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,
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1997 1996 1997 1996
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PRIMARY
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Average shares of common stock
outstanding 98,886 101,772 98,113 102,004
Net effect of dilutive stock options -
based on the treasury method 1,687 1,158 1,715 888
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Total 100,573 102,930 99,828 102,892
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Net income $111,355 $154,661 $ 9,282 $ 43,756
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Per share amount $ 1.11 $ 1.50 $ 0.09 $ 0.43
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Fully Diluted (A)
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Average shares of common stock
outstanding 98,886 101,772 98,113 102,004
Net effect of dilutive stock options -
based on the treasury method 1,781 1,162 1,715 1,026
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Total 100,667 102,934 99,828 103,030
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Net income $111,355 $154,661 $ 9,282 $ 43,756
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Per share amount $ 1.11 $ 1.50 $ 0.09 $ 0.42
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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%.