Computation of Ratio of Earnings to Fixed Charges
(Dollars in Millions) | Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | ||||||
Earnings |
| |||||||
1. Net income attributable to U.S. Bancorp | $ | 1,474 | $ | 4,227 | ||||
2. Applicable income taxes, including expense related to unrecognized tax positions | 593 | 1,684 | ||||||
3. Net income attributable to U.S. Bancorp before income taxes (1 + 2) | $ | 2,067 | $ | 5,911 | ||||
4. Fixed charges: | ||||||||
a. Interest expense excluding interest on deposits* | $ | 329 | $ | 1,139 | ||||
b. Portion of rents representative of interest and amortization of debt expense | 25 | 77 | ||||||
c. Fixed charges excluding interest on deposits (4a + 4b) | 354 | 1,216 | ||||||
d. Interest on deposits | 172 | 530 | ||||||
e. Fixed charges including interest on deposits (4c + 4d) | $ | 526 | $ | 1,746 | ||||
5. Amortization of interest capitalized | $ | – | $ | – | ||||
6. Earnings excluding interest on deposits (3 + 4c + 5) | 2,421 | 7,127 | ||||||
7. Earnings including interest on deposits (3 + 4e + 5) | 2,593 | 7,657 | ||||||
8. Fixed charges excluding interest on deposits (4c) | 354 | 1,216 | ||||||
9. Fixed charges including interest on deposits (4e) | 526 | 1,746 | ||||||
Ratio of Earnings to Fixed Charges | ||||||||
10. Excluding interest on deposits (line 6/line 8) | 6.84 | 5.86 | ||||||
11. Including interest on deposits (line 7/line 9) | 4.93 | 4.39 | ||||||
* | Excludes interest expense related to unrecognized tax positions |
80 | U. S. Bancorp |