EXHIBIT 12
Computation of Ratio of Earnings to Fixed Charges
Year Ended December 31 (Dollars in Millions) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Earnings | ||||||||||||||||||||
1. Net income attributable to U.S. Bancorp | $ | 5,647 | $ | 4,872 | $ | 3,317 | $ | 2,205 | $ | 2,946 | ||||||||||
2. Applicable income taxes, including expense related to unrecognized tax positions | 2,236 | 1,841 | 935 | 395 | 1,087 | |||||||||||||||
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3. Net income attributable to U.S. Bancorp before income taxes (1 + 2) | $ | 7,883 | $ | 6,713 | $ | 4,252 | $ | 2,600 | $ | 4,033 | ||||||||||
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4. Fixed charges: | ||||||||||||||||||||
a. Interest expense excluding interest on deposits* | $ | 1,447 | $ | 1,676 | $ | 1,651 | $ | 1,818 | $ | 2,805 | ||||||||||
b. Portion of rents representative of interest and amortization of debt expense | 103 | 102 | 101 | 94 | 83 | |||||||||||||||
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c. Fixed charges excluding interest on deposits (4a + 4b) | 1,550 | 1,778 | 1,752 | 1,912 | 2,888 | |||||||||||||||
d. Interest on deposits | 691 | 840 | 928 | 1,202 | 1,881 | |||||||||||||||
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e. Fixed charges including interest on deposits (4c + 4d) | $ | 2,241 | $ | 2,618 | $ | 2,680 | $ | 3,114 | $ | 4,769 | ||||||||||
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5. Amortization of interest capitalized | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
6. Earnings excluding interest on deposits (3 + 4c + 5) | 9,433 | 8,491 | 6,004 | 4,512 | 6,921 | |||||||||||||||
7. Earnings including interest on deposits (3 + 4e + 5) | 10,124 | 9,331 | 6,932 | 5,714 | 8,802 | |||||||||||||||
8. Fixed charges excluding interest on deposits (4c) | 1,550 | 1,778 | 1,752 | 1,912 | 2,888 | |||||||||||||||
9. Fixed charges including interest on deposits (4e) | 2,241 | 2,618 | 2,680 | 3,114 | 4,769 | |||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||
10. Excluding interest on deposits (line 6/line 8) | 6.09 | 4.78 | 3.43 | 2.36 | 2.40 | |||||||||||||||
11. Including interest on deposits (line 7/line 9) | 4.52 | 3.56 | 2.59 | 1.83 | 1.85 |
* | Excludes interest expense related to unrecognized tax positions |