Exhibit 12

J.C. Penney Company, Inc.
Computation of Ratios of Earnings to Fixed Charges
(Unaudited)
 
52 Weeks
 
52 Weeks
 
53 Weeks
 
52 Weeks
 
52 Weeks
 
Ended
 
Ended
 
Ended
 
Ended
 
Ended
($ in millions)
1/31/2015
 
2/1/2014
 
2/2/2013
 
1/28/2012
 
1/29/2011
Income/(loss) from continuing operations before income taxes
$
(748
)
 
$
(1,886
)
 
$
(1,536
)
 
$
(229
)
 
$
581

Fixed charges:
 
 
 
 
 
 
 
 
 
Net interest expense
406

 
352

 
226

 
227

 
231

Interest income included in net interest

 
1

 
6

 
8

 
11

Loss on extinguishment of debt, bond premiums and unamortized costs
34

 
114

 

 

 
20

Estimated interest within rental expense
98

 
99

 
101

 
104

 
102

Total fixed charges
538

 
566

 
333

 
339

 
364

Total earnings available for fixed charges
$
(210
)
 
$
(1,320
)
 
$
(1,203
)
 
$
110

 
$
945

Ratio of earnings to fixed charges
(0.4
)
 
(2.3
)
 
(3.6
)
 
0.3

 
2.6

Coverage deficiency
748

 
1,886

 
1,536