Exhibit 12

Computation of Ratio of Earnings to Fixed Charges

				Three Months Ended
(Dollars in Millions)				March 31, 2011
Earnings
	1.	Net income attributable to U.S. Bancorp		$	1,046
	2.	Applicable income taxes, including expense related to unrecognized tax positions			366
	3.	Net income attributable to U.S. Bancorp before income taxes (1 + 2)		$	1,412
	4.	Fixed charges:
		a.	Interest expense excluding interest on deposits*	$	414
		b.	Portion of rents representative of interest and amortization of debt expense		26
		c.	Fixed charges excluding interest on deposits (4a + 4b)		440
		d.	Interest on deposits		234
		e.	Fixed charges including interest on deposits (4c + 4d)	$	674
	5.	Amortization of interest capitalized		$	–
	6.	Earnings excluding interest on deposits (3 + 4c + 5)			1,852
	7.	Earnings including interest on deposits (3 + 4e + 5)			2,086
	8.	Fixed charges excluding interest on deposits (4c)			440
	9.	Fixed charges including interest on deposits (4e)			674
Ratio of Earnings to Fixed Charges
	10.	Excluding interest on deposits (line 6/line 8)			4.21
	11.	Including interest on deposits (line 7/line 9)			3.09

* Excludes interest expense related to unrecognized tax positions

  U.S. Bancorp 61