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Execl 2013 - IF Statements

II am working with an Excel 2013 document and trying to filter the list to provide me with the following:  The data in my two columns (N and O) have numeric values or they are blank.  I am trying to filter the list to show me the following:  If column "N" has a numeric value >1 AND column "O" has a numeric value >1 - then enter the words 'Has Both" in column "P".  I was thinking I might be able to use an IF statement but not quite sure how to set up the IF statement or should I be using a nested IF statement - or maybe some other function of Excel.  Your assistance is appreciated.  Thanks
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Koen
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Thank you for your quick response.
I tried your formula and had an error - so I replaced all the semicolons with commas:

=IF(AND(N1,O1)>1,"Has Both","")

the result in column P shows:  #VALUE!

any further help is appreciated.
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or maybe better

=IF(AND(ISNUMBER(N1),ISNUMBER(O1),N1>1,O1>1),"Has Both","")
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yes, my bad, too fast, too sloppy... sorry bout that.
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ASKER

Thank you all very much.
I did use the following from regmigrant:
=if(and(n1>1, o1>1), "Has both","") - and it worked great!

Thanks again to all.