EX-12 2 d354826dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

EXHIBIT 12

Computation of Ratio of Earnings to Fixed Charges

 

(Dollars in Millions)    Three Months Ended
June 30, 2012		      Six Months Ended
June 30, 2012		  

Earnings

  

  1. Net income attributable to U.S. Bancorp

    $ 1,415       $ 2,753   

  2. Applicable income taxes, including expense related to unrecognized tax positions

      564         1,091   
                 

  3. Net income attributable to U.S. Bancorp before income taxes (1 + 2)

    $ 1,979       $ 3,844   
                 

  4. Fixed charges:

      

 a. Interest expense excluding interest on deposits*

    $ 393       $ 810   

 b. Portion of rents representative of interest and amortization of debt expense

      26         52   
                 

 c. Fixed charges excluding interest on deposits (4a + 4b)

      419         862   

 d. Interest on deposits

      177         358   
                 

 e. Fixed charges including interest on deposits (4c + 4d)

    $ 596       $ 1,220   
                 

  5. Amortization of interest capitalized

    $ —       $ —   

  6. Earnings excluding interest on deposits (3 + 4c + 5)

      2,398         4,706   

  7. Earnings including interest on deposits (3 + 4e + 5)

      2,575         5,064   

  8. Fixed charges excluding interest on deposits (4c)

      419         862   

  9. Fixed charges including interest on deposits (4e)

      596         1,220   

Ratio of Earnings to Fixed Charges

      

10. Excluding interest on deposits (line 6/line 8)

      5.72         5.46   

11. Including interest on deposits (line 7/line 9)

      4.32         4.15   
                   

 

* Excludes interest expense related to unrecognized tax positions

 

78    U. S. Bancorp