Exhibit 12

J. C. Penney Company, Inc.

Computation of Ratios of Earnings to Fixed Charges

(Unaudited)

($ in millions)	52 Weeks Ended 1/28/12			52 Weeks Ended 1/29/11		52 Weeks Ended 1/30/10			52 Weeks Ended 1/31/09			52 Weeks Ended 2/2/08
(Loss)/income from continuing operations before income taxes	$	(229	)	$	581	$	403		$	910		$	1,723
Fixed charges
Net interest expense		227			231		260			225			153
Interest income included in net interest		8			11		10			37			118
Bond premiums and unamortized costs		—			20		—			—			12
Estimated interest within rental expense		104			102		98			89			75
Capitalized interest		—			—		4			10			10
Total fixed charges		339			364		372			361			368
Capitalized interest		—			—		(4	)		(10	)		(10	)
Total earnings available for fixed charges	$	110		$	945	$	771		$	1,261		$	2,081
Ratio of earnings to fixed charges		0.3			2.6		2.1			3.5			5.7