Three Months Ended
March 31

(Dollars and Shares in Millions, Except Per Share Data)

2023

2022

Net income attributable to U.S. Bancorp

$

1,698

$

1,557

Preferred dividends

(98

)

(84

)

Earnings allocated to participating stock awards

(8

)

(7

)

Net income applicable to U.S. Bancorp common shareholders

$

1,592

$

1,466

Average common shares outstanding

1,532

1,485

Net effect of the exercise and assumed purchase of stock awards

—

1

Average diluted common shares outstanding

1,532

1,486

Earnings per common share

$

1.04

$

.99

Diluted earnings per common share

$

1.04

$

.99