Trance's galloping rate is:
Rate1 = (12 miles)/(40 minutes) = 3/10 mile per minute
His trotting rate is:
Rate2 = (2 miles)/(40 minutes) = 1/20 miles per minute
His first rate exceeded his trotting rate by:
Rate1 - Rate2 = 3/10 - 1/20 = 6/20 - 1/20 = 5/20 = 1/4 mile per minute