Exhibit 12

J. C. Penney Company, Inc.
Computation of Ratios of Earnings to Fixed Charges
(Unaudited)
 
13 Weeks
 
13 Weeks
 
52 Weeks
 
52 Weeks
 
52 Weeks
 
53 Weeks
 
52 Weeks
 
Ended
 
Ended
 
Ended
 
Ended
 
Ended
 
Ended
 
Ended
($ in millions)
4/30/2016
 
5/2/2015
 
1/30/2016
 
1/31/2015
 
2/1/2014
 
2/2/2013
 
1/28/2012
Income/(loss) from continuing operations before income taxes
$
(69
)
 
$
(144
)
 
$
(504
)
 
$
(694
)
 
$
(1,708
)
 
$
(1,227
)
 
$
(428
)
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest expense
95

 
98

 
405

 
406

 
352

 
226

 
227

Interest income included in net interest

 

 

 

 
1

 
6

 
8

(Gain)/loss on extinguishment of debt, bond premiums and unamortized costs
(4
)
 

 
10

 
34

 
114

 

 

Estimated interest within rental expense
22

 
24

 
94

 
98

 
99

 
101

 
104

Total fixed charges
113

 
122

 
509

 
538

 
566

 
333

 
339

Total earnings available for fixed charges
$
44

 
$
(22
)
 
$
5

 
$
(156
)
 
$
(1,142
)
 
$
(894
)
 
$
(89
)
Ratio of earnings to fixed charges
0.4

 
(0.2
)
 

 
(0.3
)
 
(2.0
)
 
(2.7
)
 
(0.3
)
Coverage deficiency
N/A

 
144

 
504

 
694

 
1,708

 
1,227

 
428