EXHIBIT 12.1
NIKE, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year Ended May 31, | |||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||
| (In millions) | |||||||||||||||
| Net income |
$ | 1,883.4 | $ | 1,491.5 | $ | 1,392.0 | $ | 1,211.6 | $ | 945.6 | |||||
| Income taxes |
619.5 | 708.4 | 749.6 | 648.2 | 504.4 | ||||||||||
| Income before income taxes |
2,502.9 | 2,199.9 | 2,141.6 | 1,859.8 | 1,450.0 | ||||||||||
| Add fixed charges |
|||||||||||||||
| Interest expense(1) |
40.7 | 49.7 | 50.5 | 39.7 | 40.6 | ||||||||||
| Interest component of leases(2) |
34.4 | 28.5 | 25.2 | 23.3 | 20.7 | ||||||||||
| Total fixed charges |
75.1 | 78.2 | 75.7 | 63.0 | 61.3 | ||||||||||
| Earnings before income taxes and fixed charges(3) |
$ | 2,578.0 | $ | 2,278.1 | $ | 2,217.3 | $ | 1,922.8 | $ | 1,511.3 | |||||
| Ratio of earnings to total fixed charges |
34.3 | 29.1 | 29.3 | 30.5 | 24.7 | ||||||||||
| (1) |
Interest expense includes interest both expensed and capitalized. |
| (2) |
Interest component of leases includes one-tenth of rental expense which approximates the interest component of operating leases. |
| (3) |
Earnings before income taxes and fixed charges is exclusive of capitalized interest. |