EXHIBIT 12

Computation of Ratio of Earnings to Fixed Charges

Year Ended December 31 (Dollars in Millions)			2016		2015		2014		2013		2012
Earnings
1.	Net income attributable to U.S. Bancorp		$	5,888	$	5,879	$	5,851	$	5,836	$	5,647
2.	Applicable income taxes, including expense related to unrecognized tax positions			2,161		2,097		2,087		2,032		2,236
3.	Net income attributable to U.S. Bancorp before income taxes (1 + 2)		$	8,049	$	7,976	$	7,938	$	7,868	$	7,883
4.	Fixed charges:
	a.	Interest expense excluding interest on deposits*	$	1,017	$	944	$	988	$	1,120	$	1,447
	b.	Portion of rents representative of interest and amortization of debt expense		109		109		112		108		103
	c.	Fixed charges excluding interest on deposits (4a + 4b)		1,126		1,053		1,100		1,228		1,550
	d.	Interest on deposits		622		457		465		561		691
	e.	Fixed charges including interest on deposits (4c + 4d)	$	1,748	$	1,510	$	1,565	$	1,789	$	2,241
5.	Amortization of interest capitalized		$	—	$	—	$	—	$	—	$	—
6.	Earnings excluding interest on deposits (3 + 4c + 5)			9,175		9,029		9,038		9,096		9,433
7.	Earnings including interest on deposits (3 + 4e + 5)			9,797		9,486		9,503		9,657		10,124
8.	Fixed charges excluding interest on deposits (4c)			1,126		1,053		1,100		1,228		1,550
9.	Fixed charges including interest on deposits (4e)			1,748		1,510		1,565		1,789		2,241
Ratio of Earnings to Fixed Charges
10.	Excluding interest on deposits (line 6/line 8)			8.15		8.57		8.22		7.41		6.09
11.	Including interest on deposits (line 7/line 9)			5.60		6.28		6.07		5.40		4.52

Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

Year Ended December 31 (Dollars in Millions)			2016		2015		2014		2013		2012
Earnings
1.	Net income attributable to U.S. Bancorp		$	5,888	$	5,879	$	5,851	$	5,836	$	5,647
2.	Applicable income taxes, including expense related to unrecognized tax positions			2,161		2,097		2,087		2,032		2,236
3.	Net income attributable to U.S. Bancorp before income taxes (1 + 2)		$	8,049	$	7,976	$	7,938	$	7,868	$	7,883
	Preferred stock dividends		$	281		247	$	243	$	250	$	238
4.	Fixed charges:
	a.	Interest expense excluding interest on deposits*	$	1,017	$	944	$	988	$	1,120	$	1,447
	b.	Portion of rents representative of interest and amortization of debt expense		109		109		112		108		103
	c.	Fixed charges excluding interest on deposits (4a + 4b)		1,126		1,053		1,100		1,228		1,550
	d.	Interest on deposits		622		457		465		561		691
	e.	Fixed charges including interest on deposits (4c + 4d)	$	1,748	$	1,510	$	1,565	$	1,789	$	2,241
5.	Amortization of interest capitalized		$	—	$	—	$	—	$	—	$	—
6.	Earnings excluding interest on deposits (3 + 4c + 5)			9,175		9,029		9,038		9,096		9,433
7.	Earnings including interest on deposits (3 + 4e + 5)			9,797		9,486		9,503		9,657		10,124
8.	Fixed charges excluding interest on deposits (4c) and preferred dividends			1,407		1,300		1,343		1,478		1,788
9.	Fixed charges including interest on deposits (4e) and preferred dividends			2,029		1,757		1,808		2,039		2,479
Ratio of Earnings to Fixed Charges and Preferred Dividends
10.	Excluding interest on deposits (line 6/line 8)			6.52		6.95		6.73		6.15		5.28
11.	Including interest on deposits (line 7/line 9)			4.83		5.40		5.26		4.74		4.08

* Excludes interest expense related to unrecognized tax positions