Earnings Per Share

6 Months Ended

Jun. 30, 2020


Note 9		Earnings Per Share

The components of earnings per share were:


	Three Months Ended June 30						Six Months Ended June 30
(Dollars and Shares in Millions, Except Per Share Data)	2020			2019			2020			2019
Net income attributable to U.S. Bancorp	$	689		$	1,821		$	1,860		$	3,520
Preferred dividends		(72	)		(72	)		(150	)		(151	)
Earnings allocated to participating stock awards		(3	)		(8	)		(8	)		(15	)
Net income applicable to U.S. Bancorp common shareholders	$	614		$	1,741		$	1,702		$	3,354
Average common shares outstanding		1,506			1,590			1,512			1,596
Net effect of the exercise and assumed purchase of stock awards		1			2			1			3
Average diluted common shares outstanding		1,507			1,592			1,513			1,599
Earnings per common share	$	.41		$	1.09		$	1.13		$	2.10
Diluted earnings per common share	$	.41		$	1.09		$	1.12		$	2.10

Options outstanding at June 30, 2020, to purchase 4 million and 2 million common shares for the three months and six months ended June 30, 2020, respectively, and outstanding at June 30, 2019, to purchase 1 million common shares for the three months and six months ended June 30, 2019, were not included in the computation of diluted earnings per share because they were

antidilutive