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Earnings Per Share
6 Months Ended
Jun. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share
 Note 10  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)   2014     2013           2014     2013  

Net income attributable to U.S. Bancorp

  $ 1,495      $ 1,484           $ 2,892      $ 2,912   

Preferred dividends

    (61     (64          (121     (128

Impact of preferred stock redemption (a)

           (8                 (8

Earnings allocated to participating stock awards

    (7     (7          (13     (13

Net income applicable to U.S. Bancorp common shareholders

  $ 1,427      $ 1,405           $ 2,758      $ 2,763   

Average common shares outstanding

    1,811        1,843             1,815        1,851   

Net effect of the exercise and assumed purchase of stock awards

    10        10             10        9   

Average diluted common shares outstanding

    1,821        1,853             1,825        1,860   

Earnings per common share

  $ .79      $ .76           $ 1.52      $ 1.49   

Diluted earnings per common share

  $ .78      $ .76           $ 1.51      $ 1.49   

 

(a) Represents stock issuance costs originally recorded in capital surplus upon the issuance of the Company’s Series D Non-Cumulative Perpetual Preferred Stock that were reclassified to retained earnings on the redemption date.

Options outstanding at June 30, 2013, to purchase 10 million and 11 million common shares were not included in the computation of diluted earnings per share for the three months and six months ended June 30, 2013, respectively, because they were antidilutive.