Exhibit 11




                               ARROW ELECTRONICS, INC.
                  STATEMENT RE:  COMPUTATION OF EARNINGS PER SHARE
                        (In thousands except per share data)




                                                         Three Months Ended
                                                              March 31,      
                                                        1995            1994
                                                                 
         
Primary 

Average shares of common stock                
  outstanding                                          46,263          45,856
Net effect of dilutive stock
  options-based on the treasury
  method                                                  602             707
    Total                                              46,865          46,563

Net income                                            $44,851         $33,379

Per share amount                                      $   .96         $   .72  

Fully Diluted

Average shares of common stock
  outstanding                                          46,263          45,856 
Net effect of dilutive stock
  options-based on the treasury
  method                                                  669             707
Assumed conversion of 5-3/4%
  convertible subordinated debentures                   3,774           3,774

    Total                                              50,706          50,337

Net income                                            $44,851         $33,379
Add interest on 5-3/4% convertible
  subordinated debentures, net of
  income tax effect                                     1,078           1,078
    Total                                             $45,929         $34,457

   Per share amount                                   $   .91         $   .68