Exhibit 11
ARROW ELECTRONICS, INC.
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
(IN THOUSANDS EXCEPT PER SHARE DATA)
Three Months Ended
March 31,
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1997 1996
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Primary
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Average shares of common stock
outstanding 49,628 50,708
Net effect of dilutive stock options -
based on the treasury method 892 568
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Total 50,520 51,276
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Net income $ 50,294 $ 56,808
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Per share amount $ 1.00 $ 1.11
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Fully Diluted (A)
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Average shares of common stock
outstanding 49,628 50,708
Net effect of dilutive stock options -
based on the treasury method 894 710
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Total 50,522 51,418
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Net income $ 50,294 $ 56,808
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Per share amount $ 1.00 $ 1.10
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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%.