Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Components of Earnings Per Share

The components of earnings per share were:

Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data)	2019			2018			2017
Net income attributable to U.S. Bancorp	$	6,914		$	7,096		$	6,218
Preferred dividends		(302	)		(282	)		(267	)
Impact of preferred stock redemption(a)		–			–			(10	)
Earnings allocated to participating stock awards		(29	)		(30	)		(28	)
Net income applicable to U.S. Bancorp common shareholders	$	6,583		$	6,784		$	5,913
Average common shares outstanding		1,581			1,634			1,677
Net effect of the exercise and assumed purchase of stock awards		2			4			6
Average diluted common shares outstanding		1,583			1,638			1,683
Earnings per common share	$	4.16		$	4.15		$	3.53
Diluted earnings per common share	$	4.16		$	4.14		$	3.51

(a) Represents stock issuance costs originally recorded in preferred stock upon the issuance of the Company’s Series G Preferred Stock that were reclassified to retained earnings on the date the Company announced its intent to redeem the outstanding shares.