EXHIBIT 11
AIRGAS, INC.
EARNINGS PER SHARE CALCULATIONS
Three Months Ended Nine Months Ended
December 31, December 31,
2001 2000 2001 2000
(In thousands, except per share amounts) ------------------ -----------------
Weighted Average Shares Outstanding:
- ------------------------------------
Basic shares outstanding 68,300 66,500 67,900 65,700
Stock options and warrants
- incremental shares 2,000 700 1,500 500
Contingently issuable shares -- -- -- 800
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Diluted shares outstanding 70,300 67,200 69,400 67,000
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Net earnings (loss) $11,845 $ 6,676 $(19,151) $26,895
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Basic earnings per share:
- -------------------------
Earnings per share before the cumulative
effect of a change in accounting principle $ .17 $ .10 $ .59 $ .41
Cumulative effect per share of a change in
accounting principle -- -- (.87) --
------ ------ ------- ------
Net earnings (loss) per share $ .17 $ .10 $ (.28) $ .41
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Diluted earnings per share:
- ---------------------------
Earnings per share before the cumulative
effect of a change in accounting principle $ .17 $ .10 $ .57 $ .40
Cumulative effect per share of a change in
accounting principle -- -- (.85) --
------ ------ ------- ------
Net earnings (loss) per share $ .17 $ .10 $ (.28) $ .40
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Pro forma amounts assuming the application
of the change in accounting principle
(adoption of SFAS 142) applied
retroactively:
- ------------------------------------------
Net earnings $11,845 $ 9,926 $39,849 $37,249
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Basic earnings per share $ .17 $ .15 $ .59 $ .57
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Diluted earnings per share $ .17 $ .15 $ .57 $ .56
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