Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Components of Earnings Per Share

The components of earnings per share were:

	Three Months Ended  March 31
(Dollars and Shares in Millions, Except Per Share Data)	2021			2020
Net income attributable to U.S. Bancorp	$	2,280		$	1,171
Preferred dividends		(90	)		(78	)
Impact of preferred stock call (a)		(5	)		—
Earnings allocated to participating stock awards		(10	)		(5	)
Net income applicable to U.S. Bancorp common shareholders	$	2,175		$	1,088
Average common shares outstanding		1,502			1,518
Net effect of the exercise and assumed purchase of stock awards		1			1
Average diluted common shares outstanding		1,503			1,519
Earnings per common share	$	1.45		$	.72
Diluted earnings per common share	$	1.45		$	.72

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