EXHIBIT 12
Computation of Ratio of Earnings to Fixed Charges
Three Months Ended | ||||||||
(Dollars in Millions) | March 31, 2009 | |||||||
Earnings | ||||||||
1 | . | Net income attributable to U.S. Bancorp | $ | 529 | ||||
2 | . | Applicable income taxes, including interest expense related to unrecognized tax positions | 101 | |||||
3 | . | Income before income taxes (1 + 2) | $ | 630 | ||||
4 | . | Fixed charges: | ||||||
a. Interest expense excluding interest on deposits* | $ | 496 | ||||||
b. Portion of rents representative of interest and amortization of debt expense | 24 | |||||||
c. Fixed charges excluding interest on deposits (4a + 4b) | 520 | |||||||
d. Interest on deposits | 324 | |||||||
e. Fixed charges including interest on deposits (4c + 4d) | $ | 844 | ||||||
5 | . | Amortization of interest capitalized | $ | – | ||||
6 | . | Earnings excluding interest on deposits (3 + 4c + 5) | 1,150 | |||||
7 | . | Earnings including interest on deposits (3 + 4e + 5) | 1,474 | |||||
8 | . | Fixed charges excluding interest on deposits (4c) | 520 | |||||
9 | . | Fixed charges including interest on deposits (4e) | 844 | |||||
Ratio of Earnings to Fixed Charges | ||||||||
10 | . | Excluding interest on deposits (line 6/line 8) | 2.21 | |||||
11 | . | Including interest on deposits (line 7/line 9) | 1.75 | |||||
* | Excludes interest expense related to unrecognized tax positions. |
51 |