EXHIBIT 11.  Statement Re: Computation of Earnings Per Share

(Unaudited)

ELI LILLY AND COMPANY AND SUBSIDIARIES

	Three Months Ended March 31,
	2011		2010
Basic
Net income	$	1,055.9	$	1,248.1
Average number of common shares outstanding		1,106.4		1,098.3
Contingently issuable shares		5.6		5.1
Adjusted average shares		1,112.0		1,103.4
Basic earnings per share	$	.95	$	1.13
Diluted
Net income	$	1,055.9	$	1,248.1
Average number of common shares outstanding		1,106.4		1,098.3
Incremental shares — stock options and contingently issuable shares		5.6		5.1
Adjusted average shares		1,112.0		1,103.4
Diluted earnings per share	$	.95	$	1.13

Dollars and shares in millions except per-share data.