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, ------------------ ------------------ 1997 1996 1997 1996 -------- -------- ------- ------- Primary - ------- Average shares of common stock outstanding 49,636 50,828 49,644 50,948 Net effect of dilutive stock options - based on the treasury method 832 635 760 724 -------- -------- ------- ------- Total 50,468 51,463 50,404 51,672 ======== ======== ======= ======= Net income $102,073 $110,904 $51,779 $54,097 ======== ======== ======= ======= Per share amount $ 2.02 $ 2.16 $ 1.03 $ 1.05 ======== ======== ======= ======= Fully Diluted (A) - ----------------- Average shares of common stock outstanding 49,636 50,828 49,644 50,948 Net effect of dilutive stock options - based on the treasury method 832 641 760 728 -------- -------- ------- ------- Total 50,468 51,469 50,404 51,676 ======== ======== ======= ======= Net income $102,073 $110,904 $51,779 $54,097 ======== ======== ======= ======= Per share amount $ 2.02 $ 2.16 $ 1.03 $ 1.05 ======== ======== ======= ======= (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%.