Exhibit 12

J. C. Penney Company, Inc.
Computation of Ratios of Earnings to Fixed Charges
(Unaudited)
 
52 Weeks
 
52 Weeks
 
52 Weeks
 
52 Weeks
 
53 Weeks
 
Ended
 
Ended
 
Ended
 
Ended
 
Ended
($ in millions)
1/28/2017
 
1/30/2016
 
1/31/2015
 
2/1/2014
 
2/2/2013
Income/(loss) from continuing operations before income taxes
$
2

 
$
(504
)
 
$
(694
)
 
$
(1,708
)
 
$
(1,227
)
Fixed charges:
 
 
 
 
 
 
 
 
 
Net interest expense
363

 
405

 
406

 
352

 
226

Interest income included in net interest

 

 

 
1

 
6

Loss on extinguishment of debt, bond premiums and unamortized costs
30

 
10

 
34

 
114

 

Estimated interest within rental expense
93

 
94

 
98

 
99

 
101

Total fixed charges
486

 
509

 
538

 
566

 
333

Total earnings available for fixed charges
$
488

 
$
5

 
$
(156
)
 
$
(1,142
)
 
$
(894
)
Ratio of earnings to fixed charges
1.0

 

 
(0.3
)
 
(2.0
)
 
(2.7
)
Coverage deficiency
NA

 
504

 
694

 
1,708

 
1,227