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<PAGE> 1
EXHIBIT 11B
GATX CORPORATION AND SUBSIDIARIES
COMPUTATION OF DILUTED NET INCOME PER SHARE OF COMMON STOCK
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
------------------- ---------------------
2000 1999 2000 1999
-------- -------- --------- ---------
<S> <C> <C> <C> <C>
Average number of shares to compute basic
earnings per share 47.5 49.5 47.9 49.4
Shares issuable upon assumed exercise of stock
options, reduced by the number of
shares which could have been
purchased with the proceeds from
exercise of such options 1.1 1.0 .8 1.0
Common stock issuable upon assumed
conversion of preferred stock .1 .1 .1 .1
-------- -------- --------- ---------
Total shares 48.7 50.6 48.8 50.5
======== ======== ========= =========
Net income, as adjusted per basic computation $ 45.1 $ 42.2 $ 127.2 $ 119.5
Add - Dividends paid and accrued on preferred
stock - - - -
-------- -------- --------- ---------
Net income, as adjusted $ 45.1 $ 42.2 $ 127.2 $ 119.5
======== ======== ========= =========
Diluted net income per share $ .93 $ .83 $ 2.61 $ 2.36
======== ======== ========= =========
</TABLE>
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