Three Months Ended
September 30

Nine Months

Ended
September 30

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

2019

2018

2019

2018

Net income attributable to U.S. Bancorp

$

1,908

$

1,815

$

5,428

$

5,240

Preferred dividends

(79

)

(76

)

(230

)

(210

)

Earnings allocated to participating stock awards

(8

)

(7

)

(23

)

(23

)

Net income applicable to U.S. Bancorp common shareholders

$

1,821

$

1,732

$

5,175

$

5,007

Average common shares outstanding

1,575

1,629

1,589

1,641

Net effect of the exercise and assumed purchase of stock awards

3

4

3

4

Average diluted common shares outstanding

1,578

1,633

1,592

1,645

Earnings per common share

$

1.16

$

1.06

$

3.26

$

3.05

Diluted earnings per common share

$

1.15

$

1.06

$

3.25

$

3.04