EX-12 3 gatx-20171231xexhibit12.htm EXHIBIT 12 Exhibit


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
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings available for fixed charges:
 
 
 
 
 
 
 
 
 
Income before income taxes and share of affiliates' earnings
$
214.4

 
$
305.4

 
$
270.3

 
$
231.2

 
$
159.0

Add:
 
 
 
 
 
 
 
 
 
Dividends from affiliated companies
30.2

 
35.2

 
32.2

 
40.0

 
34.4

Total fixed charges
188.7

 
178.7

 
191.5

 
206.6

 
224.1

Total earnings available for fixed charges
$
433.3

 
$
519.3

 
$
494.0

 
$
477.8

 
$
417.5

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
163.6

 
$
150.0

 
$
156.2

 
$
159.3

 
$
167.8

Interest portion of operating lease expense
25.1

 
28.7

 
35.3

 
47.3

 
56.0

Preferred dividends on pre-tax basis
—

 
—

 
—

 
—

 
0.3

Total fixed charges
$
188.7

 
$
178.7

 
$
191.5

 
$
206.6

 
$
224.1

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
2.30

 
2.91

 
2.58

 
2.31

 
1.86