U.S. Bancorp (USB) 10-Q 2006 Q2 Quarterly report

EXHIBIT 12

Computation of Ratio of Earnings to Fixed Charges

				Three Months Ended		Six Months Ended
(Dollars in Millions)				June 30, 2006		June 30, 2006
Earnings
1.	Net income				$1,201		$2,354
2.	Applicable income taxes				585		1,146
3.	Income before income taxes (1 + 2)				$1,786		$3,500
4.	Fixed charges:
		a.	Interest expense excluding interest on deposits		$754		$1,427
		b.	Portion of rents representative of interest and amortization of debt expense		17		35
		c.	Fixed charges excluding interest on deposits (4a + 4b)		771		1,462
		d.	Interest on deposits		578		1,081
		e.	Fixed charges including interest on deposits (4c + 4d)		$1,349		$2,543
5.	Amortization of interest capitalized				$—		$—
6.	Earnings excluding interest on deposits (3 + 4c + 5)				2,557		4,962
7.	Earnings including interest on deposits (3 + 4e + 5)				3,135		6,043
8.	Fixed charges excluding interest on deposits (4c)				771		1,462
9.	Fixed charges including interest on deposits (4e)				1,349		2,543
Ratio of Earnings to Fixed Charges
10.	Excluding interest on deposits (line 6/line 8)				3.32		3.39
11.	Including interest on deposits (line 7/line 9)				2.32		2.38