Nike 2006 Annual Report Download - page 81
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EXHIBIT 12.1
NIKE, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended May 31,
2006 2005 2004
(In millions)
Net income ...................................................... $1,392.0 $1,211.6 $ 945.6
Income taxes ..................................................... 749.6 648.2 504.4
Income before income taxes ......................................... 2,141.6 1,859.8 1,450.0
Add fixed charges
Interest expense (A) ........................................... 50.5 39.7 40.6
Interest component of leases (B) .................................. 84.0 77.5 68.9
Total fixed charges ........................................ 134.5 117.2 109.5
Earnings before income taxes and fixed charges (C) ...................... $2,276.1 $1,977.0 $1,559.2
Ratio of earnings to total fixed charges ................................. 16.9 16.9 14.2
(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.