EXHIBIT 12.1
NIKE, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year Ended May 31, | |||||||||
| 2006 | 2005 | 2004 | |||||||
| (In millions) | |||||||||
| Net income |
$ | 1,392.0 | $ | 1,211.6 | $ | 945.6 | |||
| Income taxes |
749.6 | 648.2 | 504.4 | ||||||
| Income before income taxes |
2,141.6 | 1,859.8 | 1,450.0 | ||||||
| Add fixed charges |
|||||||||
| Interest expense (A) |
50.5 | 39.7 | 40.6 | ||||||
| Interest component of leases (B) |
84.0 | 77.5 | 68.9 | ||||||
| Total fixed charges |
134.5 | 117.2 | 109.5 | ||||||
| Earnings before income taxes and fixed charges (C) |
$ | 2,276.1 | $ | 1,977.0 | $ | 1,559.2 | |||
| Ratio of earnings to total fixed charges |
16.9 | 16.9 | 14.2 | ||||||
| (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. |