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EXHIBIT 12.1
NIKE, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<Table>
<Caption>
YEAR ENDED MAY 31,
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2001 2000 1999
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(IN MILLIONS)
Net income.................................................. $ 589.7 $ 579.1 $451.4
Income taxes................................................ 331.7 340.1 294.7
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Income before income taxes........................ 921.4 919.2 746.1
======== ======== ======
Add fixed charges
Interest expense(A)....................................... 67.1 49.8 51.0
Interest component of leases(B)........................... 50.7 48.5 43.2
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Total fixed charges............................... 117.8 98.3 94.2
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Earnings before income taxes and fixed charges(C)........... $1,030.8 $1,012.7 $833.4
======== ======== ======
Ratio of earnings to total fixed charges.................... 8.75 10.30 8.85
======== ======== ======
</Table>
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(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.
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