EXHIBIT 11

                               AIRGAS, INC.

                      EARNINGS PER SHARE CALCULATIONS


                                          Three Months Ended     Nine Months Ended
                                              December 31,           December 31,
(In thousands, except per share amounts)  1999          1998     1999         1998
                                                                
Weighted Average Shares Outstanding:

Basic shares outstanding                  69,200      69,700     69,600     70,000
Stock options - incremental shares         1,000       1,300      1,100      1,500
Contingently issuable shares                 600         600        300        200
Diluted shares outstanding                70,800      71,600     71,000     71,700

Net earnings                             $ 9,760     $22,088    $37,757    $43,843

Basic earnings per share                 $   .14     $   .32    $   .54    $   .63

Diluted earnings per share               $   .14     $   .31    $   .53    $   .61