EXHIBIT 11. STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE

(Unaudited)

Eli Lilly and Company and Subsidiaries

	Three Months Ended
	March 31,
	2010		2009
BASIC
Net income	$	1,248.1	$	1,313.1
Average number of common shares outstanding		1,098.3		1,094.2
Contingently issuable shares		5.1		3.0
Adjusted average shares		1,103.4		1,097.2
Basic earnings per share	$	1.13	$	1.20
DILUTED
Net income	$	1,248.1	$	1,313.1
Average number of common shares outstanding		1,098.3		1,094.2
Incremental shares — stock options and contingently issuable shares		5.1		3.1
Adjusted average shares		1,103.4		1,097.3
Diluted earnings per share	$	1.13	$	1.20

Dollars and shares in millions except per-share data.