Exhibit 12

J.C. Penney Company, Inc.
Computation of Ratios of Earnings to Fixed Charges
(Unaudited)
 
52 Weeks
 
53 Weeks
 
52 Weeks
 
52 Weeks
 
52 Weeks
 
Ended
 
Ended
 
Ended
 
Ended
 
Ended
($ in millions)
2/1/2014
 
2/2/2013
 
1/28/2012
 
1/29/2011
 
1/30/2010
Income/(loss) from continuing operations before income taxes
$
(1,886
)
 
$
(1,536
)
 
$
(229
)
 
$
581

 
$
403

Fixed charges:
 
 
 
 
 
 
 
 
 
Net interest expense
352

 
226

 
227

 
231

 
260

Interest income included in net interest
1

 
6

 
8

 
11

 
10

Loss on extinguishment of debt, bond premiums and unamortized costs
114

 

 

 
20

 

Estimated interest within rental expense
99

 
101

 
104

 
102

 
98

Capitalized interest

 

 

 

 
4

Total fixed charges
566

 
333

 
339

 
364

 
372

Capitalized interest

 

 

 

 
(4
)
Total earnings available for fixed charges
$
(1,320
)
 
$
(1,203
)
 
$
110

 
$
945

 
$
771

Ratio of earnings to fixed charges
(2.3
)
 
(3.6
)
 
0.3

 
2.6

 
2.1

Coverage deficiency
1,886

 
1,536

 
229