EXHIBIT 12

J. C. Penney Company, Inc.

Computation of Ratios of Earnings to Fixed Charges

(Unaudited)

($ in millions)	52 Weeks Ended 1/29/11		52 Weeks Ended 1/30/10			52 Weeks Ended 1/31/09			52 Weeks Ended 2/2/08			53 Weeks Ended 2/3/07
Income from continuing operations before income tax	$	581	$	403		$	910		$	1,723		$	1,792
Fixed charges
Net interest expense		231		260			225			153			130
Interest income included in net interest		11		10			37			118			139
Bond premiums and unamortized costs		20		-			-			12			-
Estimated interest within rental expense		102		98			89			75			69
Capitalized interest		-		4			10			10			5
Total fixed charges		364		372			361			368			343
Capitalized interest		-		(4	)		(10	)		(10	)		(5	)
Total earnings available for fixed charges	$	945	$	771		$	1,261		$	2,081		$	2,130
Ratio of earnings to fixed charges		2.6		2.1			3.5			5.7			6.2