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