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)			2/2/13			1/28/12			1/29/11		1/30/10		1/31/09
Income/(loss) from continuing operations before income taxes		$	(1,536)		$	(229)		$	581	$	403	$	910
Fixed charges
	Net interest expense		226			227			231		260		225
	Interest income included in net interest		5			8			11		10		37
	Bond premiums and unamortized costs		-			-			20		-		-
	Estimated interest within rental expense		101			104			102		98		89
	Capitalized interest		-			-			-		4		10
Total fixed charges			333			339			364		372		361
Capitalized interest			-			-			-		(4)		(10)
Total earnings available for fixed charges		$	(1,203)		$	110		$	945	$	771	$	1,261
Ratio of earnings to fixed charges			(3.6)	(1)		0.3	(1)		2.6		2.1		3.5

(1)  Total available income/(loss) from continuing operations (before income taxes and capitalized interest, but after preferred stock dividend) was not sufficient to cover combined fixed charges and preferred stock for the 53 weeks ended 2/2/13 and the 52 weeks ended 1/28/12 by $1,536 million and $229 million, respectively.