EXHIBIT 12

Computation of Ratio of Earnings to Fixed Charges

				Three Months Ended		Six Months Ended
(Dollars in Millions)				June 30, 2011		June 30, 2011
Earnings
	1.	Net income attributable to U.S. Bancorp		$	1,203	$	2,249
	2.	Applicable income taxes, including expense related to unrecognized tax positions			458		824
	3.	Net income attributable to U.S. Bancorp before income taxes (1 + 2)		$	1,661	$	3,073
	4.	Fixed charges:
		a.	Interest expense excluding interest on deposits*	$	421	$	835
		b.	Portion of rents representative of interest and amortization of debt expense		25		51
		c.	Fixed charges excluding interest on deposits (4a + 4b)		446		886
		d.	Interest on deposits		210		444
		e.	Fixed charges including interest on deposits (4c + 4d)	$	656	$	1,330
	5.	Amortization of interest capitalized		$	–	$	–
	6.	Earnings excluding interest on deposits (3 + 4c + 5)			2,107		3,959
	7.	Earnings including interest on deposits (3 + 4e + 5)			2,317		4,403
	8.	Fixed charges excluding interest on deposits (4c)			446		886
	9.	Fixed charges including interest on deposits (4e)			656		1,330
Ratio of Earnings to Fixed Charges
	10.	Excluding interest on deposits (line 6/line 8)			4.72		4.47
	11.	Including interest on deposits (line 7/line 9)			3.53		3.31

* Excludes interest expense related to unrecognized tax positions

  70 U.S. Bancorp