EXHIBIT 12
Computation of Ratio of Earnings to Fixed Charges
Year Ended December 31 (Dollars in Millions) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Earnings | ||||||||||||||||||||
1. Net income attributable to U.S. Bancorp | $ | 5,879 | $ | 5,851 | $ | 5,836 | $ | 5,647 | $ | 4,872 | ||||||||||
2. Applicable income taxes, including expense related to unrecognized tax positions | 2,097 | 2,087 | 2,032 | 2,236 | 1,841 | |||||||||||||||
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3. Net income attributable to U.S. Bancorp before income taxes (1 + 2) | $ | 7,976 | $ | 7,938 | $ | 7,868 | $ | 7,883 | $ | 6,713 | ||||||||||
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4. Fixed charges: | ||||||||||||||||||||
a. Interest expense excluding interest on deposits* | $ | 944 | $ | 988 | $ | 1,120 | $ | 1,447 | $ | 1,676 | ||||||||||
b. Portion of rents representative of interest and amortization of debt expense | 109 | 112 | 108 | 103 | 102 | |||||||||||||||
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c. Fixed charges excluding interest on deposits (4a + 4b) | 1,053 | 1,100 | 1,228 | 1,550 | 1,778 | |||||||||||||||
d. Interest on deposits | 457 | 465 | 561 | 691 | 840 | |||||||||||||||
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e. Fixed charges including interest on deposits (4c + 4d) | $ | 1,510 | $ | 1,565 | $ | 1,789 | $ | 2,241 | $ | 2,618 | ||||||||||
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5. Amortization of interest capitalized | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
6. Earnings excluding interest on deposits (3 + 4c + 5) | 9,029 | 9,038 | 9,096 | 9,433 | 8,491 | |||||||||||||||
7. Earnings including interest on deposits (3 + 4e + 5) | 9,486 | 9,503 | 9,657 | 10,124 | 9,331 | |||||||||||||||
8. Fixed charges excluding interest on deposits (4c) | 1,053 | 1,100 | 1,228 | 1,550 | 1,778 | |||||||||||||||
9. Fixed charges including interest on deposits (4e) | 1,510 | 1,565 | 1,789 | 2,241 | 2,618 | |||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||
10. Excluding interest on deposits (line 6/line 8) | 8.57 | 8.22 | 7.41 | 6.09 | 4.78 | |||||||||||||||
11. Including interest on deposits (line 7/line 9) | 6.28 | 6.07 | 5.40 | 4.52 | 3.56 |
* | Excludes interest expense related to unrecognized tax positions |