EXHIBIT 12

Computation of Ratio of Earnings to Fixed Charges

Year Ended December 31 (Dollars in Millions)	2010		2009		2008		2007		2006
Earnings
1. Net income attributable to U.S. Bancorp	$	3,317	$	2,205	$	2,946	$	4,324	$	4,751
2. Applicable income taxes, including expense related to unrecognized tax positions		935		395		1,087		1,883		2,112
3. Net income attributable to U.S. Bancorp before income taxes (1 + 2)	$	4,252	$	2,600	$	4,033	$	6,207	$	6,863
4. Fixed charges:
a. Interest expense excluding interest on deposits*	$	1,651	$	1,818	$	2,805	$	3,693	$	3,133
b. Portion of rents representative of interest and amortization of debt expense		101		94		83		76		71
c. Fixed charges excluding interest on deposits (4a + 4b)		1,752		1,912		2,888		3,769		3,204
d. Interest on deposits		928		1,202		1,881		2,754		2,389
e. Fixed charges including interest on deposits (4c + 4d)	$	2,680	$	3,114	$	4,769	$	6,523	$	5,593
5. Amortization of interest capitalized	$	—	$	—	$	—	$	—	$	—
6. Earnings excluding interest on deposits (3 + 4c + 5)		6,004		4,512		6,921		9,976		10,067
7. Earnings including interest on deposits (3 + 4e + 5)		6,932		5,714		8,802		12,730		12,456
8. Fixed charges excluding interest on deposits (4c)		1,752		1,912		2,888		3,769		3,204
9. Fixed charges including interest on deposits (4e)		2,680		3,114		4,769		6,523		5,593
Ratio of Earnings to Fixed Charges
10. Excluding interest on deposits (line 6/line 8)		3.43		2.36		2.40		2.65		3.14
11. Including interest on deposits (line 7/line 9)		2.59		1.83		1.85		1.95		2.23

* Excludes interest expense related to unrecognized tax positions