Ownership Profile

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Shareholder Breakdown
	Holders	Values ($)	% O/S	Shares
Institution	96	550,504,670.00	95.56	20,404,176
Mutual Fund	153	97,030,223.00	16.84	3,596,376

Institutional Shareholder Rotation
	Holders	Values Change ($)	% O/S	Shares Change
Buyers	53	24,214,956.00	20.71	897,515
Sellers	32	-18,692,390.00	18.93	-692,824
Net	--	5,522,566.00	1.78	204,691

Institutional Shareholder Concentration
	Values ($)	% O/S	Shares
Top 10 Inst.	475,031,410	82.46	17,606,798
Top 20 Inst.	514,056,065.00	89.23	19,053,227
Top 50 Inst.	544,168,038.00	94.46	20,169,312
Total Inst.	550,504,670.00	95.56	20,404,176

Institutional Shareholder Style
	Holders	Values ($)	% O/S	Shares
GARP	49	40,298,920	7.32	1,493,659
Value	20	136,957,333	24.88	5,076,254
Aggressive Growth	11	334,055,352	60.68	12,381,592
Growth	7	8,681,841	1.58	321,788
Index	6	29,691,032	5.39	1,100,483
Yield	2	10,792	0.00	400
Deep Value	1	809,400	0.15	30,000

Top Holders: Institutional Investor
	Shares Held	% O/S	Shares Change	Filing Date
Icahn Associates Corp.	11,848,898	55.49	0	03/31/2012
Advisory Research, Inc.	2,058,647	9.64	-68,430	03/31/2012
Dimensional Fund Advisors, Inc.	1,705,093	7.99	9,310	03/31/2012
The Vanguard Group, Inc.	515,009	2.41	33,024	03/31/2012
F&C Asset Managers Ltd.	334,244	1.57	-100	03/31/2012
BlackRock Fund Advisors	321,889	1.51	-13,557	03/31/2012
PAR Capital Management, Inc.	222,700	1.04	222,700	03/31/2012
The California Public Employees Retirement System	217,697	1.02	-3,623	12/31/2011

Ownership data is provided by FactSet, a third party service, and American Railcar Industries, Inc. does not maintain or provide information directly to this service.