Airgas East 10-Q 2003 Q2 Quarterly report

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EXHIBIT 11

AIRGAS, INC.
EARNINGS PER SHARE CALCULATIONS

		Three Months Ended September 30,				Six Months Ended September 30,
(In thousands, except per share amounts)
		2002		2001		2002		2001
Weighted Average Shares Outstanding:
	Basic shares outstanding		70,400		67,900		70,100		67,600
	Stock options and warrants—incremental shares		1,500		1,600		1,900		1,300
	Diluted shares outstanding		71,900		69,500		72,000		68,900
Net earnings (loss)		$	19,200	$	14,553	$	33,244	$	(30,996	)
Basic earnings per share		$	..27	$	..21	$	..47	$	(.46	)
Diluted earnings per share		$	..27	$	..21	$	..46	$	(.45	)

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EXHIBIT 11