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,
1996 1995 1996 1995
-------------------------------------
(Dollars in millions except
per-share data)
(Shares in thousands)
PRIMARY:
Net income ................ $415.6 $1,228.0 $1,150.5 $1,948.3
Preferred stock dividends . (.9) - (2.6) -
Adjusted net income ....... $414.7 $1,228.0 $1,147.9 $1,948.3
Average number of common shares
outstanding ............ 546,466 573,074 546,686 576,588
Add incremental shares:
Stock plans and contingent
payments ............ 11,140 8,454 12,581 7,822
Adjusted average shares ... 557,606 581,528 559,267 584,410
Primary earnings per share $0.74 $2.11 $2.05 $3.33
FULLY DILUTED:
Net income $415.6 $1,228.0 $1,150.5 $1,948.3
Preferred stock dividends . (.9) - (2.6) -
Adjusted net income ....... $414.7 $1,228.0 $1,147.9 $1,948.3
Average number of common shares
outstanding ............ 546,466 573,074 546,686 576,588
Add incremental shares:
Stock plans and contingent
payments ............ 12,804 10,496 15,027 11,884
Adjusted average shares .. 559,270 583,570 561,713 588,472
Fully diluted earnings
per share .............. $0.74 $2.10 $2.04 $3.31
Common stock equivalents are not materially dilutive
and, accordingly, have not been considered in the