EXHIBIT 11. STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE

(Unaudited)

Eli Lilly and Company and Subsidiaries

	Three Months Ended
	March 31,
	2005		2004
BASIC
Net income	$	736.6	$	400.4
Average number of common shares outstanding		1,086.6		1,080.3
Contingently issuable shares		.3		—
Adjusted average shares		1,086.9		1,080.3
Basic earnings per share	$	.68	$	.37
DILUTED
Net income	$	736.6	$	400.4
Average number of common shares outstanding		1,086.6		1,080.3
Incremental shares – stock options and contingently issuable shares		2.6		6.7
Adjusted average shares		1,089.2		1,087.0
Diluted earnings per share	$	.68	$	.37

Dollars and shares in millions except per-share data.