Old COPPER (CPPRQ) 8-K Other Events

Exhibit 12

J. C. Penney Company, Inc.

Computation of Ratios of Earnings to Fixed Charges

(Unaudited)

	13 Weeks
	Ended
($ in millions)	4/30/2016
Income/(loss) from continuing operations before income taxes	$	(69	)
Fixed charges:
Net interest expense	95
Interest income included in net interest	—
(Gain)/loss on extinguishment of debt, bond premiums and unamortized costs	(4		)
Estimated interest within rental expense	22
Total fixed charges	113
Total earnings available for fixed charges	$	44
Ratio of earnings to fixed charges	0.4
Coverage deficiency	69