Stock Option Plans

12 Months Ended

Dec. 31, 2011

Compensation Related Costs, Share Based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

STOCK OPTION PLANS

Arrow has established fixed Incentive Stock Option and Non-qualified Stock Option Plans.  At December 31, 2011, approximately 112,229 shares remained available for grant under these plans.  Options may be granted at a price no less than the greater of the par value or fair market value of such shares on the date on which such option is granted, and generally expire ten years from the date of grant.  The options usually vest over a four-year period.

The following table presents information on the amounts expensed and remaining amounts to be expense for the years ended December 31, 2011, 2010 and 2009:

	2011	2010	2009
Amount Expensed During the Year	354	299	189
Compensation Costs for Non-vested Awards Not Yet Recognized	705	579	345
Weighted Average Expected Vesting Period, In Years	1.8	1.8	1.9

Grants were issued during 2011, 2010 and 2009.  During 2009, grants were made on two separate dates. The following table presents information on the grants (restated for the 3% September 2011 stock dividend):

Grants issued:	2011	2010	2009	2009
Shares Granted	76,887	75,536	1,093	75,605
Fair Value of Options Granted	$6.24	$6.24	$6.59	$4.22
Assumptions:
Dividend Yield	4.00%	3.80%	3.60%	4.70%
Expected Volatility	36.5%	35.4%	33.2%	33.2%
Risk Free Interest Rate	2.54%	3.14%	3.20%	2.10%
Expected Lives (in years)	6.40	7.79	7.78	7.78

A summary of the status of Arrow’s stock option plans as of December 31, 2011 and changes during the year then ended is presented below.

Options:	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Outstanding at January 1, 2011	480,953		$	22.09
Granted	76,891		24.73
Exercised	(74,034	)	19.08
Forfeited	(10,375	)	26.06
Outstanding at December 31, 2011	473,435		22.90		5.5	$	254
Exercisable at December 31, 2011	302,812		22.66		3.9	236
Expected to Vest	170,623		23.34		8.3	18

Cash proceeds, tax benefits and intrinsic value related to total stock options exercised were as follows:

	Years Ended December 31,
	2011		2010		2009
Proceeds From Stock Options Exercised	$	1,413	$	798	$	1,178
Tax Benefits Related to Stock Options Exercised	51		105		193
Intrinsic Value of Stock Options Exercised	1,740		1,404		1,922

The following table summarizes information about Arrow’s stock options at December 31, 2011:

	Options Outstanding				Options Exercisable
Range of Exercise   Prices	Number Outstanding At 12/31/11	Weighted- Average Remaining Contractual Life (Years)	Weighted- Average Exercise Price		Number Exercisable at 12/31/11	Weighted- Average Exercise Price
$19.86-20.67	118,687	6.6	$	20.36	81,147	$	20.21
$22.06-22.63	144,588	2.4	22.27		144,588	22.27
$23.17	74,881	8.1	23.17		18,689	23.17
$24.73	76,891	9.1	24.73		—	—
$26.82	58,388	3.0	26.82		58,388	26.82
	473,435	5.5	22.90		302,812	22.66