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)
2/3/2018
 
1/28/2017
 
1/30/2016
 
1/31/2015
 
2/1/2014
Income/(loss) from continuing operations before income taxes
$
(242
)
 
$
2

 
$
(504
)
 
$
(694
)
 
$
(1,708
)
Fixed charges:
 
 
 
 
 
 
 
 
 
Net interest expense
325

 
363

 
405

 
406

 
352

Interest income included in net interest
1

 

 

 

 
1

Loss on extinguishment of debt, bond premiums and unamortized costs
33

 
30

 
10

 
34

 
114

Estimated interest within rental expense
93

 
93

 
94

 
98

 
99

Total fixed charges
452

 
486

 
509

 
538

 
566

Total earnings available for fixed charges
$
210

 
$
488

 
$
5

 
$
(156
)
 
$
(1,142
)
Ratio of earnings to fixed charges
0.5

 
1.0

 

 
(0.3
)
 
(2.0
)
Coverage deficiency
242

 
NA

 
504

 
694

 
1,708