Gatx Corp – ‘10-K’ for 12/31/93 – EX-11.B

As of:  Monday, 3/21/94   ·   For:  12/31/93   ·   Accession #:  40211-94-1   ·   File #:  1-02328

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report on Form 10K                             32    124K 
 2: EX-10.C     Material Contract                                      9     32K 
 3: EX-10.J     Gatx EX-10.J                                           4     12K 
 4: EX-11.A     Gatx EX-11.A                                           1      7K 
 5: EX-11.B     Statement re: Computation of Earnings Per Share        2±     8K 
 6: EX-12       Gatx EX-12                                             2±    10K 
 7: EX-13       Gatx EX-13                                            37    179K 
 8: EX-22       Gatx EX-22                                             1      6K 
 9: EX-24       Gatx EX-24                                             1      6K 
10: EX-25       Gatx EX-25                                            10     19K 

EX-11.B   —   Statement re: Computation of Earnings Per Share

EX-11.B
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                                                         EXHIBIT 11.B             
                        GATX CORPORATION AND SUBSIDIARIES                         

         COMPUTATION OF NET INCOME (LOSS) PER SHARE OF COMMON STOCK AND           
                 COMMON STOCK EQUIVALENTS ASSUMING FULL DILUTION                  
           (PRINCIPALLY CONVERSION OF ALL OUTSTANDING PREFERRED STOCK)            


                                                   Year Ended December 31         
                                          1993    1992   1991    1990   1989      
                                           (In millions, except per share amounts)
                                                                                  
Average number of shares used to                                                  
 compute primary earnings per share        19.9    19.4   19.5    19.3   19.2     
Common Stock issuable upon assumed                                                
 conversion of Preferred Stock                *       *    4.1     4.1    1.8     
                                         ------  ------ ------  ------ ------     

Total                                      19.9    19.4   23.6    23.4   21.0     
                                         ======  ====== ======  ====== ======     

Net income (loss) as adjusted                                                     
  per primary computation                $ 59.4  $(29.8)$ 69.4  $ 69.5 $ 61.1     
Add - Dividends paid and                                                          
  accrued on Preferred Stock                  *       *   13.3    13.4    5.4     
                                         ------  ------ ------  ------ ------     

Net income (loss), as adjusted           $ 59.4  $(29.8)$ 82.7  $ 82.9 $ 66.5     
                                         ======  ====== ======  ====== ======     

Net income (loss) per share,                                                      
 assuming full dilution                  $ 2.99  $(1.53)$ 3.51  $ 3.54 $ 3.16     
                                         ======  ====== ======  ====== ======     

* Conversion of Preferred Stock is excluded from computation of fully diluted     
  earnings because of antidilutive effects.                                       

Additional fully diluted computation (1)                                          
  Average number of shares used to                                                
    compute primary earnings per share..   19.6    19.4                           
  Common stock issuable upon assumed                                              
    conversion of Preferred Stock, and                                            
    stock option exercises...............   4.4     4.3                           
                                         ----------------                         

                                           24.0    23.7                           
                                         ================                         

  Net income (loss) as adjusted                                                   
    per primary computation............. $ 59.4  $(29.8)                          
  Add - Dividends paid and accrued                                                
    on Preferred Stock..................   13.3    13.3                           
                                          ---------------                         

                                         $ 72.7  $(16.5)                          
                                          ================                        

  Net income (loss) per share,                                                    
    assuming full dilution.............. $ 3.03  $( .70)                          
                                          ================                        

  (1)  This calculation is submitted in accordance with Regulation S-K item       
       601(b)(11) although it is contrary to paragraph 40 of APB Opinion No. 15   
       because it produces an antidilutive result.                                

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