Exhibit 11
ARROW ELECTRONICS, INC.
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
(In thousands except per share data)
Nine Months Ended Three Months Ended
September 30, September 30,
1994 1993 1994 1993
Primary
Average shares of common stock
outstanding 35,194 33,501 35,257 34,081
Net effect of dilutive stock
options-based on the treasury
method 523 715 477 725
Total 35,717 34,216 35,734 34,806
Net income $71,998 $64,207 $16,507 $23,516
Less preferred stock dividends - 880 - 238
Total $71,998 $63,327 $16,507 $23,278
Per share amount $ 2.02 $ 1.85 $ .46 $ .67
Fully Diluted
Average shares of common stock
outstanding 35,194 33,501 35,257 34,081
Net effect of dilutive stock
options-based on the treasury
method 523 783 477 745
Assumed conversion of 5-3/4%
convertible subordinated
debentures 3,773 3,774 3,773 3,774
Assumed conversion of preferred
stock - 924 - 756
Total 39,490 38,982 39,507 39,356
Net income $71,998 $64,207 $16,507 $23,516
Add interest on 5-3/4% convertible
subordinated debentures, net of
income tax effect 3,235 3,302 1,078 1,101
Total $75,233 $67,509 $17,585 $24,617
Per share amount $ 1.91 $ 1.73 $ .45 $ .63