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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1997 1996 1997 1996
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Primary
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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
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Total 50,468 51,463 50,404 51,672
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Net income $102,073 $110,904 $51,779 $54,097
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Per share amount $ 2.02 $ 2.16 $ 1.03 $ 1.05
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Fully Diluted (A)
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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
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Total 50,468 51,469 50,404 51,676
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Net income $102,073 $110,904 $51,779 $54,097
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Per share amount $ 2.02 $ 2.16 $ 1.03 $ 1.05
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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%.