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Earnings Per Share
 6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
Earnings Per Share
 
 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)   2021     2020             2021     2020  
Net income attributable to U.S. Bancorp
   $ 1,982     $ 689        
 
    $ 4,262     $ 1,860  
Preferred dividends
     (58 )      (72 )       
 
      (148 )      (150 ) 
Impact of preferred stock redemption (a)
     —       —        
 
      (5 )      —  
Earnings allocated to participating stock awards
     (10 )      (3 )   
 
 
 
      (20 )      (8 ) 
Net income applicable to U.S. Bancorp common shareholders
   $ 1,914     $ 614    
 
 
 
    $ 4,089     $ 1,702  
Average common shares outstanding
     1,489       1,506        
 
      1,495       1,512  
Net effect of the exercise and assumed purchase of stock awards
     1       1    
 
 
 
      2       1  
Average diluted common shares outstanding
     1,490       1,507    
 
 
 
      1,497       1,513  
Earnings per common share
   $ 1.29     $ .41        
 
    $ 2.73     $ 1.13  
Diluted earnings per common share
   $ 1.28     $ .41    
 
 
 
    $ 2.73     $ 1.12  
 
(a)
Represents stock issuance costs originally recorded in preferred stock upon the 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 June 30, 2021, to purchase 1 million common shares for the six months ended June 30, 2021 and 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, were not included in the computation of diluted earnings per share because they were antidilutive.