NIKE, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Nine Months Ended February 28, _________________________ 1998 1997 ______ ______ (in thousands) Net income $ 467,297 $ 640,068 Income taxes 296,200 404,900 _________ _________ Income before income taxes 763,497 1,044,968 _________ _________ Add fixed charges Interest expense (A) 48,865 40,857 Interest component of leases (B) 31,883 19,329 _________ _________ Total fixed charges 80,748 60,186 _________ _________ Earnings before income taxes and fixed charges (C) $ 842,602 $1,102,984 ========= ========= Ratio of earnings to total fixed charges 10.43 18.33 ========= ========= (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.