EX-12 2 jcp-0201201410kexhibit12.htm EXHIBIT 12 JCP - 02.01.2014 10K Exhibit 12



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

 
—

 
—