Three Months Ended
June 30

Six Months Ended
June 30

(Dollars and Shares in Millions, Except Per Share Data)

2019

2018

2019

2018

Net income attributable to U.S. Bancorp

$

1,821

$

1,750

$

3,520

$

3,425

Preferred dividends

(72

)

(64

)

(151

)

(134

)

Earnings allocated to participating stock awards

(8

)

(8

)

(15

)

(16

)

Net income applicable to U.S. Bancorp common shareholders

$

1,741

$

1,678

$

3,354

$

3,275

Average common shares outstanding

1,590

1,642

1,596

1,647

Net effect of the exercise and assumed purchase of stock awards

2

4

3

4

Average diluted common shares outstanding

1,592

1,646

1,599

1,651

Earnings per common share

$

1.09

$

1.02

$

2.10

$

1.99

Diluted earnings per common share

$

1.09

$

1.02

$

2.10

$

1.98