Earnings Per Share

9 Months Ended

Sep. 30, 2021


Note 10		Earnings Per Share

The components of earnings per share were:


	Three Months Ended September 30						Nine Months Ended September 30
(Dollars and Shares in Millions, Except Per Share Data)	2021			2020			2021			2020
Net income attributable to U.S. Bancorp	$	2,028		$	1,580		$	6,290		$	3,440
Preferred dividends		(84	)		(79	)		(232	)		(229	)
Impact of preferred stock redemption (a)		—			—			(5	)		—
Earnings allocated to participating stock awards		(10	)		(7	)		(30	)		(15	)
Net income applicable to U.S. Bancorp common shareholders	$	1,934		$	1,494		$	6,023		$	3,196
Average common shares outstanding		1,483			1,506			1,491			1,510
Net effect of the exercise and assumed purchase of stock awards		1			1			1			1
Average diluted common shares outstanding		1,484			1,507			1,492			1,511
Earnings per common share	$	1.30		$	.99		$	4.04		$	2.12
Diluted earnings per common share	$	1.30		$	.99		$	4.04		$	2.11

(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 September 30, 2020, to purchase 4 million and 2 million common shares for the three months and nine months ended September 30, 2020, respectively, were not included in the computation of diluted earnings per share because they were antidilutive.