Attached files
Exhibit 12
J.C. Penney Company, Inc.
Computation of Ratios of Earnings to Fixed Charges
(Unaudited)
52 Weeks | 52 Weeks | 52 Weeks | 53 Weeks | 52 Weeks | |||||||||||||||
Ended | Ended | Ended | Ended | Ended | |||||||||||||||
($ in millions) | 1/30/2016 | 1/31/2015 | 2/1/2014 | 2/2/2013 | 1/28/2012 | ||||||||||||||
Income/(loss) from continuing operations before income taxes | $ | (504 | ) | $ | (694 | ) | $ | (1,708 | ) | $ | (1,227 | ) | $ | (428 | ) | ||||
Fixed charges: | |||||||||||||||||||
Net interest expense | 405 | 406 | 352 | 226 | 227 | ||||||||||||||
Interest income included in net interest | — | — | 1 | 6 | 8 | ||||||||||||||
Loss on extinguishment of debt, bond premiums and unamortized costs | 10 | 34 | 114 | — | — | ||||||||||||||
Estimated interest within rental expense | 94 | 98 | 99 | 101 | 104 | ||||||||||||||
Total fixed charges | 509 | 538 | 566 | 333 | 339 | ||||||||||||||
Total earnings available for fixed charges | $ | 5 | $ | (156 | ) | $ | (1,142 | ) | $ | (894 | ) | $ | (89 | ) | |||||
Ratio of earnings to fixed charges | — | (0.3 | ) | (2.0 | ) | (2.7 | ) | (0.3 | ) | ||||||||||
Coverage deficiency | 504 | 694 | 1,708 | 1,227 | 428 |