Computation of Ratio of Earnings to Fixed Charges
(Dollars in Millions) | Three Months Ended March 31, 2014 | |||
Earnings |
| |||
1. Net income attributable to U.S. Bancorp | $ | 1,397 | ||
2. Applicable income taxes, including expense related to unrecognized tax positions | 496 | |||
3. Net income attributable to U.S. Bancorp before income taxes (1 + 2) | $ | 1,893 | ||
4. Fixed charges: | ||||
a. Interest expense excluding interest on deposits* | $ | 253 | ||
b. Portion of rents representative of interest and amortization of debt expense | 29 | |||
c. Fixed charges excluding interest on deposits (4a + 4b) | 282 | |||
d. Interest on deposits | 119 | |||
e. Fixed charges including interest on deposits (4c + 4d) | $ | 401 | ||
5. Amortization of interest capitalized | $ | — | ||
6. Earnings excluding interest on deposits (3 + 4c + 5) | 2,175 | |||
7. Earnings including interest on deposits (3 + 4e + 5) | 2,294 | |||
8. Fixed charges excluding interest on deposits (4c) | 282 | |||
9. Fixed charges including interest on deposits (4e) | 401 | |||
Ratio of Earnings to Fixed Charges | ||||
10. Excluding interest on deposits (line 6/line 8) | 7.71 | |||
11. Including interest on deposits (line 7/line 9) | 5.72 | |||
* | Excludes interest expense related to unrecognized tax positions |
U. S. Bancorp | 79 |