EX-12 2 gmt-20131231xexhibit12.htm EXHIBIT 12 GMT-20131231-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
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings available for fixed charges:
 
 
 
 
 
 
 
 
 
Income before income taxes
$
159.0

 
$
143.8

 
$
107.6

 
$
59.3

 
$
78.9

Add:
 
 
 
 
 
 
 
 
 
Dividends from affiliated companies
34.4

 
35.1

 
29.2

 
36.6

 
36.0

Total fixed charges
224.1

 
227.0

 
232.6

 
234.5

 
236.9

Total earnings available for fixed charges
417.5

 
$
405.9

 
$
369.4

 
$
330.4

 
$
351.8

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
167.8

 
$
168.5

 
$
169.6

 
$
167.3

 
$
168.0

Interest portion of operating lease expense
56.0

 
58.5

 
62.9

 
67.1

 
68.8

Preferred dividends on pretax basis
0.3

 
—

 
0.1

 
0.1

 
0.1

Total fixed charges
224.1

 
$
227.0

 
$
232.6

 
$
234.5

 
$
236.9

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.86

 
1.79

 
1.59

 
1.41

 
1.49