Earnings Per Share

3 Months Ended

Mar. 31, 2022


Note 10		Earnings Per Share

The components of earnings per share were:


	Three Months Ended March 31
(Dollars and Shares in Millions, Except Per Share Data)	2022			2021
Net income attributable to U.S. Bancorp	$	1,557		$	2,280
Preferred dividends		(84	)		(90	)
Impact of preferred stock call (a)		—			(5	)
Earnings allocated to participating stock awards		(7	)		(10	)
Net income applicable to U.S. Bancorp common shareholders	$	1,466		$	2,175
Average common shares outstanding		1,485			1,502
Net effect of the exercise and assumed purchase of stock awards		1			1
Average diluted common shares outstanding		1,486			1,503
Earnings per common share	$	.99		$	1.45
Diluted earnings per common share	$	.99		$	1.45

(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 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 because they were antidilutive.