EXHIBIT 12 J. BAKER, INC. AND SUBSIDIARIES Computation of Ratio of Earnings to Fixed Charges (Dollars in thousands) Fiscal Years Ended ------------------------------------------------------------------ February 2, January 30, January 29, January 28, February 3, 1992 1993 1994 1995 1996* ----------- ----------- ----------- ----------- ---------- Historical ratio of earnings to fixed charges Earnings (loss) from continuing operations before taxes and extraordinary item per consolidated statements of earnings (1) $12,898 $21,076 $36,424 $36,899 $(64,425) Add: Portion of rents representative of the interest factor 5,459 6,564 15,227 17,593 17,316 Interest on indebtedness including the amortization of debt expense and detachable warrant value (1) 10,352 8,211 8,146 9,735 10,983 ------- ------ ------- ------- ------- Earnings (loss) before fixed charges, as adjusted $28,709 $35,851 $59,797 $64,227 $(36,126) ====== ====== ====== ====== ======= Fixed charges Interest on indebtedness including the amortization of debt expense and detachable warrant value (1) $ 10,352 $ 8,211 $ 8,146 $ 9,735 $ 10,983 ------- ------- -------- ------- -------- Rents $ 16,376 $ 19,691 $ 45,680 $ 52,780 $ 51,948 Portion of rents representative of the interest factor (2) $ 5,459 $ 6,564 $ 15,227 $ 17,593 $ 17,316 ------- ------- ------- ------- ------- Fixed charges (1) + (2) $ 15,811 $ 14,775 $ 23,373 $ 27,328 $ 28,299 ======= ======== ======= ======= ======= Ratio of earnings (loss) to fixed charges 1.82x 2.43x 2.56x 2.35x (1.28)x ======= ======== ======= ======= ======= (*) 1996 reflects the impact of restructuring charges of $69,300,000.