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

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