EXHIBIT 11. Statement Re: Computation of Earnings Per Share

(Unaudited)

ELI LILLY AND COMPANY AND SUBSIDIARIES

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
BASIC
Net income	$	1,236.3	$	1,302.9	$	3,489.5	$	3,899.9
Average number of common shares outstanding		1,107.3		1,099.5		1,106.9		1,099.0
Contingently issuable shares		6.5		5.7		6.4		5.3
Adjusted average shares		1,113.8		1,105.2		1,113.3		1,104.3
Basic earnings per share	$	1.11	$	1.18	$	3.13	$	3.53
DILUTED
Net income	$	1,236.3	$	1,302.9	$	3,489.5	$	3,899.9
Average number of common shares outstanding		1,107.3		1,099.5		1,106.9		1,099.0
Incremental shares – stock options and contingently issuable shares		6.5		5.7		6.4		5.3
Adjusted average shares		1,113.8		1,105.2		1,113.3		1,104.3
Diluted earnings per share	$	1.11	$	1.18	$	3.13	$	3.53

Dollars and shares in millions except per-share data.