EXHIBIT 12. STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS FROM CONTINUING OPERATIONS TO FIXED CHARGES (Unaudited) Eli Lilly and Company and Subsidiaries (Dollars in Millions) Three Months Ended March 31, Years Ended December 31, -------------------------------------------------- 1995 1994 1993 1992 1991 1990 ---- ---- ---- ---- ---- ---- Consolidated Pretax Income from Continuing Operations before Accounting Changes $527.9 $1698.6 $662.8 $1193.5$1626.3 $1418.1 Interest from Continuing Operations 75.9 129.2 96.1 108.4 87.1 94.7 Less Interest Capitalized during the Period from Continuing Operations (9.7) (25.4) (25.5) (35.2) (48.1) (27.3) ------------- ----- ----- ----- ----- Earnings $594.1 $1802.4 $733.4 $1266.7$1665.3 $1485.5 ===== ====== ===== ====== ====== ====== Fixed Charges: Interest Expense from Continuing Operations $ 75.9 $ 129.2 $ 96.1$ 108.4 $ 87.1 $ 94.7 ===== ====== ===== ====== ====== ===== Ratio of Earnings to Fixed Charges 7.8 14.0 7.6 11.7 19.1 15.7 ===== ===== ===== ===== ===== =====