Earnings Per Share

9 Months Ended

Sep. 30, 2023


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)	2023			2022			2023			2022
Net income attributable to U.S. Bancorp	$	1,523		$	1,812		$	4,582		$	4,900
Preferred dividends		(102	)		(85	)		(273	)		(228	)
Earnings allocated to participating stock awards		(9	)		(9	)		(24	)		(24	)
Net income applicable to U.S. Bancorp common shareholders	$	1,412		$	1,718		$	4,285		$	4,648
Average common shares outstanding		1,548			1,486			1,538			1,485
Net effect of the exercise and assumed purchase of stock awards		1			—			—			1
Average diluted common shares outstanding		1,549			1,486			1,538			1,486
Earnings per common share	$	.91		$	1.16		$	2.79		$	3.13
Diluted earnings per common share	$	.91		$	1.16		$	2.79		$	3.13

Options outstanding at September 30, 2023 to purchase 3 million common shares for the three months and nine months ended September 30, 2023, respectively, and outstanding at September 30, 2022 to purchase 1 million common shares for the three and nine months ended September 30, 2022 were not included in the computation of diluted earnings per share because they were antidilutive.