Exhibit 11
AIRGAS, INC. AND SUBSIDIARIES
EARNINGS PER SHARE CALCULATIONS
For the Years Ended March 31, 2001, 2000 and 1999
Years Ended March 31,
2001 2000 1999
Weighted Average Shares Outstanding:
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Basic shares outstanding 66,000,000 69,200,000 70,000,000
Net common stock equivalents 1,200,000 1,400,000 1,700,000
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Diluted shares outstanding 67,200,000 70,600,000 71,700,000
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Net earnings $28,223,000 $38,283,000 $51,924,000
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Basic earnings per share $ .43 $ .55 $ .74
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Diluted earnings per share $ .42 $ .54 $ .72
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