EXHIBIT 11. STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE ON PRIMARY
AND FULLY DILUTED BASES
(Unaudited)
Eli Lilly and Company and Subsidiaries
Three Months Six Months
Ended June 30, Ended June 30,
1997 1996 1997 1996
--------- -------- --------- --------
(Dollars in millions except per-share data)
(Shares in thousands)
PRIMARY:
Net income (loss)...................... $(1,732.1) $ 345.7 $(1,299.5) $ 734.9
Preferred stock dividends.............. (.6) (1.7) (1.3) (1.7)
--------- -------- --------- --------
Adjusted net income (loss)............. $(1,732.7) $ 344.0 $(1,300.8) $ 733.2
========= ======== ========= ========
Average number of common shares
outstanding......................... 551,231 547,277 550,349 546,796
Incremental shares -
Stock options and contingent
payments............................ - 12,695 - 13,301
--------- -------- --------- --------
Adjusted average shares................ 551,231 559,972 550,349 560,097
========= ======== ========= ========
Primary earnings (loss) per share...... $ (3.14) $ .61 $ (2.36) $ 1.31
========= ======== ========= ========
FULLY DILUTED:
Net income (loss)...................... $(1,732.1) $ 345.7 $(1,299.5) $ 734.9
Preferred stock dividends.............. (.6) (1.7) (1.3) (1.7)
--------- -------- --------- --------
Adjusted net income (loss)............. $(1,732.7) $ 344.0 $(1,300.8) $ 733.2
========= ======== ========= ========
Average number of common shares
outstanding......................... 551,231 547,277 550,349 546,796
Incremental shares -
Stock options and contingent
payments............................ - 14,036 - 15,956
--------- -------- --------- --------
Adjusted average shares................ 551,231 561,313 550,349 562,752
========= ======== ========= ========
Fully diluted earnings (loss)
per share........................... $ (3.14) $ .61 $ (2.36) $ 1.30
========= ======== ========= ========
For the three and six month periods ended June 30, 1997, since the inclusion of
stock options and contingent payments would be anti-dilutive, primary and fully
diluted earnings per share have been calculated assuming no incremental shares.
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