EXHIBIT 11. STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE (Unaudited) Eli Lilly and Company and Subsidiaries Three Months Ended March 31, 2000 1999 ----------------------------- BASIC Net income.......................................................... $ 845.5 $ 625.7 Preferred stock dividends........................................... - (.1) -------------------------- Adjusted net income................................................. $ 845.5 $ 625.6 ========================== Average number of common shares outstanding......................... 1,083.6 1,092.1 Contingently issuable shares........................................ .6 1.1 -------------------------- Adjusted average shares............................................. 1,084.2 1,093.2 ========================== Basic earnings per share............................................ $ .78 $ .57 ========================== DILUTED Net income.......................................................... $ 845.5 $ 625.7 Preferred stock dividends........................................... - (.1) -------------------------- Adjusted net income................................................. $ 845.5 $ 625.6 ========================== Average number of common shares outstanding......................... 1,083.6 1,092.1 Incremental shares - stock options and contingently issuable shares..................................... 14.1 22.6 -------------------------- Adjusted average shares............................................. 1,097.7 1,114.7 ========================== Diluted earnings per share.......................................... $ .77 $ .56 ========================== Dollars in millions except per share data. Shares in millions. 18