EXHIBIT 11. Statement Re: Computation of Earnings Per Share

(Unaudited)

ELI LILLY AND COMPANY AND SUBSIDIARIES

	Three Months Ended March 31,
	2012		2011
BASIC
Net income	$	1,011.1	$	1,055.9
Average number of common shares outstanding		1,110.1		1,106.4
Contingently issuable shares		6.9		5.6
Adjusted average shares		1,117.0		1,112.0
Basic earnings per share	$	.91	$	.95
DILUTED
Net income	$	1,011.1	$	1,055.9
Average number of common shares outstanding		1,110.1		1,106.4
Incremental shares – stock options and contingently issuable shares		6.9		5.6
Adjusted average shares		1,117.0		1,112.0
Diluted earnings per share	$	.91	$	.95

Dollars and shares in millions except per-share data.