Earnings Per Share

12 Months Ended

Dec. 31, 2015

NOTE 16 EARNINGS PER SHARE

The components of earnings per share were:


Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data)	2015			2014			2013
Net income attributable to U.S. Bancorp	$	5,879		$	5,851		$	5,836
Preferred dividends		(247	)		(243	)		(250	)
Impact of preferred stock redemption^(a)		–			–			(8	)
Earnings allocated to participating stock awards		(24	)		(25	)		(26	)

Net income applicable to U.S. Bancorp common shareholders	$	5,608		$	5,583		$	5,552

Average common shares outstanding		1,764			1,803			1,839
Net effect of the exercise and assumed purchase of stock awards		8			10			10

Average diluted common shares outstanding		1,772			1,813			1,849

Earnings per common share	$	3.18		$	3.10		$	3.02
Diluted earnings per common share	$	3.16		$	3.08		$	3.00

(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 December 31, 2015 and 2013 to purchase 1 million and 5 million common shares, respectively, were not included in the computation of diluted earnings per share for the years ended December 31, 2015 and 2013, respectively, because they were antidilutive.