Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

 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)	2022			2021			2022			2021
Net income attributable to U.S. Bancorp	$	1,812		$	2,028		$	4,900		$	6,290
Preferred dividends		(85	)		(84	)		(228	)		(232	)
Impact of preferred stock call (a)		—			—			—			(5	)
Earnings allocated to participating stock awards		(9	)		(10	)		(24	)		(30	)
Net income applicable to U.S. Bancorp common shareholders	$	1,718		$	1,934		$	4,648		$	6,023
Average common shares outstanding		1,486			1,483			1,485			1,491
Net effect of the exercise and assumed purchase of stock awards		—			1			1			1
Average diluted common shares outstanding		1,486			1,484			1,486			1,492
Earnings per common share	$	1.16		$	1.30		$	3.13		$	4.04
Diluted earnings per common share	$	1.16		$	1.30		$	3.13		$	4.04

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