Three Months Ended
September 30

Nine Months Ended
September 30

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

2020

2019

2020

2019

Net income attributable to U.S. Bancorp

$

1,580

$

1,908

$

3,440

$

5,428

Preferred dividends

(79

)

(79

)

(229

)

(230

)

Earnings allocated to participating stock awards

(7

)

(8

)

(15

)

(23

)

Net income applicable to U.S. Bancorp common shareholders

$

1,494

$

1,821

$

3,196

$

5,175

Average common shares outstanding

1,506

1,575

1,510

1,589

Net effect of the exercise and assumed purchase of stock awards

1

3

1

3

Average diluted common shares outstanding

1,507

1,578

1,511

1,592

Earnings per common share

$

.99

$

1.16

$

2.12

$

3.26

Diluted earnings per common share

$

.99

$

1.15

$

2.11

$

3.25