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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. |