Earnings Per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Note 8 Earnings Per Share

The components of earnings per share were:

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars and Shares in Millions, Except Per Share Data)	2013			2012			2013			2012
Net income attributable to U.S. Bancorp	$	1,484		$	1,415		$	2,912		$	2,753
Preferred dividends		(64	)		(64	)		(128	)		(110	)
Impact of preferred stock redemption (a)		(8	)		–			(8	)		–
Earnings allocated to participating stock awards		(7	)		(6	)		(13	)		(13	)
Net income applicable to U.S. Bancorp common shareholders	$	1,405		$	1,345		$	2,763		$	2,630
Average common shares outstanding		1,843			1,888			1,851			1,895
Net effect of the exercise and assumed purchase of stock awards		10			10			9			9
Average diluted common shares outstanding		1,853			1,898			1,860			1,904
Earnings per common share	$	.76		$	.71		$	1.49		$	1.39
Diluted earnings per common share	$	.76		$	.71		$	1.49		$	1.38

(a) Represents stock issuance costs originally recorded in capital surplus upon the issuance of the Company’s Series D Non-Cumulative Perpetual Preferred Stock that were reclassified to retained earnings on the redemption date.

Options and warrants outstanding at June 30, 2013, to purchase 10 million and 11 million common shares for the three months and six months ended June 30, 2013, respectively, and outstanding at June 30, 2012, to purchase 23 million and 32 million common shares for the three months and six months ended June 30, 2012, respectively, were not included in the computation of diluted earnings per share because they were antidilutive. Convertible senior debentures outstanding at June 30, 2012, that could potentially be converted into shares of the Company’s common stock pursuant to specified formulas, were not included in the computation of dilutive earnings per share for both the three months and six months ended June 30, 2012, because they were antidilutive.