Exhibit 12.1
GATX Corporation and Subsidiaries
Computation of Ratios of Earnings to Fixed Charges (Unaudited)
(In Millions, Except for Ratios)
Six Months Ended June 30 | Year Ended December 31 | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
Earnings available for fixed charges: | ||||||||||||||||||||||||
Income before income taxes and share of affiliates earnings | $ | 56.9 | $ | 143.8 | $ | 107.6 | $ | 59.3 | $ | 78.9 | $ | 177.0 | ||||||||||||
Add (deduct): | ||||||||||||||||||||||||
Dividends from affiliates | 11.5 | 35.1 | 29.2 | 36.6 | 36.0 | 56.2 | ||||||||||||||||||
Total fixed charges | 113.7 | 227.0 | 232.6 | 234.5 | 236.9 | 230.2 | ||||||||||||||||||
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Total earnings available for fixed charges | $ | 182.1 | $ | 405.9 | $ | 369.4 | $ | 330.4 | $ | 351.8 | $ | 463.4 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 85.2 | $ | 168.5 | $ | 169.6 | $ | 167.3 | $ | 168.0 | $ | 151.6 | ||||||||||||
Interest portion of operating lease expense | 28.2 | 58.5 | 62.9 | 67.1 | 68.8 | 78.5 | ||||||||||||||||||
Preferred dividends on pre-tax basis | 0.3 | — | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||
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Total fixed charges | $ | 113.7 | $ | 227.0 | $ | 232.6 | $ | 234.5 | $ | 236.9 | $ | 230.2 | ||||||||||||
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Ratio of earnings to fixed charges | 1.60 | 1.79 | 1.59 | 1.41 | 1.49 | 2.01 |