EXHIBIT 12.1
NIKE, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year Ended May 31, | |||||||||
| 2004 |
2003 |
2002 | |||||||
| (In millions) | |||||||||
| Net income |
$ | 945.6 | $ | 474.0 | $ | 663.3 | |||
| Income taxes |
504.4 | 382.9 | 349.0 | ||||||
| Cumulative effect of accounting change |
— | 266.1 | 5.0 | ||||||
| Income before income taxes and cumulative effect of accounting change |
1,450.0 | 1,123.0 | 1,017.3 | ||||||
| Add fixed charges |
|||||||||
| Interest expense (A) |
40.6 | 43.7 | 49.3 | ||||||
| Interest component of leases (B) |
68.9 | 61.1 | 53.3 | ||||||
| Total fixed charges |
109.5 | 104.8 | 102.6 | ||||||
| Earnings before income taxes and fixed charges (C) |
$ | 1,559.2 | $ | 1,227.0 | $ | 1,118.2 | |||
| Ratio of earnings to total fixed charges |
14.2 | 11.7 | 10.9 | ||||||
| (A) | Interest expense includes interest both expensed and capitalized. |
| (B) | Interest component of leases includes one-third of rental expense, which approximates the interest component of operating leases. |
| (C) | Earnings before income taxes and fixed charges is exclusive of capitalized interest. |