EXHIBIT 11.   STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE

(Unaudited)

Eli Lilly and Company and Subsidiaries

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2010		2009		2010		2009
BASIC
Net income	$	1,348.9	$	1,158.5	$	2,597.0	$	2,471.6
Average number of common shares outstanding		1,099.2		1,094.6		1,098.8		1,094.4
Contingently issuable shares		4.6		2.6		5.0		2.8
Adjusted average shares		1,103.8		1,097.2		1,103.8		1,097.2
Basic earnings per share	$	1.22	$	1.06	$	2.35	$	2.25
DILUTED
Net income	$	1,348.9	$	1,158.5	$	2,597.0	$	2,471.6
Average number of common shares outstanding		1,099.2		1,094.6		1,098.8		1,094.4
Incremental shares — stock options and contingently issuable shares		4.6		2.6		5.0		2.8
Adjusted average shares		1,103.8		1,097.2		1,103.8		1,097.2
Diluted earnings per share	$	1.22	$	1.06	$	2.35	$	2.25

Dollars and shares in millions except per-share data.