Computation of Ratio of Earnings to Fixed Charges
(Dollars in Millions) | Three Months Ended September 30, 2015 | Nine Months Ended September 30, 2015 | ||||||||||
Earnings | ||||||||||||
1. | Net income attributable to U.S. Bancorp | $ | 1,489 | $ | 4,403 | |||||||
2. | Applicable income taxes, including expense related to unrecognized tax positions | 534 | 1,541 | |||||||||
3. | Net income attributable to U.S. Bancorp before income taxes (1 + 2) | $ | 2,023 | $ | 5,944 | |||||||
4. | Fixed charges: | |||||||||||
a. | Interest expense excluding interest on deposits* | $ | 236 | $ | 720 | |||||||
b. | Portion of rents representative of interest and amortization of debt expense | 27 | 82 | |||||||||
c. | Fixed charges excluding interest on deposits (4a + 4b) | 263 | 802 | |||||||||
d. | Interest on deposits | 113 | 344 | |||||||||
e. | Fixed charges including interest on deposits (4c + 4d) | $ | 376 | $ | 1,146 | |||||||
5. | Amortization of interest capitalized | $ | – | $ | – | |||||||
6. | Earnings excluding interest on deposits (3 + 4c + 5) | 2,286 | 6,746 | |||||||||
7. | Earnings including interest on deposits (3 + 4e + 5) | 2,399 | 7,090 | |||||||||
8. | Fixed charges excluding interest on deposits (4c) | 263 | 802 | |||||||||
9. | Fixed charges including interest on deposits (4e) | 376 | 1,146 | |||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||
10. | Excluding interest on deposits (line 6/line 8) | 8.69 | 8.41 | |||||||||
11. | Including interest on deposits (line 7/line 9) | 6.38 | 6.19 |
* | Excludes interest expense related to unrecognized tax positions |
82 | U.S. Bancorp |