EXHIBIT 12 J. BAKER, INC. AND SUBSIDIARIES Computation of Ratio of Earnings to Fixed Charges (Dollars in thousands) Fiscal Years Ended February 3, February 1, January 31, January 30, January 29, 1996(a) 1997(b) 1998(d) 1999 2000 ---------- ----------- ------------ ------------ ----------- Historical ratio of earnings to fixed charges Earnings (loss) from continuing operations before taxes and extraordinary item per consolidated statements of earnings $ (64,425) $(157,274) $ 6,251 $ 3,178 $ 13,242 Add: Portion of rents representative of the interest factor 17,316 16,283 10,775 10,723 12,716 Interest on indebtedness including the amortization of debt expense and detachable warrant value(1) 18,754 19,554 13,497 14,723 17,058 -------- -------- -------- -------- -------- Earnings (loss) before fixed charges, as adjusted $ (28,355) $(121,437) $ 30,523 $ 28,624 $ 43,016 ======= ======== ======= ======= ======= Fixed charges Interest on indebtedness including the amortization of debt expense and detachable warrant value (1) $ 18,754 $ 19,554 $ 13,497 $ 14,723 $ 17,058 ------- ------- ------- ------- -------- Rents $ 51,948 $ 48,850 $ 32,326 $ 32,168 $ 38,147 Portion of rents representative of the interest factor (2) $ 17,316 $ 16,283 $ 10,775 $ 10,723 $ 12,716 ------- ------- ------- ------- ------- Fixed charges (1) + (2) $ 36,070 $ 35,837 $ 24,272 $ 25,446 $ 29,774 ======= ======= ======= ======= ======== Ratio of earnings to fixed charges -(c) -(c) 1.26x 1.12x 1.44x ========= ========= ====== ====== ====== (a) 1996 reflects the impact of restructuring charges of $69,300. (b) 1997 reflects the impact of restructuring and other non-recurring charges of $122,309. (c) For 1996 and 1997, earnings did not cover fixed charges by $28,355 and $121,437, respectively. (d) 1998 reflects the impact of litigation settlement charges of $3,432.