EXHIBIT 11. Statement Re: Computation of Earnings Per Share

(Unaudited)

ELI LILLY AND COMPANY AND SUBSIDIARIES

	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
BASIC
Net income	$	1,197.3	$	1,348.9	$	2,253.2	$	2,597.0
Average number of common shares outstanding		1,107.1		1,099.2		1,106.8		1,098.8
Contingently issuable shares		6.8		4.6		6.2		5.0
Adjusted average shares		1,113.9		1,103.8		1,113.0		1,103.8
Basic earnings per share	$	1.07	$	1.22	$	2.02	$	2.35
DILUTED
Net income	$	1,197.3	$	1,348.9	$	2,253.2	$	2,597.0
Average number of common shares outstanding		1,107.1		1,099.2		1,106.8		1,098.8
Incremental shares – stock options and contingently issuable shares		6.9		4.6		6.2		5.0
Adjusted average shares		1,114.0		1,103.8		1,113.0		1,103.8
Diluted earnings per share	$	1.07	$	1.22	$	2.02	$	2.35

Dollars and shares in millions except per-share data.