Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Components of earnings per share

	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.