EXHIBIT 11. STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE (Unaudited) ELI LILLY AND COMPANY AND SUBSIDIARIES Three Months Ended Nine Months Ended September 30, September 30, 2001 2000 2001 2000 ------------ -------- ---------- ---------- (Dollars and shares in millions except per-share data) BASIC Net income .......................................... $ 570.1 $ 778.8 $2,204.6 $2,290.5 -------- -------- -------- -------- Average number of common shares outstanding ......... 1,077.1 1,081.0 1,077.4 1,081.9 Contingently issuable shares ........................ - - .1 .2 -------- -------- -------- -------- Adjusted average shares ............................. 1,077.1 1,081.0 1,077.5 1,082.1 -------- -------- -------- -------- Basic earnings per share ............................ $ .53 $ .72 $ 2.04 $ 2.12 -------- -------- -------- -------- DILUTED Net income .......................................... $ 570.1 $ 778.8 $2,204.6 $2,290.5 -------- -------- -------- -------- Average number of common shares outstanding ......... 1,077.1 1,081.0 1,077.4 1,081.9 Incremental shares - stock options and contingently issuable shares ................................... 12.8 16.5 13.8 16.0 -------- -------- -------- -------- Adjusted average shares ............................. 1,089.9 1,097.5 1,091.2 1,097.9 -------- -------- -------- -------- Diluted earnings per share .......................... $ .52 $ .71 $ 2.02 $ 2.09 -------- -------- -------- --------