EXHIBIT 12
Computation of Ratio of Earnings to Fixed Charges
| | | | | | | | | | | | |
| (Dollars in Millions) | | Three Months Ended
September 30, 2017 | | | Nine Months Ended
September 30, 2017 | |
Earnings | |
1. | | Net income attributable to U.S. Bancorp | | $ | 1,563 | | | $ | 4,536 | |
2. | | Applicable income taxes, including expense related to unrecognized tax positions | | | 589 | | | | 1,639 | |
3. | | Net income attributable to U.S. Bancorp before income taxes (1 + 2) | | $ | 2,152 | | | $ | 6,175 | |
4. | | Fixed charges: | | | | | | | | |
| | a. | | Interest expense excluding interest on deposits* | | $ | 286 | | | $ | 818 | |
| | b. | | Portion of rents representative of interest and amortization of debt expense | | | 28 | | | | 83 | |
| | c. | | Fixed charges excluding interest on deposits (4a + 4b) | | | 314 | | | | 901 | |
| | d. | | Interest on deposits | | | 293 | | | | 730 | |
| | e. | | Fixed charges including interest on deposits (4c + 4d) | | $ | 607 | | | $ | 1,631 | |
5. | | Amortization of interest capitalized | | $ | – | | | $ | – | |
6. | | Earnings excluding interest on deposits (3 + 4c + 5) | | | 2,466 | | | | 7,076 | |
7. | | Earnings including interest on deposits (3 + 4e + 5) | | | 2,759 | | | | 7,806 | |
8. | | Fixed charges excluding interest on deposits (4c) | | | 314 | | | | 901 | |
9. | | Fixed charges including interest on deposits (4e) | | | 607 | | | | 1,631 | |
Ratio of Earnings to Fixed Charges | |
10. | | Excluding interest on deposits (line 6/line 8) | | | 7.85 | | | | 7.85 | |
11. | | Including interest on deposits (line 7/line 9) | | | 4.55 | | | | 4.79 | |
| * | Excludes interest expense related to unrecognized tax positions. |
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
| | | | | | | | | | | | |
| (Dollars in Millions) | | Three Months Ended
September 30, 2017 | | | Nine Months Ended
September 30, 2017 | |
Earnings | | | | | | | | |
1. | | Net income attributable to U.S. Bancorp | | $ | 1,563 | | | $ | 4,536 | |
2. | | Applicable income taxes, including expense related to unrecognized tax positions | | | 589 | | | | 1,639 | |
3. | | Net income attributable to U.S. Bancorp before income taxes (1 + 2) | | $ | 2,152 | | | $ | 6,175 | |
4. | | Fixed charges: | | | | | | | | |
| | a. | | Interest expense excluding interest on deposits* | | $ | 286 | | | $ | 818 | |
| | b. | | Portion of rents representative of interest and amortization of debt expense | | | 28 | | | | 83 | |
| | c. | | Fixed charges excluding interest on deposits (4a + 4b) | | | 314 | | | | 901 | |
| | d. | | Interest on deposits | | | 293 | | | | 730 | |
| | e. | | Fixed charges including interest on deposits (4c + 4d) | | $ | 607 | | | $ | 1,631 | |
5. | | Amortization of interest capitalized | | $ | – | | | $ | – | |
6. | | Preferred stock dividends | | | 71 | | | | 204 | |
7. | | Earnings excluding interest on deposits (3 + 4c + 5) | | | 2,466 | | | | 7,076 | |
8. | | Earnings including interest on deposits (3 + 4e + 5) | | | 2,759 | | | | 7,806 | |
9. | | Fixed charges excluding interest on deposits, and preferred stock dividends (4c+6) | | | 385 | | | | 1,105 | |
10. | | Fixed charges including interest on deposits, and preferred stock dividends (4e+6) | | | 678 | | | | 1,835 | |
Ratio of Earnings to Fixed Charges and Preferred Dividends | | | | | |
11. | | Excluding interest on deposits (line 7/line 9) | | | 6.41 | | | | 6.40 | |
12. | | Including interest on deposits (line 8/line 10) | | | 4.07 | | | | 4.25 | |
| * | Excludes interest expense related to unrecognized tax positions. |
