XML 38 R15.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Earnings Per Share
 6 Months Ended
Jun. 30, 2011
Earnings Per Share [Abstract]  
Earnings Per Share
 

Note 9    Earnings Per Share
 
The components of earnings per share were:
 
                                       
    Three Months Ended
 		        Six Months Ended
 		   
    June 30,         June 30,    
(Dollars and Shares in Millions, Except Per Share Data)   2011     2010         2011     2010    
Net income attributable to U.S. Bancorp
  $ 1,203     $ 766         $ 2,249     $ 1,435    
Preferred dividends
    (30 )     (18 )         (69 )     (37 )  
Equity portion of gain on ITS exchange transaction, net of tax (a)
    –       118           –       118    
Earnings allocated to participating stock awards
    (6 )     (4 )         (10 )     (6 )  
                                       
Net income applicable to U.S. Bancorp common shareholders
  $ 1,167     $ 862         $ 2,170     $ 1,510    
                                       
Average common shares outstanding
    1,921       1,912           1,920       1,911    
Net effect of the exercise and assumed purchase of stock awards and conversion of outstanding convertible notes
    8       9           9       9    
                                       
Average diluted common shares outstanding
    1,929       1,921           1,929       1,920    
                                       
Earnings per common share
  $ .61     $ .45         $ 1.13     $ .79    
Diluted earnings per common share
  $ .60     $ .45         $ 1.12     $ .79    
                                       
(a) On June 10, 2010, the Company exchanged depositary shares representing an ownership interest in 5,746 shares of Series A Preferred Stock for approximately 46 percent of the outstanding Income Trust Securities(“ITS”) issued by USB Capital IX to third-party investors, retired a pro-rata portion of the related junior subordinated debentures and cancelled a pro-rata portion of the related stock purchase contracts.
Options and warrants to purchase 55 million and 56 million common shares for the three months ended June 30, 2011 and 2010, respectively, and 55 million and 56 million common shares for the six months ended June 30, 2011 and 2010, respectively, were outstanding but not included in the computation of diluted earnings per share because they were antidilutive. Convertible senior debentures 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 because they were antidilutive.