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, -------------- ---------------------------------- 1996 1995 1994 1993 1992 1991 ---- ---- ---- ---- ---- ---- Consolidated Pretax Income from Continuing Operations before Accounting Changes $523.8 $1765.6 $1698.6 $662.8 $1193.5 $1626.3 Interest from Continuing Operations 79.8 324.6 129.2 96.1 108.4 87.1 Less Interest Capitalized during the Period from Continuing Operations (9.9) (38.3) (25.4) (25.5) (35.2) (48.1) --- ---- ---- ---- ---- ---- Earnings $593.7 $2051.9 $1802.4 $733.4 $1266.7 $1665.3 ===== ====== ====== ===== ====== ====== Fixed Charges: Interest Expense from Continuing Operations $ 79.8 $ 324.6 $ 129.2 $ 96.1 $ 108.4 $ 87.1 ===== ====== ====== ===== ====== ===== Ratio of Earnings to Fixed Charges 7.4 6.3 14.0 7.6 11.7 19.1 === === ==== === ==== ====