EXHIBIT 11. STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE

(Unaudited)

Eli Lilly and Company and Subsidiaries

	Three Months Ended
	March 31,
	2009		2008
BASIC
Net income	$	1,313.1	$	1,064.3
Average number of common shares outstanding		1,094.2		1,091.5
Contingently issuable shares		3.0		2.4
Adjusted average shares		1,097.2		1,093.9
Basic earnings per share	$	1.20	$	.97
DILUTED
Net income	$	1,313.1	$	1,064.3
Average number of common shares outstanding		1,094.2		1,091.5
Incremental shares — stock options and contingently issuable shares		3.1		2.6
Adjusted average shares		1,097.3		1,094.1
Diluted earnings per share	$	1.20	$	.97

Dollars and shares in millions except per-share data.