EXHIBIT 12.1
NIKE, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year Ended May 31, | |||||||||
| 2007 | 2006 | 2005 | |||||||
| (In millions) | |||||||||
| Net income |
$ | 1,491.5 | $ | 1,392.0 | $ | 1,211.6 | |||
| Income taxes |
708.4 | 749.6 | 648.2 | ||||||
| Income before income taxes |
2,199.9 | 2,141.6 | 1,859.8 | ||||||
| Add fixed charges |
|||||||||
| Interest expense(1) |
49.7 | 50.5 | 39.7 | ||||||
| Interest component of leases(2) |
95.1 | 84.0 | 77.5 | ||||||
| Total fixed charges |
144.8 | 134.5 | 117.2 | ||||||
| Earnings before income taxes and fixed charges(3) |
$ | 2,344.7 | $ | 2,276.1 | $ | 1,977.0 | |||
| Ratio of earnings to total fixed charges |
16.2 | 16.9 | 16.9 | ||||||
| (1) |
Interest expense includes interest both expensed and capitalized. |
| (2) |
Interest component of leases includes one-third of rental expense, which approximates the interest component of operating leases. |
| (3) |
Earnings before income taxes and fixed charges is exclusive of capitalized interest. |