EXHIBIT 11. STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
(Unaudited)
Eli Lilly and Company and Subsidiaries
Three Months Ended
March 31,
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1998 1997
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BASIC:
Net income ............................................... $ 521.1 $ 432.6
Preferred stock dividends ................................ (.6) (.6)
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Adjusted net income ...................................... 520.5 432.0
Average number of common shares outstanding .............. 1,101.1 1,098.9
Contingently issuable shares ............................. 1.2 1.7
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Adjusted average shares .................................. 1,102.3 1,100.6
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Basic earnings per share ................................. $ .47 $ .39
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DILUTED:
Net income ............................................... $ 521.1 $ 432.6
Preferred stock dividends ................................ (.6) (.6)
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Adjusted net income ...................................... 520.5 432.0
Average number of common shares outstanding .............. 1,101.1 1,098.9
Incremental shares - stock options and
contingently issuable shares .......................... 29.5 26.6
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Adjusted average shares .................................. 1,130.6 1,125.5
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Diluted earnings per share ............................... $ .46 $ .38
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Dollars in millions except per share data. Shares in millions.