              ------     ------   ------
                                                              IN MILLIONS, EXCEPT RATIOS
<S>                                                           <C>        <C>      <C>
Earnings available for fixed charges:
  Income from continuing operations.........................  $  7.5     $ 30.8   $126.3
Add (deduct):
  Income tax (benefit) provision............................    (1.9)      22.7     82.8
  Share of affiliates' earnings, net of distributions
     received...............................................   (22.5)     (43.2)   (41.7)
  Interest on indebtedness and amortization of debt discount
     and expense............................................   249.9      242.6    179.9
  Portion of operating lease expense representative of
     interest factor (deemed to be one-third)...............    64.9       59.6     51.0
                                                              ------     ------   ------
Total earnings available for fixed charges..................  $297.9     $312.5   $398.3
                                                              ------     ------   ------
Preferred stock dividends...................................  $   .1     $   .1   $   .1
Ratio to convert preferred dividends to pre-tax basis.......      75%       174%     166%
                                                              ------     ------   ------
Preferred dividends on pre-tax basis........................      .1         .2       .2
Fixed charges:
  Interest on indebtedness and amortization of debt discount
     and expense............................................   249.9      242.6    179.9
  Capitalized interest......................................    14.4       10.4      4.3
  Portion of operating lease expense representative of
     interest factor (deemed to be one-third)...............    64.9       59.6     51.0
                                                              ------     ------   ------
Combined fixed charges and preferred stock dividends........  $329.3     $312.8   $235.4
                                                              ------     ------   ------
Ratio of earnings to combined fixed charges and preferred
  stock dividends(A)........................................    .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.

                                        77

</TEXT>
</DOCUMENT>
