| EXHIBIT 12.1 | NIKE, Inc. Computation of Ratio of Earnings to Fixed Charges |
| Year Ended May 31, | ||||||||||||||||||||
| (In millions) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
| Net income | $ | 2,223 | $ | 2,133 | $ | 1,907 | $ | 1,487 | $ | 1,883 | ||||||||||
| Income taxes | 760 | 711 | 610 | 470 | 620 | |||||||||||||||
| Income before income taxes | 2,983 | 2,844 | 2,517 | 1,957 | 2,503 | |||||||||||||||
| Add fixed charges | ||||||||||||||||||||
| Interest expense(1) |
32 | 34 | 36 | 40 | 41 | |||||||||||||||
| Interest component of leases(2) |
50 | 45 | 42 | 40 | 34 | |||||||||||||||
| TOTAL FIXED CHARGES | 82 | 79 | 78 | 80 | 75 | |||||||||||||||
| Earnings before income taxes and fixed charges(3) | $ | 3,065 | $ | 2,923 | $ | 2,595 | $ | 2,037 | $ | 2,578 | ||||||||||
| Ratio of earnings to total fixed charges | 37.4 | 37.0 | 33.3 | 25.5 | 34.4 | |||||||||||||||
| (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 are exclusive of capitalized interest. |