JCPenney 2013 Annual Report Download - page 109
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Exhibit 12
J.C. Penney Company, Inc.
Computation of Ratios of Earnings to Fixed Charges
(Unaudited)
52 Weeks
53 Weeks
52 Weeks 52 Weeks
52 Weeks
Ended
Ended
Ended Ended
Ended
($ in millions) 2/1/2014
2/2/2013
1/28/2012 1/29/2011
1/30/2010
Income/(loss) from continuing operations before income taxes $(1,886)
$(1,536)
$ (229) $ 581
$403
Fixed charges:
Net interest expense 352
226
227 231
260
Interest income included in net interest 1
6
8 11
10
Loss on extinguishment of debt, bond premiums and
unamortized costs 114
—
— 20
—
Estimated interest within rental expense 99
101
104 102
98
Capitalized interest —
—
— —
4
Total fixed charges 566
333
339 364
372
Capitalized interest —
—
— —
(4)
Total earnings available for fixed charges $(1,320)
$(1,203)
$110 $945
$ 771
Ratio of earnings to fixed charges (2.3)
(3.6)
0.3
2.6
2.1
Coverage deficiency 1,886
1,536
229
—
—