EXHIBIT 12
Computation of Ratio of Earnings to Fixed Charges
Three Months Ended | Nine Months Ended | |||||||||||||
(Dollars in Millions) | September 30, 2009 | September 30, 2009 | ||||||||||||
Earnings | ||||||||||||||
1. | Net income attributable to U.S. Bancorp | $ | 603 | $ | 1,603 | |||||||||
2. | Applicable income taxes, including interest expense related to unrecognized tax positions | 86 | 287 | |||||||||||
3. | Income before income taxes (1 + 2) | $ | 689 | $ | 1,890 | |||||||||
4. | Fixed charges: | |||||||||||||
a. | Interest expense excluding interest on deposits* | $ | 451 | $ | 1,419 | |||||||||
b. | Portion of rents representative of interest and amortization of debt expense | 22 | 70 | |||||||||||
c. | Fixed charges excluding interest on deposits (4a + 4b) | 473 | 1,489 | |||||||||||
d. | Interest on deposits | 299 | 937 | |||||||||||
e. | Fixed charges including interest on deposits (4c + 4d) | $ | 772 | $ | 2,426 | |||||||||
5. | Amortization of interest capitalized | $ | – | $ | – | |||||||||
6. | Earnings excluding interest on deposits (3 + 4c + 5) | 1,162 | 3,379 | |||||||||||
7. | Earnings including interest on deposits (3 + 4e + 5) | 1,461 | 4,316 | |||||||||||
8. | Fixed charges excluding interest on deposits (4c) | 473 | 1,489 | |||||||||||
9. | Fixed charges including interest on deposits (4e) | 772 | 2,426 | |||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||
10. | Excluding interest on deposits (line 6/line 8) | 2.46 | 2.27 | |||||||||||
11. | Including interest on deposits (line 7/line 9) | 1.89 | 1.78 | |||||||||||
* | Excludes interest expense related to unrecognized tax positions. |
U.S. Bancorp |