Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Note 7 Earnings Per Share

The components of earnings per share were:

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars and Shares in Millions, Except Per Share Data)	2012			2011			2012			2011
Net income attributable to U.S. Bancorp	$	1,415		$	1,203		$	2,753		$	2,249
Preferred dividends		(64	)		(30	)		(110	)		(69	)
Earnings allocated to participating stock awards		(6	)		(6	)		(13	)		(10	)
Net income applicable to U.S. Bancorp common shareholders	$	1,345		$	1,167		$	2,630		$	2,170
Average common shares outstanding		1,888			1,921			1,895			1,920
Net effect of the exercise and assumed purchase of stock awards and conversion of outstanding convertible notes		10			8			9			9
Average diluted common shares outstanding		1,898			1,929			1,904			1,929
Earnings per common share	$	.71		$	.61		$	1.39		$	1.13
Diluted earnings per common share	$	.71		$	.60		$	1.38		$	1.12

Options and warrants outstanding at June 30, 2012, to purchase 23 million and 32 million common shares for the three months and six months ended June 30, 2012, respectively, and outstanding at June 30, 2011, to purchase 55 million common shares for both the three months and six months ended June 30, 2011, respectively, were not included in the computation of diluted earnings per share 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.