EXHIBIT 12.1 NIKE, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Six Months Ended November 30, ___________________ 2004 2003 ____ ____ (in millions) Net income $588.7 $440.3 Income taxes 319.8 235.0 ______ ______ Income before income taxes 908.5 675.3 ______ _____ Add fixed charges Interest expense (A) 19.7 22.8 Interest component of leases (B) 37.1 33.5 ______ ______ Total fixed charges 56.8 56.3 ______ ______ Earnings before income taxes and fixed charges (C) $ 965.3 $731.5 ======== ====== Ratio of earnings to total fixed charges 17.0 13.0 ====== ====== (A) Interest expense includes 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.