Eli Lilly and (LLY) 10-Q 2003 Q3 Quarterly report

EXHIBIT 11.     STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE

(Unaudited)

ELI LILLY AND COMPANY AND SUBSIDIARIES

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2003		2002		2003		2002
	(Dollars and shares in millions except per-share data)
BASIC
Net income	$	714.4	$	683.9	$	1,813.6	$	1,971.6
Average number of common shares outstanding		1,076.3		1,076.8		1,076.4		1,077.0
Contingently issuable shares		—		—		—		.1
Adjusted average shares		1,076.3		1,076.8		1,076.4		1,077.1
Basic earnings per share	$	.66	$	.64	$	1.68	$	1.83
DILUTED
Net income	$	714.4	$	683.9	$	1,813.6	$	1,971.6
Average number of common shares outstanding		1,076.3		1,076.8		1,076.4		1,077.0
Incremental shares – stock options and contingently issuable shares		5.5		8.9		5.6		9.0
Adjusted average shares		1,081.8		1,085.7		1,082.0		1,086.0
Diluted earnings per share	$	.66	$	.63	$	1.68	$	1.82