Exhibit 12
NIKE, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Three Months Ended August 31, | Year Ended May 31, | |||||||||||||||||
| 2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||
| (in millions) | (in millions) | |||||||||||||||||
Net income | $ | 510.5 | $ | 1,883.4 | $ | 1,491.5 | $ | 1,392.0 | $ | 1,211.6 | $ | 945.6 | ||||||
Income taxes | 203.7 | 619.5 | 708.4 | 749.6 | 648.2 | 504.4 | ||||||||||||
Income before income taxes | 714.2 | 2,502.9 | 2,199.9 | 2,141.6 | 1,859.8 | 1,450.0 | ||||||||||||
Add fixed charges | ||||||||||||||||||
Interest expense(A) | 8.1 | 40.7 | 49.7 | 50.5 | 39.7 | 40.6 | ||||||||||||
Interest component of leases(B) | 9.8 | 34.4 | 28.5 | 25.2 | 23.3 | 20.7 | ||||||||||||
Total fixed charges | 17.9 | 75.1 | 78.2 | 75.7 | 63.0 | 61.3 | ||||||||||||
Earnings before income taxes and fixed charges(C) | 732.1 | $ | 2,578.0 | $ | 2,278.1 | $ | 2,217.3 | $ | 1,992.8 | $ | 1,511.3 | |||||||
Ratio of earnings to total fixed charges | 40.8 | 34.3 | 29.1 | 29.3 | 30.5 | 24.7 | ||||||||||||
| (A) | Interest expense includes interest both expensed and capitalized. |
| (B) | Interest component of leases includes one-third of rental expense, which approximates the interest component of operating leases. |
| (C) | Earnings before income taxes and fixed charges is exclusive of capitalized interest. |
