EXHIBIT 11. STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE ON PRIMARY AND FULLY DILUTED BASES (Unaudited) Eli Lilly and Company and Subsidiaries Three Months Six Months Ended June 30, Ended June 30, 1994 1993 1994 1993 ------------------------------ (Dollars in millions except per-share data) (Shares in thousands) PRIMARY: Net income $346.6 $346.8 $677.3 $ 709.4 Average number of common shares outstanding 289,259 292,686 289,336 292,687 Add incremental shares: Stock plans and contingent payments 2,352 853 2,030 896 Adjusted average shares 291,611 293,539 291,366 293,583 Primary earnings per share $1.19 $1.18 $2.32 $2.42 FULLY DILUTED: Net income $346.6 $346.8 $677.3 $709.4 Average number of common shares outstanding 289,259 292,686 289,336 292,687 Add incremental shares: Stock plans and contingent payments 2,840 860 2,593 898 Adjusted average shares 292,099 293,546 291,929 293,585 Fully diluted earnings per share $1.19 $1.18 $2.32 $2.42 14