EXHIBIT 11. STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE ON PRIMARY AND FULLY DILUTED BASES (Unaudited) Eli Lilly and Company and Subsidiaries Three Months Nine Months Ended September 30, Ended September 30, 1994 1993 1994 1993 ------------------------------------------- (Dollars in millions except per-share data) (Shares in thousands) PRIMARY: Net income $318.7 $294.4 $996.0 $1,003.8 Average number of common shares outstanding 289,070 292,649 289,247 292,674 Add incremental shares: Stock plans and contingent payments 2,086 677 2,049 818 Adjusted average shares 291,156 293,326 291,296 293,492 Primary earnings per share $1.09 $1.00 3.42 $3.42 FULLY DILUTED: Net income $318.7 $294.4 996.0 $1,003.8 Average number of common shares outstanding 289,070 292,649 289,247 292,674 Add incremental shares: Stock plans and contingent payments 2,722 851 2,745 875 Adjusted average shares 291,792 293,500 291,992 293,549 Fully diluted earning per share $1.09 $1.00 $3.41 $3.42 Common stock equivalents are not materially dilutive and, accordingly, have not been considered in the computation of reported net earnings per common share.