EXHIBIT 11. STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
(Unaudited)
Eli Lilly and Company and Subsidiaries
(Dollars in millions except per share data. Shares in millions.)
Three Months Six Months
Ended June 30, Ended June 30,
1998 1997 1998 1997
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BASIC:
Net income (loss).................................... $ 491.3 $(1,732.1) $1,012.4 $(1,299.5)
Preferred stock dividends............................ (0.7) (0.6) (1.3) (1.3)
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Adjusted net income (loss)........................... $ 490.6 $(1,732.7) $1,011.1 $(1,300.8)
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Average number of common shares
outstanding....................................... 1,098.2 1,102.5 1,099.6 1,100.7
Contingently issuable shares......................... - - 0.6 -
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Adjusted average shares.............................. 1,098.2 1,102.5 1,100.2 1,100.7
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Basic earnings (loss) per share...................... $ 0.45 $ (1.57) $ 0.92 $ (1.18)
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DILUTED:
Net income (loss).................................... $ 491.3 $(1,732.1) $1,012.4 $(1,299.5)
Preferred stock dividends............................ (0.7) (0.6) (1.3) (1.3)
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Adjusted net income (loss)........................... $ 490.6 $(1,732.7) $1,011.1 $(1,300.8)
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Average number of common shares
outstanding....................................... 1,098.2 1,102.5 1,099.6 1,110.7
Incremental shares -
Stock options and contingently
issuable shares................................... 26.8 - 28.2 -
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Adjusted average shares.............................. 1,125.0 1,102.5 1,127.8 1,100.7
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Diluted earnings (loss)
per share......................................... $ 0.44 $ (1.57) $ 0.90 $ (1.18)
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For 1997, because the inclusion of stock options and other incremental shares
would be antidilutive, earnings per share has been calculated assuming no
incremental shares.