U.S. Bancorp (USB) 10-Q/A 2007 Q3 Quarterly report (amended)

EXHIBIT 12

Computation of Ratio of Earnings to Fixed Charges

			Three Months Ended		Nine Months Ended
(Dollars in Millions)			September 30, 2007		September 30, 2007
Earnings
1.	Net income			$1,096		$3,382
2.	Applicable income taxes, including interest expense related to unrecognized tax positions			473		1,466
3.	Income before income taxes (1 + 2)			$1,569		$4,848
4.	Fixed charges:
	a.	Interest expense excluding interest on deposits*		$973		$2,777
	b.	Portion of rents representative of interest and amortization of debt expense		19		57
	c.	Fixed charges excluding interest on deposits (4a + 4b)		992		2,834
	d.	Interest on deposits		694		2,032
	e.	Fixed charges including interest on deposits (4c + 4d)		$1,686		$4,866
5.	Amortization of interest capitalized			$—		$—
6.	Earnings excluding interest on deposits (3 + 4c + 5)			2,561		7,682
7.	Earnings including interest on deposits (3 + 4e + 5)			3,255		9,714
8.	Fixed charges excluding interest on deposits (4c)			992		2,834
9.	Fixed charges including interest on deposits (4e)			1,686		4,866
Ratio of Earnings to Fixed Charges
10.	Excluding interest on deposits (line 6/line 8)			2.58		2.71
11.	Including interest on deposits (line 7/line 9)			1.93		2.00

* Excludes interest expense related to unrecognized tax positions.