EXHIBIT 11.   STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE

(Unaudited)

Eli Lilly and Company and Subsidiaries

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2010		2009		2010		2009
BASIC
Net income	$	1,302.9	$	941.8	$	3,899.9	$	3,413.4
Average number of common shares outstanding		1,099.5		1,094.8		1,099.0		1,094.5
Contingently issuable shares		5.7		2.9		5.3		2.9
Adjusted average shares		1,105.2		1,097.7		1,104.3		1,097.4
Basic earnings (loss) per share	$	1.18	$	.86	$	3.53	$	3.11
DILUTED
Net income (loss)	$	1,302.9	$	941.8	$	3,899.9	$	3,413.4
Average number of common shares outstanding		1,099.5		1,094.8		1,099.0		1,094.5
Incremental shares — stock options and contingently issuable shares		5.7		2.9		5.3		2.9
Adjusted average shares		1,105.2		1,097.7		1,104.3		1,097.4
Diluted earnings (loss) per share	$	1.18	$	.86	$	3.53	$	3.11

Dollars and shares in millions except per-share data.