Exhibit 11
ARROW ELECTRONICS, INC.
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
(In thousands except per share data)
Six Months Ended Three Months Ended
June 30 June 30
1994 1993 1994 1993
Primary
Average shares of common stock
outstanding 31,442 29,507 31,485 29,678
Net effect of dilutive stock
options-based on the treasury
method 461 640 410 628
Total 31,903 30,147 31,895 30,306
Net income $51,824 $37,096 $26,563 $19,114
Less preferred stock dividends - 642 - 321
Total $51,824 $36,454 $26,563 $18,793
Per share amount $ 1.62 $ 1.21 $ .83 $ .62
Fully Diluted
Average shares of common stock
outstanding 31,442 29,507 31,485 29,678
Net effect of dilutive stock
options-based on the treasury
method 461 677 409 652
Assumed conversion of 5-3/4%
convertible subordinated
debentures 3,773 3,773 3,773 3,773
Assumed conversion of preferred
stock - 1,009 - 1,009
Total 35,676 34,966 35,667 35,112
Net income $51,824 $37,096 $26,563 $19,114
Add interest on 5-3/4% convertible
subordinated debentures, net of
income tax effect 2,156 2,201 1,078 1,101
Total $53,980 $39,297 $27,641 $20,215
Per share amount $ 1.51 $ 1.12 $ .78 $ .58