NIKE, INC. COMPUTATION OF RATIO OF EARNINGS TO CHARGES Nine Months Ended February 28, __________________ 1999 1998 ____ ____ (in millions) Net income $357.0 $467.3 Income taxes 233.1 296.2 ______ ______ Income before income taxes 590.1 763.5 ______ _____ Add fixed charges Interest expense (A) 40.1 48.9 Interest component of leases (B) 31.7 31.9 ______ ______ Total fixed charges 71.8 80.8 ______ ______ Earnings before income taxes and fixed charges (C) $656.5 $842.6 ====== ====== Ratio of earnings to total fixed charges 9.14 10.43 ====== ====== (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.