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 __ 1995 1994 1995 1994 Primary Average shares of common stock outstanding 46,514 45,955 46,734 46,036 Net effect of dilutive stock options - based on the treasury method 754 608 1,006 542 Total 47,268 46,563 47,740 46,578 Net income $147,561 $88,061 $50,958 $21,779 Per share amount $ 3.12 $ 1.89 $ 1.07 $ .47 Fully Diluted Average shares of common stock outstanding 46,514 45,955 46,734 46,036 Net effect of dilutive stock options - based on the treasury method 977 608 1,012 541 Assumed conversion of 5-3/4% convertible subordinated debentures 3,773 3,774 3,773 3,774 Total 51,264 50,337 51,519 50,351 Net income $147,561 $88,061 $50,958 $21,779 Add interest on 5-3/4% convertible subordinated debentures, net of income tax effect 3,234 3,234 1,078 1,078 Total $150,795 $91,295 $52,036 $22,857 Per share amount $ 2.94 $ 1.81 $ 1.01 $ .45