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Earnings Per Share (Tables)
9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Components of 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.