EXHIBIT 12

Computation of Ratio of Earnings to Fixed Charges

Year Ended December 31 (Dollars in Millions)	2015		2014		2013		2012		2011
Earnings
1. Net income attributable to U.S. Bancorp	$	5,879	$	5,851	$	5,836	$	5,647	$	4,872
2. Applicable income taxes, including expense related to unrecognized tax positions		2,097		2,087		2,032		2,236		1,841
3. Net income attributable to U.S. Bancorp before income taxes (1 + 2)	$	7,976	$	7,938	$	7,868	$	7,883	$	6,713
4. Fixed charges:
a. Interest expense excluding interest on deposits*	$	944	$	988	$	1,120	$	1,447	$	1,676
b. Portion of rents representative of interest and amortization of debt expense		109		112		108		103		102
c. Fixed charges excluding interest on deposits (4a + 4b)		1,053		1,100		1,228		1,550		1,778
d. Interest on deposits		457		465		561		691		840
e. Fixed charges including interest on deposits (4c + 4d)	$	1,510	$	1,565	$	1,789	$	2,241	$	2,618
5. Amortization of interest capitalized	$	—	$	—	$	—	$	—	$	—
6. Earnings excluding interest on deposits (3 + 4c + 5)		9,029		9,038		9,096		9,433		8,491
7. Earnings including interest on deposits (3 + 4e + 5)		9,486		9,503		9,657		10,124		9,331
8. Fixed charges excluding interest on deposits (4c)		1,053		1,100		1,228		1,550		1,778
9. Fixed charges including interest on deposits (4e)		1,510		1,565		1,789		2,241		2,618
Ratio of Earnings to Fixed Charges
10. Excluding interest on deposits (line 6/line 8)		8.57		8.22		7.41		6.09		4.78
11. Including interest on deposits (line 7/line 9)		6.28		6.07		5.40		4.52		3.56

* Excludes interest expense related to unrecognized tax positions