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
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1996 1995 1996 1995
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Primary
Average shares of common stock
outstanding 50,828 46,405 50,948 46,545
Net effect of dilutive stock
options - based on the
treasury method 635 660 724 749
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Total 51,463 47,065 51,672 47,294
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Net income $110,904 $96,603 $54,096 $51,752
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Per share amount $ 2.16 $ 2.05 $ 1.05 $ 1.09
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Fully Diluted
Average shares of common stock
outstanding 50,828 46,405 50,948 46,545
Net effect of dilutive stock
options - based on the
treasury method 641 860 728 880
Assumed conversion of 5-3/4%
convertible subordinated
debentures - 3,774 - 3,774
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Total 51,469 51,039 51,676 51,199
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Net income $110,904 $96,603 $54,096 $51,752
Add interest on 5-3/4%
convertible subordinated
debentures, net of income
tax effect - 2,156 - 1,078
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Total $110,904 $98,759 $54,096 $52,830
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Per share amount $ 2.16(A) $ 1.93 $ 1.05(A) $ 1.03
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(A) This calculation is submitted in accordance with Regulation S-K, Item
601(b)(11), although not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 because it results in dilution of less than 3%.