Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Components of Earnings Per Share

The components of earnings per share were:

Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data)	2020			2019			2018
Net income attributable to U.S. Bancorp	$	4,959		$	6,914		$	7,096
Preferred dividends		(304	)		(302	)		(282	)
Impact of preferred stock call(a)		(13	)		–			–
Earnings allocated to participating stock awards		(21	)		(29	)		(30	)
Net income applicable to U.S. Bancorp common shareholders	$	4,621		$	6,583		$	6,784
Average common shares outstanding		1,509			1,581			1,634
Net effect of the exercise and assumed purchase of stock awards		1			2			4
Average diluted common shares outstanding		1,510			1,583			1,638
Earnings per common share	$	3.06		$	4.16		$	4.15
Diluted earnings per common share	$	3.06		$	4.16		$	4.14

(a) Represents stock issuance costs originally recorded in preferred stock upon issuance of the Company’s Series H Preferred Stock that were reclassified to retained earnings on the date the Company announced its intent to redeem the outstanding shares.