Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Components of earnings per share

Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data)	2011			2010			2009
Net income attributable to U.S. Bancorp	$	4,872		$	3,317		$	2,205
Preferred dividends		(129	)		(89	)		(228	)
Equity portion of gain on ITS exchange transaction, net of tax (a)		—			118			—
Accretion of preferred stock discount		—			—			(14	)
Deemed dividend on preferred stock redemption (b)		—			—			(154	)
Earnings allocated to participating stock awards		(22	)		(14	)		(6	)
Net income applicable to U.S. Bancorp common shareholders	$	4,721		$	3,332		$	1,803
Average common shares outstanding		1,914			1,912			1,851
Net effect of the exercise and assumed purchase of stock awards and conversion of outstanding convertible notes		9			9			8
Average diluted common shares outstanding		1,923			1,921			1,859
Earnings per common share	$	2.47		$	1.74		$	.97
Diluted earnings per common share	$	2.46		$	1.73		$	.97

(a) During 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 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.

(b) Represents the unaccreted discount remaining on the Company's Series E Fixed Rate Cumulative Perpetual Preferred Stock at the redemption date.