Earnings Per Share

6 Months Ended

Jun. 30, 2022


Note 10		Earnings Per Share

The component

of earnings per share were:


	Three Months Ended June 30						Six Months Ended June 30
(Dollars and Shares in Millions, Except Per Share Data)	2022			2021			2022			2021
Net income attributable to U.S. Bancorp	$	1,531		$	1,982		$	3,088		$	4,262
Preferred dividends		(59	)		(58	)		(143	)		(148	)
Impact of preferred stock call (a)		—			—			—			(5	)
Earnings allocated to participating stock awards		(8	)		(10	)		(15	)		(20	)
Net income applicable to U.S. Bancorp common shareholders	$	1,464		$	1,914		$	2,930		$	4,089
Average common shares outstanding		1,486			1,489			1,485			1,495
Net effect of the exercise and assumed purchase of stock awards		1			1			1			2
Average diluted common shares outstanding		1,487			1,490			1,486			1,497
Earnings per common share	$	.99		$	1.29		$	1.97		$	2.73
Diluted earnings per common share	$	.99		$	1.28		$	1.97		$	2.73

(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 June 30, 2022, to purchase 1 million common shares for the three months and six months ended June 30, 2022, and outstanding at June 30, 2021, to purchase 1 million common shares for the six months ended June 30, 2021 were not included in the computation of diluted earnings per share because they were antidilutive.