Earnings Per Share

12 Months Ended

Dec. 31, 2021


NOTE 16		Earnings Per Share

The components of earnings per share were:


Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data)	2021			2020			2019
Net income attributable to U.S. Bancorp	$	7,963		$	4,959		$	6,914
Preferred dividends		(303	)		(304	)		(302	)
Impact of preferred stock call and redemption		(17	) (a)		(13	) (b)		–
Earnings allocated to participating stock awards		(38	)		(21	)		(29	)

Net income applicable to U.S. Bancorp common shareholders	$	7,605		$	4,621		$	6,583

Average common shares outstanding		1,489			1,509			1,581
Net effect of the exercise and assumed purchase of stock awards		1			1			2

Average diluted common shares outstanding		1,490			1,510			1,583

Earnings per common share	$	5.11		$	3.06		$	4.16
Diluted earnings per common share	$	5.10		$	3.06		$	4.16

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

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

Options outstanding at December 31, 2020 and 2019, to purchase 2 million and 1 million common shares, respectively, were not included in the computation of diluted earnings per share for the years ended December 31, 2020 and 2019, because they were antidilutive.