Earnings Per Share

3 Months Ended

Mar. 31, 2024


NOTE 9			Earnings Per Share

The components of earnings per share were:


	Three Months Ended March 31
(Dollars and Shares in Millions, Except Per Share Data)	2024		2023
Net income attributable to U.S. Bancorp	$	1,319	$	1,698
Preferred dividends	(102)		(98)
Earnings allocated to participating stock awards	(8)		(8)
Net income applicable to U.S. Bancorp common shareholders	$	1,209	$	1,592
Average common shares outstanding	1,559		1,532

Average diluted common shares outstanding	1,559		1,532
Earnings per common share	$	.78	$	1.04
Diluted earnings per common share	$	.78	$	1.04

The net effect of the exercise and assumed purchase of outstanding stock awards at March 31, 2024 and 2023 on average diluted common shares outstanding for the three months ended March 31, 2024 and 2023 was not material. Options outstanding at March 31, 2024 to purchase 1 million common shares for the three months ended March 31, 2024, and outstanding at March 31, 2023 to purchase 1 million common shares for the three months ended March 31, 2023 were not included in the computation of diluted earnings per share because they were antidilutive.