EX-12 3 d602654dex12.htm EX-12 EX-12

EXHIBIT 12

Computation of Ratio of Earnings to Fixed Charges

 

(Dollars in Millions)    Three Months Ended
June 30, 2018		      Six Months Ended
June 30, 2018		  

Earnings

 

   

  1.

   Net income attributable to U.S. Bancorp    $ 1,750      $ 3,425  

  2.

   Applicable income taxes, including expense related to unrecognized tax positions      441        803  

  3.

   Net income attributable to U.S. Bancorp before income taxes (1 + 2)    $ 2,191      $ 4,228  

  4.

   Fixed charges:      
  a.   Interest expense excluding interest on deposits*    $ 324      $ 602  
  b.   Portion of rents representative of interest and amortization of debt expense      29        58  
  c.   Fixed charges excluding interest on deposits (4a + 4b)      353        660  
  d.   Interest on deposits      427        772  
  e.   Fixed charges including interest on deposits (4c + 4d)    $ 780      $ 1,432  

  5.

   Amortization of interest capitalized    $ –      $ –  

  6.

   Earnings excluding interest on deposits (3 + 4c + 5)      2,544        4,888  

  7.

   Earnings including interest on deposits (3 + 4e + 5)      2,971        5,660  

  8.

   Fixed charges excluding interest on deposits (4c)      353        660  

  9.

   Fixed charges including interest on deposits (4e)      780        1,432  

Ratio of Earnings to Fixed Charges

 

   

10.

   Excluding interest on deposits (line 6/line 8)      7.21        7.41  

11.

   Including interest on deposits (line 7/line 9)      3.81        3.95  

 

* Excludes interest expense related to unrecognized tax positions.

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

 

(Dollars in Millions)    Three Months Ended
June 30, 2018		      Six Months Ended
June 30, 2018		  

Earnings

      

  1.

   Net income attributable to U.S. Bancorp    $ 1,750      $ 3,425  

  2.

   Applicable income taxes, including expense related to unrecognized tax positions      441        803  

  3.

   Net income attributable to U.S. Bancorp before income taxes (1 + 2)    $ 2,191      $ 4,228  

  4.

   Fixed charges:      
  a.   Interest expense excluding interest on deposits*    $ 324      $ 602  
  b.   Portion of rents representative of interest and amortization of debt expense      29        58  
  c.   Fixed charges excluding interest on deposits (4a + 4b)      353        660  
  d.   Interest on deposits      427        772  
  e.   Fixed charges including interest on deposits (4c + 4d)    $ 780      $ 1,432  

  5.

   Amortization of interest capitalized    $ –      $ –  

  6.

   Preferred stock dividends      64        134  

  7.

   Earnings excluding interest on deposits (3 + 4c + 5)      2,544        4,888  

  8.

   Earnings including interest on deposits (3 + 4e + 5)      2,971        5,660  

  9.

   Fixed charges excluding interest on deposits, and preferred stock dividends (4c+6)      417        794  

10.

   Fixed charges including interest on deposits, and preferred stock dividends (4e+6)      844        1,566  

Ratio of Earnings to Fixed Charges and Preferred Dividends

 

   

11.

   Excluding interest on deposits (line 7/line 9)      6.10        6.16  

12.

   Including interest on deposits (line 8/line 10)      3.52        3.61  

 

* Excludes interest expense related to unrecognized tax positions.

 

76    U.S. Bancorp