Modifying twentyeleven_posted_on to show the post time

I’d like to modify the twentyeleven theme so that the “Posted on” meta info below the post title includes the post time as well as the post date.

I found one solution that suggests adding the_time to content.php like this:

<div class="entry-meta">
<?php twentyeleven_posted_on(); ?> at <?php the_time('g:i a') ?>
</div><!-- .entry-meta -->

But it seems more logical to modify the twentyeleven_posted_on function directly.

Normally I can figure out what’s going on in a theme’s code, but when it comes to functions I am lost. How would I modify the function so that it displays “posted on [the date] at [the time]”? The function looks like this:

function twentyeleven_posted_on() {
	printf( __( '<span class="sep">Posted on </span><a href="%1$s" title="%2$s" rel="bookmark"><time class="entry-date" datetime="%3$s" pubdate>%4$s</time></a><span class="by-author"> <span class="sep"> by </span> <span class="author vcard"><a class="url fn n" href="%5$s" title="%6$s" rel="author">%7$s</a></span></span>', 'twentyeleven' ),
		esc_url( get_permalink() ),
		esc_attr( get_the_time() ),
		esc_attr( get_the_date( 'c' ) ),
		esc_html( get_the_date() ),
		esc_url( get_author_posts_url( get_the_author_meta( 'ID' ) ) ),
		sprintf( esc_attr__( 'View all posts by %s', 'twentyeleven' ), get_the_author() ),
		esc_html( get_the_author() )
	);
}

Thanks for any help!