Exhibit 12

 

J. C. Penney Company, Inc.

Computation of Ratios of Earnings to Fixed Charges

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

53 Weeks

 

 

52 Weeks

 

 

52 Weeks

 

 

52 Weeks

 

 

52 Weeks

 

 

 

 

Ended

 

 

Ended

 

 

Ended

 

 

Ended

 

 

Ended

 

($ in millions)

 

2/2/13

 

 

1/28/12

 

 

1/29/11

 

 

1/30/10

 

 

1/31/09

 

Income/(loss) from continuing operations before income taxes

$

(1,536)

 

$

(229)

 

$

581 

 

$

403 

 

$

910 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest expense

 

226 

 

 

227 

 

 

231 

 

 

260 

 

 

225 

 

 

Interest income included in net interest

 

 

 

 

 

11 

 

 

10 

 

 

37 

 

 

Bond premiums and unamortized costs

 

-

 

 

-

 

 

20 

 

 

-

 

 

-

 

 

Estimated interest within rental expense

 

101 

 

 

104 

 

 

102 

 

 

98 

 

 

89 

 

 

Capitalized interest

 

-

 

 

-

 

 

-

 

 

 

 

10 

 

Total fixed charges

 

333 

 

 

339 

 

 

364 

 

 

372 

 

 

361 

 

Capitalized interest

 

-

 

 

-

 

 

-

 

 

(4)

 

 

(10)

 

Total earnings available for fixed charges

$

(1,203)

 

$

110 

 

$

945 

 

$

771 

 

$

1,261 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

(3.6)

 (1)

 

0.3 

(1)

 

2.6 

 

 

2.1 

 

 

3.5 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)  Total available income/(loss) from continuing operations (before income taxes and capitalized interest, but after preferred stock dividend) was not sufficient to cover combined fixed charges and preferred stock for the 53 weeks ended 2/2/13 and the 52 weeks ended 1/28/12 by $1,536 million and $229 million, respectively.