EX-12 3 gmt-20141231xexhibit12.htm EXHIBIT 12 GMT-20141231-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