NIKE (NKE) 10-K 2008 FY Annual report

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.