JCPenney 2015 Annual Report Download - page 168

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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