Earnings Per Share

3 Months Ended

Mar. 31, 2021


Note 9		Earnings Per Share

The components of earnings per share were:


	Three Months Ended March 31
(Dollars and Shares in Millions, Except Per Share Data)	2021			2020
Net income attributable to U.S. Bancorp	$	2,280		$	1,171
Preferred dividends		(90	)		(78	)
Impact of preferred stock call (a)		(5	)		—
Earnings allocated to participating stock awards		(10	)		(5	)
Net income applicable to U.S. Bancorp common shareholders	$	2,175		$	1,088
Average common shares outstanding		1,502			1,518
Net effect of the exercise and assumed purchase of stock awards		1			1
Average diluted common shares outstanding		1,503			1,519
Earnings per common share	$	1.45		$	.72
Diluted earnings per common share	$	1.45		$	.72

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

Options outstanding at March 31, 2021 and 2020, to purchase 1 million common shares, were not included in the computation of diluted earnings per share for the three months ended March 31, 2021 and 2020, because they were antidilutive.