U.S. Bancorp (USB) 10-K 2013 FY Annual report

EXHIBIT 12

Computation of Ratio of Earnings to Fixed Charges

Year Ended December 31 (Dollars in Millions)	2013		2012		2011		2010		2009
Earnings
1. Net income attributable to U.S. Bancorp	$	5,836	$	5,647	$	4,872	$	3,317	$	2,205
2. Applicable income taxes, including expense related to unrecognized tax positions		2,032		2,236		1,841		935		395
3. Net income attributable to U.S. Bancorp before income taxes (1 + 2)	$	7,868	$	7,883	$	6,713	$	4,252	$	2,600
4. Fixed charges:
a. Interest expense excluding interest on deposits*	$	1,120	$	1,447	$	1,676	$	1,651	$	1,818
b. Portion of rents representative of interest and amortization of debt expense		108		103		102		101		94
c. Fixed charges excluding interest on deposits (4a + 4b)		1,228		1,550		1,778		1,752		1,912
d. Interest on deposits		561		691		840		928		1,202
e. Fixed charges including interest on deposits (4c + 4d)	$	1,789	$	2,241	$	2,618	$	2,680	$	3,114
5. Amortization of interest capitalized	$	—	$	—	$	—	$	—	$	—
6. Earnings excluding interest on deposits (3 + 4c + 5)		9,096		9,433		8,491		6,004		4,512
7. Earnings including interest on deposits (3 + 4e + 5)		9,657		10,124		9,331		6,932		5,714
8. Fixed charges excluding interest on deposits (4c)		1,228		1,550		1,778		1,752		1,912
9. Fixed charges including interest on deposits (4e)		1,789		2,241		2,618		2,680		3,114
Ratio of Earnings to Fixed Charges
10. Excluding interest on deposits (line 6/line 8)		7.41		6.09		4.78		3.43		2.36
11. Including interest on deposits (line 7/line 9)		5.40		4.52		3.56		2.59		1.83

* Excludes interest expense related to unrecognized tax positions