Old COPPER (CPPRQ) 10-K 2005 FY Annual report

EXHIBIT 12(a)

J. C. Penney Company, Inc.
and Consolidated Subsidiaries
Computation of Ratios of Available Income from Continuing Operations to Combined Fixed Charges
and Preferred Stock Dividend Requirement

	52 Weeks		53 Weeks		52 Weeks		52 Weeks		52 Weeks
	Ended		Ended		Ended		Ended		Ended
($ in Millions)		1/29/05		1/31/04		1/25/03		1/26/02		1/27/01

Income/(loss) from continuing operations	$	1,009		$	521		$	388		$	243		$	(332	)
(before income taxes, before capitalized interest, but after preferred stock dividend)
Fixed charges
Interest (including capitalized interest) on:
Operating leases		60			65			78			74			88
Short-term debt		3			6			4			—			13
Long-term debt		373			429			403			426			464
Capital leases		—			—			—			1			3
Bond premiums		47			—			—			—			—
Other, net		18			21			22			11			(2	)
Less: interest expense of discontinued operations		(95	)		(164	)		(162	)		(155	)		(214	)
Total fixed charges		406			357			345			357			352
Preferred stock dividend, before taxes		12			25			27			29			33
Combined fixed charges and preferred stock dividend requirement		418			382			372			386			385
Total available income	$	1,427		$	903		$	760		$	629		$	53
Ratio of available income to combined fixed charges and preferred stock dividend requirement		3.4			2.4			2.0			1.6			0.1	*

* Total available income 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 by $332 million.