EXHIBIT 11. Statement Re: Computation of Earnings Per Share

(Unaudited)

ELI LILLY AND COMPANY AND SUBSIDIARIES

	Three Months Ended March 31,
	2013		2012
	(Dollars and shares in millions, except per-share data)
BASIC
Net income	$	1,548.0	$	1,011.1
Average number of common shares outstanding	1,084.1		1,110.1
Contingently issuable shares	3.8		6.9
Adjusted average shares	1,087.9		1,117.0
Basic earnings per share	$	1.42	$	0.91
DILUTED
Net income	$	1,548.0	$	1,011.1
Average number of common shares outstanding	1,084.1		1,110.1
Incremental shares – stock options and contingently issuable shares	7.8		6.9
Adjusted average shares	1,091.9		1,117.0
Diluted earnings per share	$	1.42	$	0.91