EX-12 6 d788418dex12.htm EX-12 EX-12

Exhibit 12

J. C. PENNEY COMPANY, INC.

RATIO OF EARNINGS TO FIXED CHARGES

(Unaudited)

 

     Six Months Ended
August 2, 2014		  
($ in millions)       

Income/(loss) from continuing operations before income taxes

    $ (520 ) 

Fixed charges:

   

Net interest expense

      203   

Interest income included in net interest

      —   

Loss on extinguishment of debt, bond premiums and unamortized costs

      —   

Estimated interest within rental expense(1)

      49   

Capitalized interest

      —   
  

 

 

  

Total fixed charges:

      252   

Capitalized interest

      —   
  

 

 

  

Total earnings available for fixed charges

    $ (268 ) 

Ratio of earnings to fixed charges

      (1.1 ) 
  

 

 

  

Deficiency of earnings to cover fixed charges

      520   
  

 

 

  

 

(1)  Estimate of interest within rental expense is calculated under the assumption that one-third of rent expense is representative of interest costs.