Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Note 7 Earnings Per Share

The components of earnings per share were:

	Three Months Ended March 31,
(Dollars and Shares in Millions, Except Per Share Data)	2012			2011
Net income attributable to U.S. Bancorp	$	1,338		$	1,046
Preferred dividends		(46	)		(39	)
Earnings allocated to participating stock awards		(7	)		(4	)
Net income applicable to U.S. Bancorp common shareholders	$	1,285		$	1,003
Average common shares outstanding		1,901			1,918
Net effect of the exercise and assumed purchase of stock awards and conversion of outstanding convertible notes		9			10
Average diluted common shares outstanding		1,910			1,928
Earnings per common share	$	.68		$	.52
Diluted earnings per common share	$	.67		$	.52

Options and warrants outstanding at March 31, 2012 and 2011, to purchase 45 million and 55 million common shares, respectively, were not included in the computation of diluted earnings per share for the three months ended March 31, 2012 and 2011, respectively, 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.