EX-12 3 gmt-20141231xexhibit12.htm EXHIBIT 12
Exhibit 12
GATX CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(In millions, except ratios)

| Year Ended December 31
| 2014 |  | 2013 |  | 2012 |  | 2011 |  | 2010
Earnings available for fixed charges: |  |  |  |  |  |  |  |  |
Income before income taxes and share of affiliates' earnings | $ | 231.2 |  |  | $ | 159.0 |  |  | $ | 143.8 |  |  | $ | 107.6 |  |  | $ | 59.3 |
Add: |  |  |  |  |  |  |  |  |
Dividends from affiliated companies | 40.0 |  |  | 34.4 |  |  | 35.1 |  |  | 29.2 |  |  | 36.6 |
Total fixed charges | 206.6 |  |  | 224.1 |  |  | 227.0 |  |  | 232.6 |  |  | 234.5 |
Total earnings available for fixed charges | 477.8 |  |  | $ | 417.5 |  |  | $ | 405.9 |  |  | $ | 369.4 |  |  | $ | 330.4 |
Fixed charges: |  |  |  |  |  |  |  |  |
Interest expense | 159.3 |  |  | $ | 167.8 |  |  | $ | 168.5 |  |  | $ | 169.6 |  |  | $ | 167.3 |
Interest portion of operating lease expense | 47.3 |  |  | 56.0 |  |  | 58.5 |  |  | 62.9 |  |  | 67.1 |
Preferred dividends on pretax basis | — |  |  | 0.3 |  |  | — |  |  | 0.1 |  |  | 0.1 |
Total fixed charges | 206.6 |  |  | $ | 224.1 |  |  | $ | 227.0 |  |  | $ | 232.6 |  |  | $ | 234.5 |
Ratio of earnings to fixed charges | 2.31 |  |  | 1.86 |  |  | 1.79 |  |  | 1.59 |  |  | 1.41 |