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EXHIBIT 11
AIRGAS, INC.
EARNINGS PER SHARE CALCULATIONS
Three Months Ended | ||||||||
June 30, | ||||||||
(In thousands, except per share amounts) | 2004 | 2003 | ||||||
Weighted Average Shares Outstanding: | ||||||||
Basic shares outstanding | 74,200 | 71,900 | ||||||
Stock options and warrants – incremental shares | 2,000 | 2,000 | ||||||
Diluted shares outstanding | 76,200 | 73,900 | ||||||
Net earnings | $ | 22,116 | $ | 18,528 | ||||
Basic earnings per share | $ | 0.30 | $ | 0.26 | ||||
Diluted earnings per share | $ | 0.29 | $ | 0.25 | ||||